Phillips 66 (PSX), headquartered in Houston, Texas, operates as an energy manufacturing and logistics company. With a market cap of $51.2 billion, the company’s operations include oil refining, marketing, and transportation along with chemical manufacturing and power generation.
Shares of leading integrated downstream energy provider have underperformed the broader market over the past year. PSX has declined 13.9% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 12.3%. However, in 2025, PSX stock is up 9.5%, surpassing the SPX’s marginal rise on a YTD basis.
Narrowing the focus, PSX’s underperformance is also apparent compared to the VanEck Oil Refiners ETF (CRAK). The exchange-traded fund has fallen about 19.2% over the past year. However, PSX’s returns on a YTD basis outshine the ETF’s 8.7% gains over the same time frame.
PSX’s setback was due to weakening refined product demand in the U.S. and China, coupled with the result of new refining capacity coming online.
On Apr. 25, PSX shares closed down marginally after reporting its Q1 results. Its adjusted loss of $0.90 per share did not meet Wall Street expectations of adjusted loss of $0.77 per share.
For the current fiscal year, ending in December, analysts expect PSX’s EPS to decline 25.7% to $4.57 on a diluted basis. The company’s earnings surprise history is mixed. It beat the consensus estimate in three of the last four quarters while missing the forecast on another occasion.
Among the 18 analysts covering PSX stock, the consensus is a “Moderate Buy.” That’s based on nine “Strong Buy” ratings, one “Moderate Buy,” and eight “Holds.”
This configuration is less bullish than two months ago, with 10 analysts suggesting a “Strong Buy.”
On May 12, Barclays PLC (BCS) analyst Theresa Chen kept an “Equal Weight” rating on PSX and raised the price target to $115.
The mean price target of $128.28 represents a 2.9% premium to PSX’s current price levels. The Street-high price target of $149 suggests an upside potential of 19.5%.
