Phillips 66 (PSX) is listed among the 7 Best Fortune 500 Dividend Stocks to Invest in Now. Mizuho raised its price target on Phillips 66 to $150 from $145 and maintained a Neutral rating, citing underappreciated value in the exploration and production sector amid weak sentiment in US oil and gas stocks.

Phillips 66 approved a $2.4 billion capital budget for 2026, focusing on growth spending in its midstream natural gas liquids network and refining projects. The company completed the acquisition of full ownership of WRB Refining, expanding its crude processing flexibility and planning investments in the midstream and refining segments.

Phillips 66 plans to build a new fractionator in Corpus Christi to add 100,000 barrels per day of NGL fractionation capacity, with a final investment decision expected in early 2026 and completion targeted for 2028. Analysts suggest considering AI stocks with greater upside potential and less downside risk compared to PSX.

Read more at Yahoo Finance: Phillips 66 (PSX) Price Target Raised by Analyst, 2026 CapEx Budget Approved