| Ticker | Status | Jurisdiction | Filing Date | CP Start | CP End | CP Loss | Deadline |
|---|
| Ticker | Case Name | Status | CP Start | CP End | Deadline | Settlement Amt |
|---|
| Ticker | Name | Date | Analyst Firm | Up/Down | Target ($) | Rating Change | Rating Current |
|---|
Phillips 66 (NYSE:PSX) announced a binding open season for shipper commitments for services on its Blue Line System.
The Houston-based energy company expects to deploy its asset base "near historical highs" to meet peak summer demand, while it focuses on gaining market share, reducing costs and improving its overall operating performance, according to Goldman Sachs.
The Phillips 66 Analyst: Neil Mehta maintained a Buy rating, while slashing the price target from $166 to $152.
The Phillips 66 Thesis: The company has indicated that its business transformation efforts have translated to over $560 million in cost reductions, Mehta said in a note.
Check out other analyst stock ratings.
Phillips 66 expects to achieve $1 per barrel in run-rate cost reduction by yearend 2024, he added.
"While management continues to view the West Coast as a more challenging market as a result of declining supply of domestic crude availability at the Los Angeles refinery, the company sees potential for a positive change in crude flow dynamics as TMX has started operations," the analyst wrote.
The company expects Refining crude utilization in the mid-90s in the second quarter, which is broadly in-line with Goldman Sachs estimates, he further stated.
PSX Price Action: Shares of Phillips 66had declined by 1.13% to $136.51 at the time of publication on Tuesday.
Now Read: 7 Apple Analysts Mixed On WWDC 2024 – iPhone Upgrade Cycle Coming, But When?
Posted In: PSX
