Phillips 66 recently experienced a fluctuating market performance and received varied ratings, with Piper Sandler downgrading it to neutral and Wolfe Research upgrading it to Outperform. The company strategically expanded its Permian midstream business with the acquisition of EPIC NGL's Natural Gas Liquid (NGL) business for $2.2 billion. This move is expected to strengthen its South Texas position and boost its bet on natural gas liquids. Its CEO sees a refining rebound, giving an advantage to U.S. refiners against Europe.
Despite the general market dip, Phillips 66 gained on certain days and was given an average rating of 'Moderate Buy' by brokerages. Several investment firms have invested in its shares; however, certain investments have been dropped. The company expects continued improvement in its financial performance based on its strategic priorities and a strong portfolio. For instance, a Q3 2024 Earnings Call highlighted strategic moves and strong financial performance. The company also announced its agreement to sell interest in various ventures as part of its portfolio optimization strategy.
Phillips 66 PSX News Analytics from Fri, 26 Jul 2024 07:00:00 GMT to Sat, 11 Jan 2025 15:40:25 GMT - Rating -5 - Innovation 3 - Information 5 - Rumor 2
