5 Best Oil Refinery Stocks To Buy

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In this article, we discuss 5 best oil refinery stocks to buy. If you want to see more stocks in this selection, check out 10 Best Oil Refinery Stocks To Buy

5. Phillips 66 (NYSE:PSX)

Number of Hedge Fund Holders: 34

Phillips 66 (NYSE:PSX) is a Texas-based energy manufacturing and logistics company that operates through four segments – Midstream, Chemicals, Refining, and Marketing and Specialties. The Refining segment refines crude oil and other feedstocks into petroleum products, such as gasoline, distillates, aviation, and renewable fuels at refineries in the United States and Europe. Phillips 66 (NYSE:PSX) is one of the premier oil refinery stocks to invest in. 

On December 9, Phillips 66 (NYSE:PSX) revealed a $2 billion capital budget for FY 2023, including 50% of planned $1.1 billion in growth capital supporting low-carbon efforts, compared to 45% allocated in the company’s 2022 plan. The company aims to spend $1.1 billion in growth capital in its refining business in 2023, including $729 million on the conversion of the San Francisco Refinery in Rodeo, California, into one of the world’s biggest renewable fuels facilities.

Piper Sandler analyst Ryan Todd on November 9 raised the firm’s price target on Phillips 66 (NYSE:PSX) to $155 from $116 and kept an Overweight rating on the shares

According to Insider Monkey’s Q3 data, Phillips 66 (NYSE:PSX) was part of 34 hedge fund portfolios, compared to 38 in the prior quarter. D E Shaw held the leading stake in the company, consisting of 3.10 million shares worth $250.3 million. 

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