NGL, Midstream And Refining Upgrades Will Shape Future Success

Consensus price targets for Phillips 66 have increased to $139.84, reflecting analyst confidence in persistent refining margin strength, strong recent results, and upside from chemicals, while near-term risks from potential activist exits and sector pullbacks are noted. Analyst Commentary Bullish analysts cite persistent strength in refining margins, with global product markets remaining relatively tight and distillate tightness expected to continue into winter, supporting a higher margin risk well into 2026.

Analysts have slightly lowered Phillips 66’s price target to $136.00, reflecting near-term caution due to potential post-proxy battle selling pressure and high Q2 expectations, despite an improved medium-term refining outlook and a strong balance sheet. Analyst Commentary Bullish analysts cite positive earnings revisions expected in the second half of the year, supported by distillate strength and tightening global product supply/demand balances forecasted for 2026 and 2027.

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

AnalystConsensusTarget has decreased revenue growth from -4.0% to -3.6%.

AnalystConsensusTarget has decreased profit margin from 4.5% to 3.9% and increased future PE multiple from 10.8x to 12.1x.

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

AnalystConsensusTarget made no meaningful changes to valuation assumptions.

AnalystConsensusTarget has decreased revenue growth from -7.7% to -4.3%.