5 Best Oil and Gas Stocks to Buy for the Next Decade

2. Phillips 66 (NYSE:PSX)

Number of Hedge Fund Holders: 64

Phillips 66 (NYSE:PSX) is one of the best oil and gas stocks to buy for the next decade. Phillips 66 (NYSE:PSX) received a rating update from TD Cowen on June 29, with the firm lifting the price target on the stock to $220 from $213 while maintaining a Buy rating on the shares. The firm told investors in a research note that it is remaining constructive on the refining group and sees upside to equities even after pricing in lower cracks than 2027 futures. It further stated that although the “robust” 2026 results are one-time in nature, cash inflows will result in capital structure improvements worth 20% of equity value on average.

Phillips 66 (NYSE:PSX) also received a rating update from Morgan Stanley on June 12. The firm lifted the price target on the stock to $196 from $180 and reaffirmed an Overweight rating on the shares, stating that refining margins have eased from the mid-May peak, but remain elevated compared to pre-conflict levels.

Phillips 66 (NYSE:PSX) is involved in the processing, storage, transportation, and marketing of fuels and other related products. The company’s operations are divided into the following segments: Midstream, Chemicals, Refining, Renewable Fuels, and Marketing and Specialties.