Analysts have been eager to weigh in on the Materials sector with new ratings on Phillips 66 (PSX) and Magellan Midstream (MMP).
Phillips 66 (PSX)
In a report released today, Brad Heffern from RBC Capital upgraded Phillips 66 to Buy, with a price target of $67.00. The company’s shares closed last Friday at $52.32, close to its 52-week low of $40.05.
According to TipRanks.com, Heffern is a 1-star analyst with an average return of -4.1% and a 39.7% success rate. Heffern covers the Basic Materials sector, focusing on stocks such as Continental Resources, Par Pacific Holdings, and Extraction Oil & Gas.
Currently, the analyst consensus on Phillips 66 is a Strong Buy with an average price target of $89.50, which is a 71.1% upside from current levels. In a report issued on March 16, Morgan Stanley also upgraded the stock to Buy with a $68.00 price target.
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Magellan Midstream (MMP)
In a report released today, Gabe Moreen from Mizuho Securities maintained a Hold rating on Magellan Midstream, with a price target of $43.00. The company’s shares closed last Friday at $33.61.
According to TipRanks.com, Moreen ‘s ranking currently consits of no stars on a 0-5 ranking scale, with an average return of -10.2% and a 48.4% success rate. Moreen covers the Basic Materials sector, focusing on stocks such as Dcp Midstream Partners, Phillips 66 Partners, and EnLink Midstream.
Currently, the analyst consensus on Magellan Midstream is a Moderate Buy with an average price target of $51.37, representing a 52.8% upside. In a report issued on March 16, Morgan Stanley also upgraded the stock to Hold with a C$55.00 price target.
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