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・Philip Morris reported quarterly net revenue of $11.19 billion versus analysts’ estimates of $10.63 billion, according to Fiscal.ai data.
・Phillips 66 gained after Goldman Sachs and BofA raised their price targets while crude prices jumped to over month highs.
・Goldman Sachs said tighter supply-demand dynamics are supporting stronger refining margins, earnings estimate upgrades, and continued shareholder returns.
Philip Morris (PM) and Phillips 66 (PSX) shares hit new 52-week highs in Wednesday’s intraday trading, buoyed by better-than-expected quarterly earnings and upbeat brokerage commentary, respectively.
At the time of writing, PM shares were up 3%, tracking its first gain in three sessions, while PSX shares edged 0.2% higher.
PM Stock Gains After Q2 Earnings
Philip Morris International reported stronger-than-expected second-quarter results on Wednesday, driven by continued momentum in its smoke-free products business, while the company also raised its full-year 2026 earnings outlook.
The tobacco giant reported quarterly net revenue of $11.19 billion, marking the first time it crossed $11 billion. Analysts on average expected revenue of $10.63 billion, according to Fiscal.ai data. Earnings came in at $2.2 per share, compared to consensus estimates of $2.05 per share.
Phillip Morris also forecast FY2026 earnings per share in a range of $7.19 to $7.34, compared to $7.25 it reported in the previous year.
Retail sentiment surrounding PM on Stocktwits remained in the ‘extremely bullish’ territory over the past 24 hours. The stock has also seen significant buying interest so far this year, gaining around 21%.
Wall Street Optimism, Crude Price Rise Drive PSX Gains
Phillips 66 drew investor attention on Wednesday after Goldman Sachs and BofA raised their price targets ahead of the company's second-quarter earnings, citing improving refining fundamentals.
Goldman Sachs lifted its price target to $235 from $207, while maintaining a ‘Neutral’ rating, according to The Fly. This represents an 11% upside potential from current levels. The brokerage said tighter supply-demand dynamics are supporting stronger refining margins, earnings estimate upgrades, and continued shareholder returns.
BofA also raised its price target to $213 from $176, keeping a ‘Neutral’ rating as it increased refiners' price targets across the sector to reflect stronger crack spreads.
The bullish outlook came as oil prices climbed to their highest levels in over a month after U.S. President Donald Trump threatened further action against Iran following attacks in the Strait of Hormuz. At the time of writing, West Texas Intermediate crude futures rose 2.9% to around $86.78 a barrel, while Brent crude gained 3.2% to $93.96 per barrel.
Retail sentiment for PSX on Stocktwits trended in the ‘bullish’ territory over the past 24 hours. The stock has surged more than 63% so far in 2026.
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