UPDATE: Oppenheimer Holdings Reiterates Outperform Rating, Raises PT on Phillips 66
In a report published Friday, Oppenheimer Holdings reiterated its Outperform rating on Phillips 66 (NYSE: PSX), and raised its price target from $55.00 to $60.00.
Oppenheimer Holdings noted, “PSX held its first analyst meeting on 12/13 in New York to discuss its business strategy, growth potential and plan to enhance shareholder value. PSX is a leading petroleum refiner, petrochemical manufacturer and natural gas gatherer and NGL processor. Because of this diverse but complementary asset mix, PSX is better equipped to manage the commodity cycle than other independent refiners. PSX has done what investors have wished and more, raising the dividend, doubling the share buyback and filing for an MLP, while targeting a $2 billion debt reduction, or 25%, by the end of 2013. We are raising our price target to $60 from $55, and our forward earnings estimates, to reflect these recent developments and a continued strong refining environment.”
Phillips 66 closed on Thursday at $52.21.PS
© 2014 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.