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Phillips 66′s growth warrants premium valuation, Oppenheimer says

Sep. 17, 2015 3:28 PM ETPhillips 66 (PSX) StockPSXBy: Carl Surran, SA News Editor10 Comments
  • Phillips 66's (PSX +0.2%) diversification will drive growth and value creation going forward, Oppenheimer Fadel Gheit says as he reiterates an Outperform rating and $95 price target on the stock.
  • Gheit writes that while his targets are above consensus, he thinks PSX’s mix of assets, execution, shareholder friendliness and growth outlook all warrant a premium valuation.
  • Gheit sees PSX's operating cash flow at $4.8B this year and $4.1B next year, which, combined with cash and some additional borrowing, can cover capex plans of $4.6B and $3.5B, respectively, a $1.2B annual dividend and ~$50M in Philips 66 Partners (NYSE:PSXP) distributions.

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