Phillips 66 Deploys Asset Base 'Near Historical Highs' To Meet Peak Summer Demand: Analyst
Portfolio Pulse from Priya Nigam
Phillips 66 (NYSE:PSX) is deploying its asset base near historical highs to meet peak summer demand. Goldman Sachs analyst Neil Mehta maintained a Buy rating but reduced the price target from $166 to $152. The company has achieved significant cost reductions and expects further improvements by yearend 2024. Shares of Phillips 66 declined by 1.13% to $136.51.
June 11, 2024 | 4:22 pm
News sentiment analysis
Sort by:
Descending
NEUTRAL IMPACT
Phillips 66 is deploying its asset base near historical highs to meet peak summer demand. Goldman Sachs maintained a Buy rating but reduced the price target from $166 to $152. The company has achieved significant cost reductions and expects further improvements by yearend 2024. Shares declined by 1.13% to $136.51.
The news highlights both positive and negative aspects for Phillips 66. While the company is deploying assets to meet demand and has achieved significant cost reductions, the price target cut by Goldman Sachs and the current share price decline indicate mixed short-term sentiment.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100