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.
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Phillips 66 reports Q2 EPS $1.51, consensus $1.70 Q2 earnings related to the company’s equity investment in DCP Midstream were $33M compared with $83M in Q1. The decrease reflects lower gains recorded by Phillips 66 on unit issuances of DCP Midstream Partners. Additionally, earnings were impacted by increased maintenance activity and lower NGL prices, partially offset by improved volumes. Midstream earnings were $108M in Q2, compared with earnings of $188M in Q1.