Phillips 66 upgraded to Outperform from Market Perform at Raymond James Raymond James upgraded Phillips 66 based on Gulf Coast margin strength and diversification from the chemicals and midstream businesses. Price target is $90.
News For PSX From The Last 14 Days
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Phillips 66 approves increased CapEx plan of $3.9B, $2B share repurchase plan The board of directors of Phillips 66 has approved an increase in 2014 capital spending to support the company’s growth strategy and authorized returning additional capital to shareholders. The board authorized $3.9B of capital expenditures this year, an increase of $1.2B to the previously approved budget. The increased capital program is designed to accelerate the development of the Sweeny Fractionator One and Freeport Liquid Petroleum Gas Export Terminal, as well as fund the recently announced acquisitions of the Beaumont Terminal in Texas and Spectrum Corporation, a specialty lubricants company. The board also approved an additional $2B share repurchase program. Since the third quarter of 2012, the board has authorized a total of $7B in share repurchases. The company’s cumulative share repurchases totaled $3.2B through the first quarter of 2014.