Watch for Continued Gains in Shares of Phillips 66 (PSX)

Phillips 66 (NYSE:PSX) traded today at a new 12-month high of $96.76. So far today approximately 1.1 million shares have been exchanged, as compared to an average 30-day volume of 4.1 million shares.

Phillips 66 is currently priced 51.0% above its average consensus analyst price target of $46.93.

Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 2.0 million barrels per day, or mmb/d, after converting its 255 mb/d Alliance refinery to a terminal. The midstream segment comprises extensive transportation and NGL processing assets. It also includes its DCP Midstream joint venture, which holds 45 natural gas processing facilities, 11 NGL fractionation plants, and a natural gas pipeline system with 58,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.

Over the past year, Phillips 66 has traded in a range of $63.19 to $96.76 and is now at $95.67, 51% above that low.

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