Phillips 66NYSE: PSX
Energy · Oil & Gas Refining & Marketing
$176.72
-1.36%
Vol: 1.9M
Research Digest
Friday, May 1, 2026
Phillips 66 beats Q1 by $0.88 EPS; expands capacity with Western Gateway Pipeline shipper commitments.
Phillips 66 Q1 adjusted earnings $0.49 per share, beating estimates by $0.88, with net income $207M from higher refining margins. Increased Sweeny NGL fractionation capacity by 23% and Freeport LPG export dock capacity by 15%. Western Gateway Pipeline secured long-term shipper commitments in second open season. Iron Mesa gas plant (300 MMCFD) construction on schedule for Q1 2027 startup. Morgan Stanley raised PT to $180 from $174 with Overweight.
Previous Market Intelligence
13 daysApr 30Phillips 66 completes Lindsey Oil Refinery acquisition and reports Q1 earnings beat; Morgan Stanley upgrades to Overweight with $174 PT.Positive▶
Phillips 66 completed acquisition of Lindsey Oil Refinery assets on April 29, integrating storage and infrastructure into Humber Refinery to improve UK fuel supply. Q1 2026 earnings significantly exceeded expectations with adjusted earnings of $0.49 per share beating estimates by $0.88, driven by higher refining margins and oil price rally. Net income reached $207 million. The company recently completed full ownership of Borger and Wood River refineries (45,000 bpd capacity), increased Sweeny NGL fractionation capacity 23%, and Freeport LPG export capacity 15%. Morgan Stanley upgraded to Overweight from Equalweight with PT $174. Management outlined debt reduction plan from $27B to $17B by year-end 2027.
Apr 16Phillips 66 up 24% YTD; analysts raise targets amid hedging losses and margin recoveryPositive▶
Phillips 66 stock up 24% year-to-date in 2026 near $160, supported by improving refining margins. Multiple analysts raised price targets: UBS to $212 (from $172), Citi to $183 (from $159), Barclays to $177 (from $158); Wells Fargo and BMO reaffirmed Buy. Company faced $900M hedging losses but expects strong 2026 via refining margins and $4.5B run-rate EBITDA by year-end 2027. 2025 revenue $132.38B (-7.53% YoY); earnings $4.39B (+108.54% YoY). Consensus neutral median target $149.50 (range $133–171). Raymond James raised target to $205. Stock shows 17.07% 30-day return and 48.49% 1-year return.
Apr 15Phillips 66 faces ~$900M hedging losses from short oil derivatives amid geopolitical tensions; Jefferies downgrades to Hold.Negative▶
Phillips 66 disclosed approximately $900M in pre-tax mark-to-market losses on short derivative positions in Q1 2026 as Iranian conflict drove crude prices higher. Jefferies downgraded from Strong-Buy to Hold on April 14. Company secured $2.25B term loan to address liquidity. However, UBS raised target to $212, Piper Sandler to $177, and Barclays to $177. Stock trading around $176.21 with 30-day return of 17.07%.
Apr 14Phillips 66 faces $900M hedging losses on oil price surge; secures $2.25B liquidity loan; Q1 earnings April 29.Negative▶
Phillips 66 disclosed ~$900M pre-tax mark-to-market losses on Q1 2026 linked to net short derivative positions. Oil price surge triggered $3B in cash collateral outflows. Secured $2.25B term loan for liquidity. Earnings webcast April 29. Despite hedging headwinds, analyst consensus Buy (19 analysts) with $162.68 target. 30-day return of 17.07%.
Apr 13Phillips 66 faces $900M hedging losses from oil price surge; earnings April 29 expected to show strong refining margins.Mixed▶
Phillips 66 reported approximately $900 million in pre-tax mark-to-market losses from net short commodity derivatives. Despite hedging losses, company expects Q1 earnings of $2.22 per share. Goldman Sachs raised PT to $192 (Neutral); Piper Sandler to $177; Citi to $183. Company secured $2.25B term loan. Q1 results April 29.
Apr 10Phillips 66 raises credit facilities while facing $900M mark-to-market derivative loss amid refining volatility.Mixed▶
Phillips 66 experienced a significant $900M mark-to-market derivative loss and $3B cash outflow, raising total debt to $27B despite a long-term $17B target. The company secured a $2.25 billion term loan credit agreement. Citigroup raised price target to $183 from $159. First-quarter earnings discussion scheduled for April 29. Oil surge from Iran conflict provides refining margin support.
Apr 9Phillips 66 preannounces $900M Q1 mark-to-market loss on commodity hedges; UBS raises PT to $212 on rising margins.Mixed▶
Phillips 66 preannounced ~$900M Q1 2026 pre-tax mark-to-market losses on short commodity hedges following oil price surge and Strait of Hormuz closure. Company had 50M barrels net short position. Stock gained 6.9% over past month and 29.8% over 3 months despite loss. UBS raised PT from $172 to $212; Raymond James to $205; Piper Sandler to $177; Barclays to $177. Company appointed board members following Elliott Investment Management engagement. Earnings April 29. Fair valuation: $268.71 vs $177.33 close, suggesting upside. Upgraded to Strong Buy on diesel and chemical margin strength from geopolitical tensions.
Apr 8Phillips 66 Flags $900M Q1 Loss from Oil Price Hedging LossesNegative▶
Phillips 66 announced $900M pre-tax mark-to-market loss in Q1 2026 from crude/product derivative contracts following oil price surge. Refining segment $350-450M impact; Marketing $300-400M; Renewable fuels $100-200M. Company maintains $6B liquidity. UBS raised price target to $212 from $172 with Buy rating maintained.
Apr 7Phillips 66 receives dual analyst upgrades targeting $212 amid record refining utilization and stronger margins outlookPositive▶
Phillips 66 stock rallied on strong execution with UBS raising target to $212 from $172 and Raymond James lifting target to $205. Company showed 30-day return of 17.07% and 1-year return of 48.49%. Board increased quarterly dividend by $0.07 to $1.27. Upcoming April 29 earnings expected to show Q1 EPS of $2.22 versus $0.90 loss year-ago, up 346.7%. Refining segment showing tangible improvement from cost reductions, higher clean product yield, and record utilization. Pipeline expansion continues with extended Western Gateway open season. Analyst consensus Moderate Buy.
Apr 6Phillips 66 expects strong Q1 2026 earnings with 346.7% YoY EPS growthPositive▶
Phillips 66 will announce Q1 2026 earnings April 29 with expectations for $2.22 EPS, up 346.7% from -$0.90 loss in prior year. Full-year 2026 EPS expected $13.49, up 109.5% from $6.44 in 2025. Q4 2025 showed adjusted EPS of $2.47 beating $2.11 expectations. 2026 capital budget set at $2.4B ($1.1B sustaining, $1.3B growth). Western Gateway Pipeline open season extended to April 15. Strong momentum with 30-day return of 17.07% and 1-year TSR of 48.49%. UBS raised price target to $212 from $172. Stock trading $176.21 with modest insider selling activity raising some caution.
Apr 3Phillips 66 raises dividend $0.07 to $1.27/share; explores Venezuelan crude and US LNG opportunities.Positive▶
Phillips 66 announced a quarterly dividend increase of $0.07 to $1.27 per share, marking 15-year streak of annual increases with 15% CAGR. The company is pursuing strategic opportunities including purchasing heavy crude from Venezuela's PDVSA and exploring long-term US LNG contracts. Stock up 17.07% over 30 days and 48.49% annually.
Apr 2Phillips 66 surges on crude gains; UBS raises PT to $212, expects 346.7% EPS improvement in Q1 2026 due April 29.Positive▶
Phillips 66 has exhibited strong share price momentum with a 30-day return of 17.07% and a 1-year total shareholder return of 48.49%, driven by rising crude oil prices and refining margins. UBS raised the price target on PSX to $212 from $172 and maintains a Buy rating. Analysts expect PSX to report a profit of $2.22 per share on a diluted basis, up 346.7% from a loss of $0.90 per share in the year-ago quarter, with full-year 2026 EPS expected to reach $13.49, up 109.5% from $6.44 in fiscal 2025. The Board declared a quarterly dividend of $1.27 per share, representing a $0.07 increase. Phillips 66 is gearing up for Q1 2026 earnings report on April 29.
Apr 1Phillips 66 extends Western Gateway Pipeline open season; board raises dividend 5.5% to $1.27/share.Positive▶
Phillips 66 announced extension of the Western Gateway refined products pipeline open season due to substantial shipper interest. Board declared quarterly dividend increase to $1.27/share. Raymond James raised PT to $205 citing rising refining margins.
Sector Peers
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|---|---|---|---|---|---|---|
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| MPCMARATHON | $246.97 | -0.53% | +2.9% | 12.1x | 0.58 | $73.1B |
| PSXPHILLIPS | $176.72 | -1.36% | +1.0% | 11.4x | — | $71.8B |
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Price above both MAs — bullish structure.