Phillips 66 Stock Rises 3.6% as BMO Raises Price Target to $310

Phillips 66 shares rose 3.6% to $274.21 after BMO Capital Markets raised its price target on the refining and energy infrastructure company to $310 from $260 while maintaining an Outperform rating.

The revised target implies roughly 13% upside from the latest share price.

Broader probable reasons behind the positive sentiment include expectations for stronger refining margins, resilient fuel demand and Phillips 66’s diversified exposure across refining, midstream, chemicals and marketing. The company can also benefit when crude input costs fall faster than refined-product prices, which may support refining economics.

Investor sentiment toward the stock may also be improving as oil prices retreat from recent highs, potentially easing feedstock costs while demand for gasoline, diesel and other refined products remains firm.

The sizable target increase from BMO adds to that backdrop and suggests greater confidence in Phillips 66’s earnings and cash-flow potential.