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Phillips 66 (PSX) Gains As Market Dips: What You Should Know
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Phillips 66 (PSX - Free Report) closed at $138.47 in the latest trading session, marking a +0.56% move from the prior day. The stock's change was more than the S&P 500's daily loss of 0.71%. Meanwhile, the Dow experienced a drop of 0.93%, and the technology-dominated Nasdaq saw a decrease of 0.81%.
The oil refiner's stock has dropped by 0.19% in the past month, exceeding the Oils-Energy sector's loss of 8.42% and lagging the S&P 500's gain of 1.08%.
The investment community will be paying close attention to the earnings performance of Phillips 66 in its upcoming release. The company is slated to reveal its earnings on July 30, 2024. On that day, Phillips 66 is projected to report earnings of $3.10 per share, which would represent a year-over-year decline of 19.9%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $32.01 billion, down 10.44% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $10.15 per share and a revenue of $133.01 billion, indicating changes of -35.8% and -11.26%, respectively, from the former year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Phillips 66. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 13.41% downward. Right now, Phillips 66 possesses a Zacks Rank of #5 (Strong Sell).
Looking at its valuation, Phillips 66 is holding a Forward P/E ratio of 13.57. For comparison, its industry has an average Forward P/E of 13.22, which means Phillips 66 is trading at a premium to the group.
Investors should also note that PSX has a PEG ratio of 2.26 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Oil and Gas - Refining and Marketing industry stood at 2.07 at the close of the market yesterday.
The Oil and Gas - Refining and Marketing industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 230, this industry ranks in the bottom 9% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.
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Phillips 66 (PSX) Gains As Market Dips: What You Should Know
Phillips 66 (PSX - Free Report) closed at $138.47 in the latest trading session, marking a +0.56% move from the prior day. The stock's change was more than the S&P 500's daily loss of 0.71%. Meanwhile, the Dow experienced a drop of 0.93%, and the technology-dominated Nasdaq saw a decrease of 0.81%.
The oil refiner's stock has dropped by 0.19% in the past month, exceeding the Oils-Energy sector's loss of 8.42% and lagging the S&P 500's gain of 1.08%.
The investment community will be paying close attention to the earnings performance of Phillips 66 in its upcoming release. The company is slated to reveal its earnings on July 30, 2024. On that day, Phillips 66 is projected to report earnings of $3.10 per share, which would represent a year-over-year decline of 19.9%. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $32.01 billion, down 10.44% from the year-ago period.
In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $10.15 per share and a revenue of $133.01 billion, indicating changes of -35.8% and -11.26%, respectively, from the former year.
It's also important for investors to be aware of any recent modifications to analyst estimates for Phillips 66. Recent revisions tend to reflect the latest near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.
Our research reveals that these estimate alterations are directly linked with the stock price performance in the near future. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.
The Zacks Rank system, stretching from #1 (Strong Buy) to #5 (Strong Sell), has a noteworthy track record of outperforming, validated by third-party audits, with stocks rated #1 producing an average annual return of +25% since the year 1988. Over the past month, the Zacks Consensus EPS estimate has shifted 13.41% downward. Right now, Phillips 66 possesses a Zacks Rank of #5 (Strong Sell).
Looking at its valuation, Phillips 66 is holding a Forward P/E ratio of 13.57. For comparison, its industry has an average Forward P/E of 13.22, which means Phillips 66 is trading at a premium to the group.
Investors should also note that PSX has a PEG ratio of 2.26 right now. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The average PEG ratio for the Oil and Gas - Refining and Marketing industry stood at 2.07 at the close of the market yesterday.
The Oil and Gas - Refining and Marketing industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 230, this industry ranks in the bottom 9% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
You can find more information on all of these metrics, and much more, on Zacks.com.