Phillips 66 price target raised to $134 from $125 at Argus

Argus analyst Bill Selesky raised the firm’s price target on Phillips 66 to $134 from $125 and keeps a Buy rating on the shares. In the current volatile energy market environment, a company’s balance sheet strength and place on the cost curve are critical, and the firm favors those refining and marketing companies that are well positioned to manage their businesses in a range of oil price scenarios, the analyst tells investors in a research note. Phillips 66 is one of these companies as it benefits from its size, scale, and diversified business portfolio, the firm added.