What happened

On a day when the S&P 500 and Dow Jones Industrial Average both sank, shares of Phillips 66 (PSX -2.00%) climbed higher thanks to an analyst's bullish take on the diversified energy company's stock.

As of the end of Monday's trading session, shares of Phillips 66 had risen 5.2%.

So what

Recognizing significant upside for shares of Phillips 66, Piper Sandler hiked its price target on the stock to $119 from $107. The revised price target represents upside of about 44% from the stock's closing price of $82.85 on the day of the most recent trading session. Another salient detail regarding the new price target is the fact that investors would have to go back to December 2019 to see the last time Phillips 66 had risen that high.

Two workers have a discussion near a pumpjack.

Image source: Getty Images.

With Wall Street raising its expectations, investors may have felt especially motivated to click the buy button today before the company announces first-quarter 2022 earnings, which is scheduled to happen next week. Although Phillips 66 hasn't provided extensive Q1 2022 guidance, it's worth noting that it's coming off a strong performance in 2021 -- one in which it reported a company record for earnings in three out of four of its business segments: midstream, chemicals, and marketing and specialties.

Now what

While shares of Phillips 66 jumped today, the stock's rise shouldn't preclude value investors on the prowl for an energy stock from considering a position. Currently, shares are valued at 6.1 times operating cash flow -- a discount to their five-year average cash flow multiple of 11.