Phillips 66 price target raised to $140 from $133 at Scotiabank

Scotiabank analyst Paul Cheng raised the firm’s price target on Phillips 66 (PSX) to $140 from $133 and keeps a Sector Perform rating on the shares. The firm is updating its price targets for U.S. Integrated Oil, Refining, and Large Cap Exploration & Production, E&P, stocks under its coverage, the analyst tells investors. Scotiabank expects earnings for the quarter to be straightforward due to the absence of major winter weather disruptions. Additionally, looking ahead, the firm expects investors to focus on whether recent market turmoil will cause changes to 2026 guidance and if any E&P companies will adopt cost reduction programs.