Goldman Sachs Lifts Phillips 66 Price Target to $274

Phillips 66's stock price remains near its yearly high of $277.12 after Goldman Sachs lifted its price target to $274, a 3.6% increase from the current price of $264.58 on the NYSE.

The revised target is above the company's share price, but it shows how quickly the market has already reacted to Phillips 66's strong second-quarter earnings results.

The Q2 adjusted EPS reached $9.41, a 295.4% increase from the same period last year and 22.5% above the consensus of $7.68.