The Latest Breaking News from Phillips 66

A planned shutdown of Valero's massive refinery near San Francisco in the spring would really put the pinch on motorists.

On CNBC's “Mad Money Lightning Round,” Jim Cramer said this is the right time to buy Phillips 66 (NYSE:PSX).

Phillips 66 (NYSE:PSX) announced on Tuesday that it will acquire the remaining 50% stake in WRB Refining LP from Cenovus Energy Inc. (NYSE:CVE) for $1.4 billion in cash, giving it full ownership of two U.S. refineries it has operated since 2007.

Despite Phillips 66’s underperformance relative to the S&P 500 Index over the past year, analysts are moderately optimistic about the stock’s prospects.

Investors are navigating a complex landscape as technology and commodities drive divergent market narratives. While tech giants continue to capture attention with product innovations and strategic moves, the resource sector is seeing renewed interest amid fluctuating economic conditions.

Climate policies could lead to future refinery closures as Californians transition to electric vehicles.

Editor's Note: This article has been updated to clarify language around options holdings

Phillips 66 stock has significantly underperformed the broader market over the past year, but analysts seem to be moderately bullish about its prospects.

On CNBC's “Halftime Report Final Trades,” Jim Lebenthal, partner at Cerity Partners, named Wynn Resorts, Limited (NASDAQ:WYNN) for successively higher highs this year. The stock is 1% away from its 52-week high and is then expected to break out from there, he added.

U.S. stocks traded higher midway through trading, with the Dow Jones index gaining around 0.2% on Friday.

Phillips 66 (NYSE:PSX) delivered a strong second-quarter performance, surpassing Wall Street’s earnings and revenue forecasts. The integrated energy company reported adjusted earnings of $973 million, or $2.38 per share, comfortably topping the consensus estimate of $1.69 per share.