Piper Sandler downgraded Phillips 66 (PSX) to Neutral from Overweight with a price target of $130, down from $144. The company’s financial leverage remains well above the high end of targeted leverage metrics, which will likely limit shareholder returns somewhat in 2025 in order to lower net debt, the analyst tells investors in a research note.
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Read More on PSX:
- Phillips 66 Expands with $2.2 Billion EPIC Acquisition
- M&A News: Phillips 66 Enhances Permian Business with $2.2B Acquisition
- Phillips 66 to buy EPIC Y-Grade GP, EPIC Y-Grade LP for $2.2B
- Wolfe Research upgraded Phillips 66 to Outperform, sees ‘no value’ in refining
- Phillips 66 upgraded to Outperform from Peer Perform at Wolfe Research
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