BMO lifts PT on Phillips 66, sees upside from refining gains; shares gain

Shares of U.S. refiner Phillips 66 (PSX.N) were up 1.6% at $268.73 after BMO Capital Markets raised its price target for the company to $310 from $260, representing a 17.1% upside to the stock's last close.

BMO said PSX's integrated business model has gained momentum and outperformed its parts, with refining being the cyclical leader.

The brokerage also said PSX's notable enhancements to refining, plus improvements across clean product yield and operating costs, have enabled the company to benefit from the strong refining macro, which management expects to continue with product inventories low, demand resilient, and supply constrained.

Twelve out of 22 brokerages rate the stock "buy" or higher, nine rate it "hold" and one rates it "sell," with a median price target of $195, according to LSEG data.

Including the session's moves, PSX is up 108% year to date.