PSX Maintained by Wells Fargo -- Price Target Raised to $345

JPMorgan raised its price target for Phillips 66 to $275 from $234. Jefferies & Co also increased its target to $276 from $242. Phillips 66's stock has risen 118.13% year-to-date.

Allied Fuel Services and its executives sued Phillips 66, alleging fraud and breach of contract over a failed joint venture. The dispute involves the transfer of customers and assets to Phillips 66, with Allied seeking their return. Phillips 66 acquired Hunt & Sons, the entity involved in the joint venture, for $272 million. The case is in Napa County Superior Court, with arbitration requests pending.

Allied Fuel Services, a family-run Napa propane business, is suing Phillips 66 and related entities for fraud, breach of contract, and other claims. The lawsuit alleges that Phillips 66's subsidiary, Hunt & Sons, acquired assets and customers from the joint venture without approval, violating the partnership agreement. The value of Phillips 66's acquisition of Hunt & Sons is estimated at $272 million.

UBS raised its price target for Phillips 66 to $310 from $300. The stock has gained 2.65% in 5 days and 5.64% since January. Mizuho downgraded the stock to Neutral with a $300 target.

Shares of Valero Energy (VLO), Marathon Petroleum (MPC), Sunoco (SUN), and Phillips 66 (PSX) rose overnight after President Trump's executive order allowed temporary highway use of dyed diesel and deferred federal fuel tax. The move aims to lower fuel costs amid rising energy prices. VLO gained 0.67%, MPC 0.35%, SUN 3%, and PSX 1%. Analysts note limited impact on diesel prices due to state regulations and global supply issues.

Phillips 66 (PSX) announced Chris Chandler will become executive vice president of Refining on January 1, 2027, succeeding Rich Harbison. Chandler has 30 years of energy experience, including roles at Phillips 66 and Plains All American. CEO Mark Lashier praised Chandler's refining and operational expertise.