We use cookies to understand how you use our site and to improve your experience. This includes personalizing content and advertising. To learn more, click here. By continuing to use our site, you accept our use of cookies, revised Privacy Policy and Terms of Service.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
Phillips 66 (PSX), FreeWire to Work for US EV Charging Program
Read MoreHide Full Article
Phillips 66 (PSX - Free Report) signed a letter of intent with FreeWire Technologies for its first electric vehicle (EV) charging program in the United States.
The agreement highlights Phillips 66’s pledge to pursue low-carbon solutions in support of the Paris Agreement.
Energy companies are increasingly investing in EV chargers as demand for the same is expected to grow significantly in the future. The companies are working together to provide consumers with electric fueling stations to meet their requirements for rapid, on-the-go charging.
Phillips 66 seeks to expand its electric fuel charging capabilities through its existing U.S. retail network sites to meet the rising demand for EVs. The company will leverage its strong retail presence of 7,000 U.S. sites with FreeWire’s battery-enabled chargers.
With the increased demand for fast charging, upgrading the electric grid and individual site power infrastructure remains costly and time-consuming. FreeWire’s Boost Charger enables seamless connection to existing infrastructure without massive construction expenses and permitting restraints.
FreeWire’s battery-enabled chargers reduce operating expenses by charging up the battery when power is cheaper and still can provide customers a rapid charge. These chargers need limited electrical infrastructure investment, significantly reducing permitting and time.
Phillips 66 is exploring a broader move by developing battery components for EVs as it accelerates a shift from fossil fuels to clean energy. The company set an emission intensity reduction target to reduce Scope 1 and Scope 2 emissions from its operations by 50% by 2050. Notably, the company’s 2022 capital program of $1.9 billion includes $916 million for growth capital, of which 45% will be allocated toward low-carbon opportunities.
Company Profile & Price Performance
Headquartered in Houston, TX, Phillips 66's operations involve refining, midstream, marketing and specialties, and chemicals.
Shares of the company have outperformed the industry in the past six months. The stock has gained 50.5% compared with the industry's 46.5% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Phillips 66 currently carries a Zack Rank #3 (Hold).
Continental Resources, Inc. is an explorer and producer of oil and natural gas. CLR expects to generate positive free cash flows for seven consecutive years in 2022.
Continental has a strong focus on returning capital to shareholders. CLR’s board of directors announced a quarterly dividend payment of 28 cents per share, which increased 21.7% from 23 cents per share in the previous quarter. The dividend will be paid out on May 23, 2022, to stockholders of record as of May 9, 2022.
The Williams Companies, Inc. (WMB - Free Report) is a premier energy infrastructure provider in North America. WMB earns almost all of its gross margin from fee-based contracts. As such, the company is largely insulated from fluctuations in commodity prices.
Williams Companies’ debt maturity profile is in good shape, with its $4.5-billion revolver maturing in 2023. Williams is also paying its shareholders an attractive dividend yield of around 5%. Beside these, the company's board recently approved a share repurchase program worth $1.5 billion, highlighting its commitment to shareholders.
Matador Resources Company (MTDR - Free Report) is among the leading oil and gas explorers in the unconventional resources in the United States. MTDR identified up to 4,381 gross potential drilling locations on its Delaware Basin acreage, making its production outlook bright.
Matador’s net cash from operating activities is increasing, reflecting strong operations. In first-quarter 2022, the metric was $329 million, which significantly increased from $169.4 million reported in the year-ago quarter.
See More Zacks Research for These Tickers
Normally $25 each - click below to receive one report FREE:
Image: Bigstock
Phillips 66 (PSX), FreeWire to Work for US EV Charging Program
Phillips 66 (PSX - Free Report) signed a letter of intent with FreeWire Technologies for its first electric vehicle (EV) charging program in the United States.
The agreement highlights Phillips 66’s pledge to pursue low-carbon solutions in support of the Paris Agreement.
Energy companies are increasingly investing in EV chargers as demand for the same is expected to grow significantly in the future. The companies are working together to provide consumers with electric fueling stations to meet their requirements for rapid, on-the-go charging.
Phillips 66 seeks to expand its electric fuel charging capabilities through its existing U.S. retail network sites to meet the rising demand for EVs. The company will leverage its strong retail presence of 7,000 U.S. sites with FreeWire’s battery-enabled chargers.
With the increased demand for fast charging, upgrading the electric grid and individual site power infrastructure remains costly and time-consuming. FreeWire’s Boost Charger enables seamless connection to existing infrastructure without massive construction expenses and permitting restraints.
FreeWire’s battery-enabled chargers reduce operating expenses by charging up the battery when power is cheaper and still can provide customers a rapid charge. These chargers need limited electrical infrastructure investment, significantly reducing permitting and time.
Phillips 66 is exploring a broader move by developing battery components for EVs as it accelerates a shift from fossil fuels to clean energy. The company set an emission intensity reduction target to reduce Scope 1 and Scope 2 emissions from its operations by 50% by 2050. Notably, the company’s 2022 capital program of $1.9 billion includes $916 million for growth capital, of which 45% will be allocated toward low-carbon opportunities.
Company Profile & Price Performance
Headquartered in Houston, TX, Phillips 66's operations involve refining, midstream, marketing and specialties, and chemicals.
Shares of the company have outperformed the industry in the past six months. The stock has gained 50.5% compared with the industry's 46.5% growth.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Phillips 66 currently carries a Zack Rank #3 (Hold).
Investors interested in the energy sector might also look at the following companies that presently flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today's Zacks #1 Rank stocks here.
Continental Resources, Inc. is an explorer and producer of oil and natural gas. CLR expects to generate positive free cash flows for seven consecutive years in 2022.
Continental has a strong focus on returning capital to shareholders. CLR’s board of directors announced a quarterly dividend payment of 28 cents per share, which increased 21.7% from 23 cents per share in the previous quarter. The dividend will be paid out on May 23, 2022, to stockholders of record as of May 9, 2022.
The Williams Companies, Inc. (WMB - Free Report) is a premier energy infrastructure provider in North America. WMB earns almost all of its gross margin from fee-based contracts. As such, the company is largely insulated from fluctuations in commodity prices.
Williams Companies’ debt maturity profile is in good shape, with its $4.5-billion revolver maturing in 2023. Williams is also paying its shareholders an attractive dividend yield of around 5%. Beside these, the company's board recently approved a share repurchase program worth $1.5 billion, highlighting its commitment to shareholders.
Matador Resources Company (MTDR - Free Report) is among the leading oil and gas explorers in the unconventional resources in the United States. MTDR identified up to 4,381 gross potential drilling locations on its Delaware Basin acreage, making its production outlook bright.
Matador’s net cash from operating activities is increasing, reflecting strong operations. In first-quarter 2022, the metric was $329 million, which significantly increased from $169.4 million reported in the year-ago quarter.