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Phillips 66 (PSX) Receives a Buy from Wells Fargo

Wells Fargo analyst Roger Read maintained a Buy rating on Phillips 66 (PSXResearch Report) today and set a price target of $123.00. The company’s shares closed yesterday at $83.22.

Read covers the Utilities sector, focusing on stocks such as HF Sinclair Corporation, Marathon Petroleum, and Valero Energy. According to TipRanks, Read has an average return of 12.5% and a 61.51% success rate on recommended stocks.

In addition to Wells Fargo, Phillips 66 also received a Buy from Piper Sandler’s Ryan Todd in a report issued on September 12. However, on September 14, Wolfe Research downgraded Phillips 66 (NYSE: PSX) to a Hold.

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PSX market cap is currently $40.03B and has a P/E ratio of 7.17.

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Founded in 2012, Phillips 66 is a Texas-based multinational energy company, which is engaged in the processing, transportation, storage, and marketing of fuels and other related products. The company operates through the following segments: Midstream, Chemicals, Refining and Marketing & Specialties.

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