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PSX +0.76% today · Analysis updated Nov 13, 2026, 6:30 PM ET
Why is Phillips 66 (PSX) stock up today?
PSX closed at $264.90 on Nov 13, about 7.8% above its $245.72 close on Nov 6 and 5.7% above the $250.70 close on Nov 10, recovering from the post-earnings selloff low of $243.02 intraday on Nov 6. Volume has eased from the 5.48M peak on Nov 4 to about 3.0M, and the last four sessions show higher closes. The stock remains about 8% below the $287.88 high of Oct 27 and below the $282.83 close of Oct 30. News flow over the past two weeks is mostly supportive or routine: Phillips 66 was named Official Fuel Partner of the LA28 Olympics and Team USA (Nov 12), signed a long-term used cooking oil supply agreement for its California renewable fuel production (Nov 2), and appointed Chris Chandler as EVP and Strategic Advisor to the CEO (Nov 5). Analyst revisions are mixed: BMO trimmed its target to $330 from $350 (Nov 11), while Citigroup ($302, Neutral) and Morgan Stanley ($290, Overweight) raised targets in early November. Every cited target remains above the current price, implying roughly 10% to 25% upside, but the BMO cut shows some analysts are stepping back from post-earnings levels. The Q3 results from the prior analysis (EPS $14.08 versus an $11.73 estimate, net debt down $3.8B to $12.7B, $2.8B returned to shareholders) remain the fundamental anchor, while management's guidance that refining margins will normalize limits earnings upside. No scheduled catalyst appears within the next seven days.
News behind the analysis
- Phillips 66 Named Official Fuel Partner of the LA28 Olympic and Paralympic Games and Team USAPhillips 66 has been designated Official Fuel Partner for the LA28 Olympic and Paralympic Games and Team USA. The sponsorship has no disclosed financial terms.
- BMO Capital Adjusts Price Target on Phillips 66 to $330 From $350BMO Capital lowered its price target on Phillips 66 from $350 to $330, a trim that still sits well above the latest close.
- Phillips 66 Appoints Chris Chandler as Executive Vice President and Strategic Advisor to the CEOPhillips 66 appointed Chris Chandler as Executive Vice President and Strategic Advisor to the CEO, citing his energy industry experience. The move is a management change with no stated financial impact.
- Citigroup Maintains Neutral on Phillips 66, Raises Price Target to $302Citigroup kept its Neutral rating on Phillips 66 and raised its price target from $297 to $302.
- Phillips 66 Enters Long-Term Used Cooking Oil Supply Agreement with Restaurant TechnologiesPhillips 66 signed a long-term agreement with Restaurant Technologies to source used cooking oil for renewable fuel production at its California facility. The deal supports sustainable aviation fuel output.
- Morgan Stanley Maintains Overweight on Phillips 66, Raises Price Target to $290Morgan Stanley kept its Overweight rating on Phillips 66 and raised its price target from $284 to $290.
About PHILLIPS 66
Phillips 66 is a Houston-based downstream energy company that refines crude oil into fuels and moves, processes and sells natural gas liquids (NGLs) and fuels. Several businesses sit under one roof: refining, a large and growing NGL pipeline and fractionation (separation) network, a 50% stake in the chemicals joint venture CPChem, fuel marketing (including the Phillips 66, 76 and Conoco brands) and renewable fuels.
How it makes money
Most of its revenue (about $50 billion in Q3 2026) comes from selling refined products like gasoline, diesel and jet fuel, but profit depends mainly on refining margins, meaning the gap between crude oil costs and fuel prices. The Midstream segment brings in steadier fee-based income from transporting, storing and fractionating NGLs and crude oil. Other profit sources are its share of CPChem's petrochemical earnings, fuel marketing and specialty products, and renewable diesel. In 2025 it bought the rest of the WRB refining joint venture, sold most of its European retail business and stopped making fuel at its Los Angeles refinery.
What usually moves PSX
- Refining margins (crack spreads)
- Crude oil and fuel price swings
- NGL volumes and Midstream growth
- Chemical margins at CPChem
- Buybacks, dividends and debt reduction