Phillips 66 price target raised to $151 from $140 at Scotiabank

Scotiabank raised the firm’s price target on Phillips 66 (PSX) to $151 from $140 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 E&P stocks under its coverage, the analyst tells investors. Scotiabank’s view on the sector is mixed, with the firm generally above consensus earnings forecasts for the E&P peer group but below for independent refiners. Beyond this quarter, the firm expects investors to focus on if the recent oil market turmoil will translate to changes in activity in 2026 and further.