Wells Fargo maintains an “Overweight” rating on Phillips 66 (NYSE:PSX) but lowers the price target from $182 to $167.
Despite a decrease in stock value, Phillips 66’s strong dividend yield remains appealing to investors.
The company’s market capitalization stands at approximately $55.39 billion, highlighting its significant presence in the energy sector.
Phillips 66 (NYSE:PSX) is a prominent player in the energy sector, known for its refining, marketing, and transportation of petroleum products. The company competes with industry giants like Chevron and ExxonMobil. On October 8, 2024, Wells Fargo adjusted its rating for Phillips 66 (NYSE:PSX) to “Overweight,” maintaining its previous grade, with the stock priced at $132.33.
Wells Fargo also revised the price target for Phillips 66, lowering it from $182 to $167. Despite this adjustment, Phillips 66 remains attractive to investors due to its strong dividend yield, as highlighted by Wells Fargo. This makes it a noteworthy option for those seeking income in the energy sector.
Currently, PSX is priced at $132.33, reflecting a decrease of $6.17 or -4.45% in its value. The stock has fluctuated between a low of $132.20 and a high of $137.16 today. Over the past year, PSX has reached a high of $174.08 and a low of $107.85, indicating significant volatility.
Phillips 66 has a market capitalization of approximately $55.39 billion, with a trading volume of 2,526,045 shares. This positions the company as a significant player in the energy market, alongside competitors like Chevron and ExxonMobil. Despite market fluctuations, Phillips 66’s attractive dividend yield continues to draw investor interest.
