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TD Cowen reiterates "Buy" rating on Phillips 66, raises price target to $255
TD Cowen analyst Jason Gabelman reiterated a "Buy" rating on Phillips 66 (PSX) and raised its price target from $240 to $255. Phillips 66 recently reported solid second-quarter earnings and announced a quarterly dividend of $1.27 per share, an annualized dividend of $5.08, and a dividend yield of 2.25%. Management expects to increase share buybacks in the second half of the year and potentially further raise dividends.
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