Barclays analyst Theresa Chen reinstated coverage of Phillips 66 with an Equal Weight rating and $130 price target as part of a broader research note on Refining heading into 2024. The company’s high quality set of assets offers insulation from refining-related downside volatility given its relatively lower exposure to refining, and in the near-term, Phillips 66 will see tailwinds of $7 per barrel sequential widening in WTI Cushing – WCS differentials, the analyst tells investors in a research note.
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