The share price of Phillips 66 dropped by 2.73% from January 9 to January 16, 2026. This decline placed the company among energy stocks that lost the most during that week.
Phillips 66 is an integrated downstream energy provider involved in refining, transporting, and marketing fuels. Earlier this month, the stock reached a 52-week high as investors saw it as a potential beneficiary from US action in Venezuela, since its refineries can process heavy sour crude like that from Venezuela. The stock has since experienced a slight downturn, possibly due to profit-taking.
On January 13, JPMorgan reduced its price target on Phillips 66 from $154 to $151. The firm maintained an 'Overweight' rating. This revision was part of a Q4 preview that adjusted targets for recent commodity prices.
Similarly, on January 12, Piper Sandler lowered its price target on Phillips 66 from $155 to $153, while keeping a 'Neutral' rating. The analyst stated that US refiners will face the largest near-term impact from the action in Venezuela. The firm expects Venezuelan crude volumes arriving in the US to double from 200,000 bpd to 400,000 bpd, driven by US involvement and sanction relief.