Morgan Stanley analyst Joe Laetsch has maintained their neutral stance on PSX stock, giving a Hold rating on July 22.
Elevate Your Investing Strategy:
- Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence.
Joe Laetsch has given his Hold rating due to a combination of factors influencing Phillips 66’s performance. The company’s second-quarter earnings per share exceeded expectations, primarily driven by strong results in the Refining and Marketing & Specialties segments. However, this was partially offset by weaker performance in the Chemicals and Renewable Fuels divisions, which tempered the overall positive impact.
Moreover, while Phillips 66 is making progress on its strategic priorities, such as improving refining operations and aiming to reduce debt, the company’s current valuation appears less attractive compared to its peers. The firm’s free cash flow yield is below the industry average, which suggests limited upside potential in the near term. These elements collectively contribute to the Hold rating, indicating that the stock is expected to perform in line with the market.
In another report released on July 22, Piper Sandler also maintained a Hold rating on the stock with a $147.00 price target.
Based on the recent corporate insider activity of 62 insiders, corporate insider sentiment is neutral on the stock.