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PSX - Phillips 66 Shares Are Undervalued As Its Business Bottoms
Phillips 66
Shares of Phillips 66 (PSX) have struggled to recoup much of their March losses with shares down nearly 40% from a year ago. As a refiner, the company is not directly tied to the price of crude oil, but weak demand for fuel (a driving force of the drop in crude) does impact the business via tighter margins and lower utilization. Under $65, the stock is largely pricing in all of the bad news.