Phillips 66 to Accelerate Buybacks in H2, UBS Says

MT Newswires Live

Aug 11

Phillips 66 (PSX) is expected to accelerate share repurchases in H2 this year, supported by ongoing balance sheet deleveraging, UBS said in a note Monday.

Net debt declined to $16.46 billion at the end of Q2 from $21.9 billion at the end of Q1, with the company targeting $13.5 billion to $14 billion in net debt by year-end, according to the note.

UBS raised its 2026 earnings-per-share estimate to $21.10 from $17.38 and its 2027 estimate to $16.97 from $16.18, citing a strong Q2 beat and resilient refining and renewable diesel margins.

UBS said Phillips 66's Western Gateway project is approaching a final investment decision pending commercial and regulatory milestones, which would expand takeaway capacity for refined products to West Coast markets.

UBS maintained a buy rating on Phillips 66 with a $235 price target.

Price: 214.15, Change: +10.24, Percent Change: +5.02

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