Phillips 66 (PSX) PT Lowered to $62 at Cowen; CARES Cash to Support Dividend
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Cowen analyst Jason Gabelman lowered the price target on Phillips 66 (NYSE: PSX) to $62.00 (from $69.00) while maintaining an Outperform rating.
The analyst commented, "PSX will receive $1.3B cash next year as a result of the CARES Act NOL carryback benefit, minimizing 2021 dividend risk. DAPL could remain an overhang with a court ruling likely appealed. Refining woes could continue into 4Q20 with two refinery outages. The environment remains challenging, though we continue to see long-term value. Maintain Outperform"
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Related EntitiesCowen & Co, Dividend
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