Wells Fargo Maintains Overweight Rating for Phillips 66: Here's What You Need To Know

Wells Fargo has decided to maintain its Overweight rating of Phillips 66 PSX and lower its price target from $134.00 to $127.00.

Shares of Phillips 66 are trading up 0.86% over the last 24 hours, at $101.55 per share.

A move to $127.00 would account for a 25.06% increase from the current share price.

About Phillips 66

Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 2.0 million barrels per day, or mmb/d, after converting its 255 mb/d Alliance refinery to a terminal. The midstream segment comprises extensive transportation and NGL processing assets. It also includes its DCP Midstream joint venture, which holds 45 natural gas processing facilities, 11 NGL fractionation plants, and a natural gas pipeline system with 58,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.

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This article was generated by Benzinga's automated content engine and reviewed by an editor.