Mizuho Securities analyst Nitin Kumar CFA maintains $Phillips 66 (PSX.US)$ with a hold rating, and adjusts the target price from $147 to $140.
According to TipRanks data, the analyst has a success rate of 66.5% and a total average return of 13.9% over the past year.
Furthermore, according to the comprehensive report, the opinions of $Phillips 66 (PSX.US)$'s main analysts recently are as follows:
A challenging refining macro environment coupled with reduced chemical margins contributed to a difficult quarter for Phillips 66.
While political decisions could impact particular stocks, analysts maintain a cautious outlook regarding the broader oil and refining sectors. Emphasizing significant influences such as future OPEC decisions and tracking refined product demand through a potentially weak 2024, their analysis continues to support a positive perspective on Phillips 66 due to its diversified component aspects.
Despite the industry's perspective that refining demand fundamentals are generally 'OK', there is still a need for global supply rationalization while crack spreads continue to be weak, which poses a significant negative impact on short term earnings. For Phillips 66, it's noted that the refining sector's troubles will be further aggravated by weaker chemical segment performance in Q4, leading to an anticipation of an earnings miss significantly below consensus.
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