Jim Cramer on Phillips 66: "This is The Right Time to Buy the Stock"

Phillips 66 (NYSE:PSX) is one of the stocks Jim Cramer shared insights on. During the lightning round of the episode, a caller inquired about the stock, and Cramer commented:

“Well, you know what? This is the right time. Mark Lashier runs the company. This is the right time to buy the stock. This is when, you buy it when oil’s going down. I like the spread. I think you’ve got a good idea. Let’s pull the trigger.”

Phillips 66 (NYSE:PSX) is an energy manufacturing and logistics company engaged in refining, chemicals, midstream operations, marketing, and renewable fuels. In a May episode, Cramer said that he “would be a buyer” of the stock. He stated:

“Alright, let’s just view it as an investment situation. It’s got a 4.4% yield. We’re running short of refiners. I think that the stock has been overly punished. It’s been going down as if it’s an oil stock. It is not an oil stock, it’s a refiner, and I would be a buyer of PSX, and I’ve been waiting to say that for some time, but it’s down enough that I think it’s time.”

The stock is up nearly 23% since the above comment.

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Disclosure: None. This article is originally published at Insider Monkey.