Phillips 66: Sell-Off Creates Opportunity, Given Likely Q2 Acceleration (Rating Upgrade)

StockPhotoAstur Shares of Phillips 66 (NYSE:PSX) have been a strong performer over the past year, rising by about one-third, but performance has been materially weaker of late with PSX down by about 23% since the beginning of April as concerns have intensified around the direction of the refining cycle. Given concerns about relative valuation, I downgraded shares to a “hold” in April. While I was right to downgrade them, I did not move sharply enough as the stock has fallen by 22% since that analysis, l ...