- Saudi Arabia's decision to keep its voluntary 1 million bpd cut, combined with OPEC's decisions to stand pat on production, has greatly improved the outlook for PSX.
- Combined with excellent progress on the vaccines and expanding chemical margins, the 2H recovery I was expecting for PSX has been pulled forward.
- As a result, PSX could easily reach $100/share by year-end. That would represent an 18%+ total return, but could over-shoot due to the market's newfound love for energy stocks.
For further details see:
Phillips 66: OPEC Decision Pulls Recovery Forward