Phillips 66 (PSX) Received its Third Buy in a Row

After J.P. Morgan and RBC Capital gave Phillips 66 (NYSE: PSX) a Buy rating last month, the company received another Buy, this time from Raymond James. Analyst Justin Jenkins assigned a Buy rating to Phillips 66 today and set a price target of $80.00. The company’s shares closed last Friday at $67.80.

According to, Jenkins is a 4-star analyst with an average return of 3.7% and a 58.4% success rate. Jenkins covers the Industrial Goods sector, focusing on stocks such as Enterprise Products Partners, Holly Energy Partners, and Crossamerica Partners.

Currently, the analyst consensus on Phillips 66 is a Strong Buy with an average price target of $76.00, implying a 9.7% upside from current levels. In a report issued on January 15, RBC Capital also maintained a Buy rating on the stock with a $75.00 price target.

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Based on Phillips 66’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $15.93 billion and GAAP net loss of $799 million. In comparison, last year the company earned revenue of $27.22 billion and had a net profit of $712 million.

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Phillips 66 engages in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties. The Midstream segment provides crude oil and refined products transportation, terminaling and processing services, as well as natural gas, natural gas liquids and liquefied petroleum gas transportation, storage, processing and marketing services. The Chemicals segment produces and markets petrochemicals and plastics on a worldwide basis. The Refining segment Refines crude oil and other feedstocks into petroleum products such as gasoline, distillates and aviation fuels. The Marketing and Specialties segment purchases for resale and markets refined petroleum products such as base oils and lubricants, as well as power generation operations. Phillips 66 was founded on April 30, 2012 and is headquartered in Houston, TX.

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