Forex
Royal Bank of Canada Sells Stake in Phillips 66 Amid Refining Margin Strength
Phillips 66 (NYSE:PSX) stock price has been impacted by various market forces. In the first quarter, Royal Bank of Canada reduced its stake in Phillips 66 by selling 123,373 shares and decreasing its ownership to 0.37%.
The company's refining margins have remained supportive due to Iran-related supply disruptions and record crack spreads. This has improved earnings outlook for U.S. refiners like Phillips 66.
Analysts predict that Phillips 66 will post $22.43 earnings per share for the current year, with a consensus target price of $201.72. The company's quarterly dividend was also declared at $1.27 per share.