TD Cowen Reiterates Buy Rating for Phillips 66
TD Cowen maintains its buy rating on Phillips 66, setting a $220 price target, a 30.14% upside from the current price.
Key Points
- TD Cowen analyst Jason Gabelman reiterated a buy rating for Phillips 66, with a price target of $220, as of June 29, 2026.
- TD Cowen's $220 price target implies 30.14% upside from Phillips 66's ($PSX) current $169.05 share price.
- Phillips 66 shares traded around $171.65 on Monday, with a market cap of approximately $68.8 billion and a P/E ratio of 16.94.
- Analysts from firms like Morgan Stanley and Mizuho also hold buy ratings, with price targets of $196 and $212 respectively.
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On June 29, 2026, TD Cowen analyst Jason Gabelman reiterated his buy rating on Phillips 66 (NYSE: PSX), setting a price target of $220. This reflects continued confidence in the energy company's performance as its shares traded near $171.65 on Monday.
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Other Institutional Activity in Phillips 66
Institutional investors have been active in Phillips 66. BlackRock, Inc. increased its holdings by 1,105,250 shares, reaching a total of 32,024,597 shares valued at about $5.83 billion, marking a 3.6% increase. Vanguard Capital Management LLC opened a new position with 26,107,984 shares worth approximately $4.76 billion. State Street Corp also grew its stake by 2,183,303 shares to a total of 25,772,853 shares, valued at $4.70 billion, reflecting a 9.3% increase. Meanwhile, Wells Fargo & Company/MN reduced its holdings by 364,865 shares, now holding 13,788,007 shares valued at $2.51 billion, a 2.6% decrease.
Phillips 66 Stock Down 30.7%
Shares of Phillips 66 traded near $171.65 on Monday. The company has a market cap of approximately $68.8 billion, with a P/E ratio of 16.94 and a forward P/E of 9.93. Its beta is 0.674, indicating lower volatility compared to the market. The stock's 52-week range is between $118.07 and $190.61, with a 50-day moving average of $173.13 and a 200-day moving average of $152.53.
$PSX price target
Past daily closes and this analyst's 12-month price target. Not investment advice.
Recent Earnings
Phillips 66 reported revenue of $134.49 billion, with a 6.9% year-over-year growth. The company achieved an EPS of $10.13, a net margin of 3.07%, and a return on equity of 14.55%. The next earnings report is expected on August 5, 2026.
Dividend
Phillips 66 offers an annual dividend rate of $5.08, yielding 2.96%, with a payout ratio of 48.12%. This reflects the company's commitment to returning value to shareholders.
Insider Buying and Selling at Phillips 66
Executive Vice President and CFO Kevin Mitchell made several transactions on May 8 and May 11, 2026. He sold 600 shares at an average price of $171.56 and bought 29,400 shares at $94.97. These transactions were not part of a pre-planned 10b5-1 trading plan.
Analysts Set New Price Targets
On June 29, 2026, TD Cowen maintained its buy rating for Phillips 66 with a $220 price target. Other analysts have also shown confidence in the company. Morgan Stanley maintained a buy rating with a $196 target on June 12, 2026. Mizuho upgraded the stock to a buy with a $212 target on May 27, 2026. The consensus among 18 analysts is a buy rating, with a mean target price of $194.11.
About Phillips 66
Phillips 66, based in Houston, Texas, is a major player in the energy sector, focusing on oil and gas refining and marketing. The company operates across various segments, including Midstream, Chemicals, Refining, Marketing and Specialties, and Renewable Fuels. Under the leadership of CEO Dr. Mark E. Lashier, Phillips 66 employs around 12,600 people and markets products under several brands including Phillips 66, Conoco, and 76.
Bottom Line
TD Cowen's reiterated buy rating for Phillips 66 with a $220 target underscores confidence in the company's prospects. As a significant player in the energy industry, Phillips 66 continues to attract institutional interest. Investors are watching closely, though it's important to remember that analyst ratings are one of many factors to consider.
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