**Morgan Stanley Upgrades Phillips 66 to Overweight**
On April 24, 2026, Morgan Stanley upgraded Phillips 66 (NYSE: PSX) from an Equal-Weight to an Overweight rating. The average one-year price target for the company is now $180.62 per share, reflecting a potential upside of 10.91% from its latest closing price of $162.85 per share. Projections indicate a decrease in annual revenue to $108.238 billion, down 18.23%, with a non-GAAP EPS forecast of $6.78.
As of the latest quarter, there are 1,995 funds reporting positions in Phillips 66, a decrease of 639 owners (24.26%). Institutional ownership has dropped by 12.63%, totaling 308,559K shares. The put/call ratio stands at 0.88, suggesting a bullish market sentiment toward the stock. Noteworthy shareholders include Elliott Investment Management, Wells Fargo, and Harris Associates, with mixed changes in their portfolio allocations over the last quarter.
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