Phillips 66 stock rises slightly despite overall market decrease

From Nasdaq Global Indexes: 2024-07-19 18:15:20

Phillips 66 (PSX) closed at $138.47, up 0.56% from the previous day, surpassing the S&P 500’s loss. The stock’s month-long decline of 0.19% outpaces the sector’s 8.42% loss but falls short of the S&P 500’s gain of 1.08%.

Investors eagerly await Phillips 66’s earnings report on July 30, 2024, expecting a $3.10 per share drop from last year. Analysts project a revenue decline of 10.44%, totaling $32.01 billion. Full-year estimates suggest a 35.8% earnings decline and 11.26% revenue drop from the prior year.

Despite a #5 Zacks Rank (Strong Sell), recent estimate changes indicate optimism for Phillips 66’s future. Positive revisions historically correlate with increased stock performance. The Zacks Rank system, ranging from #1 (Strong Buy) to #5, demonstrates a 13.41% downward shift in EPS estimates in the past month.

Phillips 66’s stock valuation features a Forward P/E ratio of 13.57, higher than the industry average of 13.22. With a PEG ratio of 2.26, PSX outperforms the industry average of 2.07. The Oil and Gas – Refining and Marketing industry ranks in the bottom 9% of all industries, indicating challenges within the sector.

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Read more at Nasdaq Global Indexes: Phillips 66 (PSX) Gains As Market Dips: What You Should Know