The Latest Breaking News from Phillips 66

For three decades, I have watched investors chase the latest hot stock, the newest tech darling, and the most hyped IPO. Meanwhile, a sleepy corner of the market has been quietly minting fortunes.

While Phillips 66 has underperformed the S&P 500 over the past 52 weeks, Wall Street analysts maintain a moderately optimistic outlook about the stock’s prospects.

On CNBC's “Mad Money Lightning Round,” Jim Cramer said this is the right time to buy Phillips 66 (NYSE:PSX).

Phillips 66 (NYSE:PSX) announced on Tuesday that it will acquire the remaining 50% stake in WRB Refining LP from Cenovus Energy Inc. (NYSE:CVE) for $1.4 billion in cash, giving it full ownership of two U.S. refineries it has operated since 2007.

Despite Phillips 66’s underperformance relative to the S&P 500 Index over the past year, analysts are moderately optimistic about the stock’s prospects.

Investors are navigating a complex landscape as technology and commodities drive divergent market narratives. While tech giants continue to capture attention with product innovations and strategic moves, the resource sector is seeing renewed interest amid fluctuating economic conditions.

Climate policies could lead to future refinery closures as Californians transition to electric vehicles.

Editor's Note: This article has been updated to clarify language around options holdings

Phillips 66 stock has significantly underperformed the broader market over the past year, but analysts seem to be moderately bullish about its prospects.