UPDATE: JPMorgan Downgrades Phillips 66 (PSX) to Neutral

February 22, 2021 12:47 AM EST
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Price: $65.76 -0.41%

Rating Summary:
    16 Buy, 8 Hold, 0 Sell

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Today's Overall Ratings:
    Up: 8 | Down: 8 | New: 9
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(Updated - February 22, 2021 1:24 AM EST)

JPMorgan analyst Phil Gresh downgraded Phillips 66 (NYSE: PSX) from Overweight to Neutral with a price target of $95.00 (from $76.00).

The analyst comments "PSX’s earnings were less defensive than we hoped for in 2020, owing to weaker-than-expected refining performance versus peers. While performance should improve, Street consensus for the pace of that recovery still seems too fast to us (JPMe $2.25 in 2021, Street $2.95). Longer term, we still like PSX’s portfolio diversity (solid Chemicals fundamentals and fairly steady Midstream/Marketing); however, for now, we think that a bit more refining torque is the way to go for the rest of 2021, until we see proof of improved execution."

For an analyst ratings summary and ratings history on Phillips 66 click here. For more ratings news on Phillips 66 click here.

Shares of Phillips 66 closed at $82.31 yesterday.

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