MPC, PSX Stocks Hit All-Time Highs – What’s Driving The Rally In These Energy Stocks?

Marathon Petroleum and Phillips 66 shares gained more than 3% each on Tuesday, helped by higher crude prices, while PSX stock also rose after finalizing a JV agreement for a $5 billion pipeline.

• Mizuho raised its price target on Marathon Petroleum to $304 from $284 while maintaining a ‘Neutral’ rating, according to The Fly.
• Phillips 66 said the proposed 1,300-mile refined-products pipeline would create a new fuel supply route from St. Louis, Missouri to markets in Arizona and California.
• West Texas Intermediate (WTI) crude futures for September deliveries were up 1.3% at $83.16 per barrel.

Shares of Marathon Petroleum (MPC) and Phillips 66 (PSX) hit record highs on Tuesday, driven by an increase in crude prices, while Mizuho also raised its price targets on both refiners.

At the time of writing, MPC shares were up nearly 4%, having hit an intraday high of $333.9, while PSX gained 3.3% after hitting an intraday high of $223.26.

Mizuho Raises MPC’s Target After Upbeat Q2

Mizuho raised its price target on Marathon Petroleum to $304 from $284 while maintaining a ‘Neutral’ rating, according to The Fly.

The firm said refiners delivered better-than-expected results, supported by strong crack spreads, tight inventories of refined products and elevated global refinery downtime.

Marathon’s quarterly revenue came in at $52.33 billion, easily surpassing Wall Street’s estimate of $41.44 billion, according to Fiscal.ai data. Earnings of $17.73 per share also exceeded the $13.95 per share consensus.

Oil prices moved higher on Tuesday, with West Texas Intermediate (WTI) crude futures for September deliveries rising 1.3% to $83.16 per barrel. Brent crude futures gained 1.1% to $90.12 per barrel.

Retail sentiment surrounding MPC on Stocktwits remained ‘bullish’ over the past 24 hours, amid ‘high’ message volumes. The stock has surged over 100% this year.

PSX Finalizes $5B Pipeline

Phillips 66 (PSX) announced on Tuesday that it has finalized a joint venture with Kinder Morgan (KMI) and HF Sinclair (DINO) and made a final investment decision to proceed with the proposed $5 billion Western Gateway Pipeline system.

Phillips 66 will own 49.9% of the venture, while Kinder Morgan and HF Sinclair will hold stakes of 35.1% and 15%, respectively.

The proposed 1,300-mile refined-products pipeline would create a new fuel supply route from St. Louis, Missouri, and expanded Gulf Coast origin points to markets in Arizona and California. It can transport up to 230,000 barrels per day.

Separately, Mizuho raised its price target on Phillips 66 to $220 from $212 and maintained an ‘Outperform’ rating on the shares.

Retail sentiment surrounding PSX on Stocktwits turned ‘neutral’ from ‘bearish’ over the past 24 hours. The stock has gained more than 70% so far in 2026.

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