PSX - Why Phillips 66 Stock Surged Today
Phillips 66 (NYSE: PSX) stock popped today and was trading up 5.3% as of noon Tuesday. Oil prices jumped on Tuesday, but that's not the only factor that provided the impetus for shares of Phillips 66.
Oil and gas refiners are hot on analysts' radar right now. This morning, Roger Read from Wells Fargo upped Phillips 66 stock's price target to $127 per share from $114 a share, backed by strong earnings expectations from the refining-giant's second quarter.
This upgrade comes just one day after BMO Capital analyst Phillip Jungwirth initiated coverage on Phillips 66 stock with an outperform rating and a price target of $132 a share. Jungwirth noted how Phillips 66 stock has lagged its peers, and put forth a bull case for the refiner. Among other things, the analyst sees the company benefiting from strong diesel prices and a wider differential between crude prices, WCS (Western Canadian Select), and WTI (West Texas Intermediate).
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Why Phillips 66 Stock Surged Today