Investing.com -- Raymond James announced changes to its concentrated stock list on Monday, removing UMB Financial Corp after the departure of the firm's analyst covering the company and adding Phillips 66 (NYSE: PSX).

The diversified refiner, midstream and chemical business is expected to benefit from higher than average prices and margins on refined products and chemicals for at least the next several months, according to Raymond James energy analyst Justin Jenkins. The stock is trading at only modestly higher than its historical average price-to-earnings and price-to-book ratios.

The announcement came as equity markets posted slight gains last week, with strong earnings reports offsetting concerns about continued oil price increases and the lack of progress regarding the Strait of Hormuz situation.

First quarter earnings season has shown strength, with consensus earnings per share expectations for 2026 rising 5.5% year-to-date, mostly since March. The earnings improvement has been broad-based, with large, mid and small cap indexes showing more companies raising earnings per share guidance than lowering it for the fourth consecutive quarter.

Raymond James noted that revenues for artificial intelligence are likely to be a combination of seat-based licenses plus usage, with capital expenditures continuing to increase at least through 2027.

Visa reported U.S. transaction volumes increased to 8% year-over-year in the first quarter, accelerating to 9% in April, marking the strongest growth since 2022, according to Raymond James fintech analyst Madison Suhr. American Express volumes were also strong, with Mastercard volumes in line.

The U.S. Federal Reserve and central banks globally have shifted their biases toward rate increases rather than decreases due to limited economic damage so far from the Hormuz closure.