Phillips 66 (NYSE:PSX) reported better-than-expected fourth-quarter financial results on Wednesday.

Revenue of $38.74 billion exceeded the consensus of $36.50 billion. Adjusted EPS of $3.09 beat the consensus of $2.35, according to data from Benzinga Pro.

Midstream segment adjusted pre-tax income stood at $754 million, vs. $569 million in the third quarter of fiscal 2023. The Chemicals segment adjusted pre-tax income was $106 million vs. $104 million in prior quarter. Global olefins and polyolefins utilization was at 94% for the quarter.

The Refining segment adjusted pre-tax income stood at $797 million (vs. $1.74 billion in Q3), reflecting lower realized margins. Marketing and Specialties segment adjusted pre-tax income declined to $432 million from $633 million prior quarter, owing to seasonally lower domestic wholesale fuel margins.

Phillips 66 shares gained 1.3% to close at $144.31 on Wednesday.

These analysts made changes to their price targets on Phillips 66 after the company reported quarterly results.

• Raymond James increased the price target on Phillips 66 from $140 to $155. Raymond James analyst Justin Jenkins maintained an Outperform rating.
• Wells Fargo increased Phillips 66 price target from $151 to $163. Wells Fargo analyst Roger Read maintained an Overweight rating.

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