Phillips 66 (PSX) PT Lowered to $62 at Cowen; CARES Cash to Support Dividend

November 2, 2020 7:02 AM EST
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Price: $64.89 +0.96%

Rating Summary:
    16 Buy, 8 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 11 | Down: 6 | New: 45
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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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