Apple Inc. continues its award-winning streak climbing one spot higher in the 2014 Fortune 500 rankings. The company surpassed Texas oil and gas Phillips 66 in the latest edition of the prestigious list.

Reports cited Apple is the only company from the technology sector to have made it to the Top 15. Hewlett-Packard landed in 17th place and was the best performance for a Silicon Valley company.

Aside from Apple, retail mammoth Walmart, petrochemical giants Exxon Mobil and Chevron, including Warren Buffet's conglomerate Berkshire Hathaway complete the Top 5 of the Fortune 500.

Apple earned $170 billion in total revenue for 2013, which is more than the revenues recorded by Boeing and Microsoft combined. Fortune said Apple's net sales continue to climb as the tech giant pushes more digital content and sells more iPhones to customers. But Fortune noted the growing market share of Android phones adding Apple might feel the pressure.

Apple Stock Bounces Back

Apple shares have bounced back after the usual drop in the recently concluded annual Worldwide Developer's Conference (WWDC) on June 2. The stock fell by 10 percent during the opening day of WWDC, including S&P 100 index ETF, according to reports.

As expected, Apple stock bounced back to 9 points higher. Analysts said the most likely reason was Apple's announcement of the upcoming iOS 8 and new OSX Yosemite. Also, Apple did not announce any new hardware. But the new product launchings are expected in September.

Katy Huberty at Morgan Stanley has a $690 price target for Apple's "overweight" stock while Rod Hall at JP Morgan issues a $623 price target due to iOS and OSX platform enhancements and feature additions following WWDC.

Brian Marshall at ISI tags Apple stock as a "buy" with a $675 price target while Brian White at Cantor Fitzgerald sets a price target of $777.

White said although new Mac devices were announced in WWDC, Apple had rolled out a major update to OSX known as Yosemite. He added the new update will significantly improve the platform with a new user interface.