Wells Fargo Raises Phillips 66 (PSX) Price Target to $345
Wells Fargo has reiterated its Overweight rating on Phillips 66 and increased the price target to $345, a 18.68% upside from the current price.
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Wells Fargo raised its price target on Phillips 66 ($PSX) to $345 from $335 on October 14, 2026, and rates the stock "Overweight".
Since the rating, $PSX is down 1.4% to date (from the $297.29 close on Oct 14, 2026).
PSX
Phillips 66
Key Points
- On October 14, 2026, Wells Fargo reiterated its Overweight rating on Phillips 66 (NYSE: PSX) and raised the price target from $335 to $345.
- Wells Fargo's $345 price target implies 18.68% upside from Phillips 66's ($PSX) current $290.69 share price.
- The stock recently traded around $290.69, which is about 15.7% below the new price target.
- Phillips 66 reported a trailing twelve-month revenue of approximately $152.2 billion and an EPS of $17.51.
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Wells Fargo has reiterated its Overweight rating on Phillips 66 (NYSE: PSX) and raised the price target to $345 from $335 on October 14, 2026. This adjustment reflects the firm's continued confidence in the company’s prospects, although the stock recently traded around $290.69, which is about 15.7% below the new target price.
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Other Institutional Activity in Phillips 66
Several institutional investors have significant stakes in Phillips 66. Blackrock Inc. holds 34,112,861 shares worth approximately $10 billion, having increased its position by 2,088,020 shares. Vanguard Capital Management LLC has 26,183,335 shares valued at around $7.7 billion, with a small increase of 75,712 shares. State Street Corporation owns 26,044,694 shares worth about $7.6 billion after adding 270,628 shares to its position. Vanguard Portfolio Management LLC has 22,214,319 shares valued at roughly $6.5 billion, growing its stake by 112,718 shares. Lastly, Elliott Investment Management L.P. maintains 19,251,000 shares, unchanged in its holdings.
Phillips 66 Stock Up 0.5%
Phillips 66 shares recently traded at $290.69, which is below the new price target of $345 set by Wells Fargo. This level is important as it suggests potential upside for investors if the stock price moves closer to the target. The stock's performance is also relevant given its trailing twelve-month revenue of approximately $152.2 billion.
$PSX price target
Phillips 66 daily closes and this analyst's $345 target. Not advice.
Recent Earnings
Phillips 66 reported trailing twelve-month revenue of $152.2 billion and an EPS of $17.51. The company has a net margin of 4.7% and a return on equity of 23.5%. The next earnings report is scheduled for October 28, 2026, which will provide further insights into the company's financial health.
Insider Buying and Selling at Phillips 66
Insider transactions have also been notable. On August 10, 2026, Director Lisa Ann Davis sold 1,515 shares valued at approximately $314,713. Officer Brian Mandell sold 33,300 shares on August 11, 2026, worth around $7.2 million. Additionally, Officer Richard G. Harbison sold 52,100 shares on August 12, 2026, for about $11.7 million, while Mandell sold another 23,400 shares on September 16, 2026, valued at $6.2 million. These sales were not part of planned transactions.
Analysts Set New Price Targets
On October 14, 2026, Wells Fargo maintained its Overweight rating on Phillips 66 with a new price target of $345. Earlier, on October 8, 2026, Mizuho downgraded its rating to Neutral with a target of $300, while Barclays maintained an Equal-Weight rating with a target of $282. Citigroup and Evercore ISI Group also maintained Neutral and Outperform ratings, respectively, with targets of $297 and $250.
About Phillips 66
Phillips 66 operates as an integrated downstream energy provider, focusing on refining and marketing oil and gas products. It has a strong presence in the U.S. and internationally, with various segments including Midstream, Chemicals, and Renewable Fuels. The company's diverse operations and significant revenue make it a key player in the energy sector.
Bottom Line
Investors should keep an eye on Phillips 66 as it prepares to report earnings on October 28, 2026. Additionally, with Wells Fargo's new price target, the market will be watching to see how the stock performs in relation to this target in the coming weeks.
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Source: Wells Fargo's rating change on $PSX (Oct 14, 2026). Written by software, not financial advice. How we make alerts