Dernières nouvelles pour Phillips 66 (NYSE:PSX) Stock

Phillips 66

Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 1.8 million barrels per day, or mmb/d. In 2023, the Rodeo, California, facility ceased operations and be converted to produce renewable diesel. The midstream segment comprises extensive transportation and NGL processing assets and includes DCP Midstream, which holds 600 mbd of NGL fractionation and 22,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.

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Shares of oil and gas companies are trading higher After Donald Trump wins the 2024 presidential election.

This year&#8217;s <a href="https://www.benzinga.com/markets/esg/24/05/39012013/noaa-meteorologists-predict-aggressive-hurricane-season-what-it-means-for-home-depot-generac-other-s">hurricane season </a>is a deadly one for the eastern and Gulf Coast of the U.S. Several companies and ETFs could be affected by another tropical storm nearing the Gulf Coast.
The Storm: Tropical Storm Rafael, the 17th named storm of the 2024 season, formed in the Caribbean, <a href="https://www.nbcnews.com/weather/hurricanes/tropical-storm-rafael-forms-expected-hurricane-rcna178632">according</a> to NBC.
The storm passed by Jamaica on Tuesday. It is expected to strengthen into a hurricane on Tuesday near the Cayman Islands and pass over Western Cuba. From there, it will likely weaken into a tropical storm before making landfall near New Orleans. The path may change drastically before impacting the U.S.
The heaviest rain of up to 10 inches is expected in Jamaica.
Market Impacts: With a projected path in the Gulf of Mexico, Rafael could disrupt offshore oil and gas production, which could impact companies operating there.
Potentially affected stocks include major energy companies like Exxon Mobil Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOM#NYSE">XOM</a>), Chevron Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CVX#NYSE">CVX</a>), and Occidental Petroleum Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/OXY#NYSE">OXY</a>), and ETFs like SPDR S&amp;P Oil &amp; Gas Exploration &amp; Production ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XOP#NYSE">XOP</a>) and Energy Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLE#NYSE">XLE</a>).
Storms in the Gulf of Mexico can also disrupt refining operations, which could impact refiners such as Marathon Petroleum Corp (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MPC#NYSE">MPC</a>), Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) and Valero Energy Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VLO#NYSE">VLO</a>).
Construction companies like Vulcan Materials Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/VMC#NYSE">VMC</a>) and Martin Marietta Materials Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MLM#NYSE">MLM</a>) might benefit from increased demand for repairs and rebuilding.
Recent extreme weather activity is linked to climate change. Hurricanes, which will become even more frequent over time, may encourage homeowners to purchase home generators. Generac Holdings Inc (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GNRC#NYSE">GNRC</a>) is the largest producer of home generators in the U.S.
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Photo: Tropical Storm Rafael, 11.5.2024. Courtesy NOAA/Public Domain

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Tropical Storm Rafael Could Make US Landfall: 11 Stocks, ETFs To Watch

UBS analyst Spiro Dounis maintains Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) with a Buy and lowers the price target from $150 to $138.

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UBS Maintains Buy on Phillips 66, Lowers Price Target to $138

U.S. stocks traded mostly higher toward the end of trading, with the Nasdaq Composite gaining more than 150 points on Tuesday.
The Dow traded down 0.11% to 42,341.64 while the NASDAQ rose 0.85% to 18,724.32. The S&amp;P 500 also rose, gaining, 0.35% to 5,843.93.
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Leading and Lagging Sectors Communication services shares rose by 1.5% on Tuesday.
In trading on Tuesday, utilities shares fell by 1.8%.
Top Headline
Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares fell around 5% on Tuesday after it reported third-quarter FY24 results.
Adjusted EPS of $2.04 topped the consensus of $1.66. Midstream segment adjusted pre-tax income stood at $672 million, vs. $753 million in the second quarter of FY24, owing to seasonal maintenance costs and lower equity earnings.
The Chemicals segment adjusted pre-tax income stood at $342 million versus $222 million in the prior quarter, led by higher margins and lower costs.
Equities Trading UP &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
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<li>GlycoMimetics, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GLYC#NASDAQ">GLYC</a>) shares shot up 172% to $0.4608 after the company announced it will merge with Crescent Biopharma and secured $200 in funding to advance its oncology pipeline.</li>
<li>Shares of BIO-key International, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/BKYI#NASDAQ">BKYI</a>) got a boost, surging 60% to $1.08 after the company announced it received a $910K order from a long-time financial services customer to upgrade its biometric customer identification technology.</li>
<li>GeneDx Holdings Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/WGS#NASDAQ">WGS</a>) shares were also up, gaining 46% to $81.57 after the company reported better-than-expected third-quarter financial results and raised its FY24 revenue guidance.</li>
</ul>
Equities Trading DOWN
<ul>
<li>1847 Holdings LLC (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EFSH#NASDAQ">EFSH</a>) shares dropped 63% to $0.4655 after the company priced an $11.1 million public offering at $1.26 per unit.</li>
<li>Shares of TransMedics Group, Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/TMDX#NASDAQ">TMDX</a>) were down 31% to $87.61 after the company reported worse-than-expected third-quarter financial results and issued FY24 revenue guidance with its midpoint below estimates.</li>
<li>Janus International Group, Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/JBI#NYSE">JBI</a>) was down, falling 32% to $7.00 after the company reported worse-than-expected third-quarter financial results and cut its FY24 sales guidance below estimates.</li>
</ul>
Commodities In commodity news, oil traded down 0.1% to $67.36 while gold traded up 1% at $2,782.00.
Silver traded up 1.5% to $34.50 on Tuesday, while copper fell 0.1% to $4.3595.
Euro zone
European shares closed lower today. The eurozone's STOXX 600 slipped 0.57%, Germany's DAX fell 0.27% and France's CAC 40 slipped 0.61%. Spain's IBEX 35 Index fell 0.91%, while London's FTSE 100 fell 0.80%.
Asia Pacific Markets
Asian markets closed mixed on Tuesday, with Japan's Nikkei 225 gaining 0.77%, Hong Kong's Hang Seng Index gaining 0.49%, China's Shanghai Composite Index falling 1.08% and India's BSE Sensex surging 0.45%.
Economics
<ul>
<li>The number of job openings declined by 418,000 to 7.443 million in September versus a revised 7.861 million in the previous month and below market estimates of 7.99 million.</li>
<li>The FHFA house price index rose 0.3% in August, above market estimates of a 0.2% rise.</li>
<li>The S&amp;P CoreLogic Case-Shiller home price index rose 5.2% year-over-year in August versus a 5.9% gain in July.</li>
<li>U.S. wholesale inventories declined by 0.1% month-over-month to $905 billion in September compared to revised 0.2% gain in the earlier month.</li>
<li>The U.S. trade deficit increased to $108.2 billion in September from the $94.2 billion gap in the previous month.</li>
<li>The Dallas Fed general business activity index for Texas&#8217; service sector climbed to 2 in October compared to a reading of -2.6 in the prior month.</li>
</ul>
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Gold Gains 1%; Phillips 66 Shares Fall After Q3 Results

Wall Street took a breather on Tuesday, with most major indices treading water, while tech stocks saw gains as investors braced for earnings <a href="https://www.benzinga.com/analyst-ratings/analyst-color/24/10/41579487/amd-q3-earnings-preview-can-ai-server-gains-help-narrow-the-semiconductor-gap-with-">reports from mega-cap companies.</a>
The Nasdaq 100 rose 0.7%, buoyed by anticipation around upcoming earnings from Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>)(NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) and Advanced Micro Devices Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/AMD#NASDAQ">AMD</a>), both set to report after market close.
Elsewhere, the S&amp;P 500 was largely unchanged, the Dow Jones dipped slightly, and small-cap stocks underperformed.
In economic news, U.S. job openings dropped by 418,000 to 7.443 million in September 2024 — marking the lowest level since January 2021 and falling short of the market's expectation of 7.99 million.
The Conference Board&#8217;s Consumer Confidence Index surged, posting its largest monthly gain since March 2021. This suggests that while labor demand may be slowing, consumer sentiment remains robust.
Treasury yields continued to climb during concerns over the U.S. budget deficit and political uncertainty ahead of next week's elections. The yield on the 10-year Treasury note hit 4.33%, the highest level since early July.
Notably, gold prices remained resilient, with the precious metal breaking above the all-time high of $2,770 per ounce as investors sought a hard asset amid fiscal concerns.
The crypto market also saw notable gains. Bitcoin (CRYPTO: <a class="ticker" href="https://www.benzinga.com/quote/btc/usd">BTC</a>) rose nearly 4% to reach $72,700, nearing its record high of $73,697 set in March. Dogecoin (CRYPTO: DOGE) continued its momentum with a 10% rally on Tuesday, following an 11% surge on Monday.
<h1 class="wp-block-heading">Tuesday&#8217;s Performance In Major US Indices, ETFs</h1>
<figure class="wp-block-table is-style-stripes"> 
<table>
<tbody>
<tr>
<td>Major Indices</td>
<td>Price</td>
<td>1-day % change</td>
</tr>
<tr>
<td>Nasdaq 100</td>
<td>20,500.69</td>
<td>0.7%</td>
</tr>
<tr>
<td>S&amp;P 500</td>
<td>5,831.03</td>
<td>0.1 %</td>
</tr>
<tr>
<td>Dow Jones</td>
<td>42,272.72</td>
<td>-0.3%</td>
</tr>
<tr>
<td>Russell 2000</td>
<td>2,226.40</td>
<td>-0.8%</td>
</tr>
</tbody>
</table>
<figcaption class="wp-element-caption">Updated at 12:45 p.m. ET</figcaption></figure>
According to <a href="https://bzresearch.myclickfunnels.com/benzinga-pro-content-webinar-registration/?utm_source=BZprocontent102824&amp;t=be2bearmibe3na1">Benzinga Pro</a> data:
<ul>
<li>The&nbsp;SPDR S&amp;P 500 ETF Trust&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SPY#NYSE">SPY</a>) inched 0.1% higher to $581.48.</li>
<li>The&nbsp;SPDR Dow Jones Industrial Average&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DIA#NYSE">DIA</a>)&nbsp;dipped 0.3% to $422.93.</li>
<li>The tech-heavy Invesco QQQ Trust Series (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/QQQ#NASDAQ">QQQ</a>) rose 0.7% to $498.73.</li>
<li>The iShares Russell 2000 ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/IWM#NYSE">IWM</a>) fell 0.7% to $221.01.</li>
<li>The Technology Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLK#NYSE">XLK</a>) outperformed, up by 1.1%. The Utilities Select Sector SPDR Fund (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/XLU#NYSE">XLU</a>) lagged, down 1.7%.</li>
</ul>
<h1 class="wp-block-heading">Tuesday&#8217;s Stock Movers</h1>
Stocks reacting to earnings reports included: 
<ul>
<li>McDonalds Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>), down 0.4%, </li>
<li>Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), down 1.7%, </li>
<li>PayPal Holdings Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/PYPL#NASDAQ">PYPL</a>), down over 4%, </li>
<li>Ecolab Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/ECL#NYSE">ECL</a>), down 1%, </li>
<li>Enterprise Product Partner L.P. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/EPD#NYSE">EPD</a>) down 0.3%, </li>
<li>Royal Caribbean Cruises Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/RCL#NYSE">RCL</a>) up 3.5%, </li>
<li>D.R. Horton (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/DHI#NYSE">DHI</a>), down 8.6%, </li>
<li>Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), down 3.9%, </li>
<li>MSCI Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MSCI#NYSE">MSCI</a>), down 1.5%, </li>
<li>Corning Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/GLW#NYSE">GLW</a>), up 7.8%, </li>
<li>Ford Motor Co. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/F#NASDAQ">F</a>), down 8%, </li>
<li>SoFi Technologies Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SOFI#NYSE">SOFI</a>), down 6.3%, </li>
<li>Incyte Corp. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/SWK#NASDAQ">SWK</a>), up 9.4%</li>
</ul>
Among large-cap companies slated to report earnings after the close are Alphabet, Advanced Micro Devices, Visa Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/V#NYSE">V</a>), Stryker Corp. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/SYK#NYSE">SYK</a>), Chubb Ltd. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CB#NYSE">CB</a>), Mondelez International Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/MDLZ#NASDAQ">MDLZ</a>), Chipotle Mexican Grill (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CMG#NYSE">CMG</a>) and Electronic Arts Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/EA#NASDAQ">EA</a>).
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Tech Stocks Rise Ahead Of Key Earnings, Gold Smashes Records, Bitcoin Nears All-Time Highs: What's Driving Markets Tuesday?

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares are trading lower on Tuesday after it <a href="https://www.benzinga.com/pressreleases/24/10/b41595218/strong-portfolio-and-strategic-priorities-support-phillips-66-third-quarter-results" target="_blank" rel="noreferrer noopener">reported third-quarter FY24 results</a>.
Midstream segment adjusted pre-tax income stood at&nbsp;$672 million, vs. $753 million in the&nbsp;second quarter of FY24, owing to seasonal maintenance costs and lower equity earnings.
The Chemicals segment adjusted pre-tax income&nbsp;stood at&nbsp;$342 million versus&nbsp;$222 million in the prior quarter, led by higher margins and lower costs.
The Refining segment adjusted pre-tax income&nbsp;stood&nbsp;at&nbsp;$(67) million versus&nbsp;$302 million in the prior quarter due to weak realized margins on lower market crack spreads.
The Marketing&nbsp;and Specialties segment adjusted pre-tax income rose to&nbsp;$583 million from&nbsp;$415 million&nbsp;in the prior&nbsp;quarter on higher margins.
Adjusted EPS of&nbsp;$2.04 topped&nbsp;<a target="_blank" href="https://www.benzinga.com/calendars/earnings" rel="noreferrer noopener">the consensus of&nbsp;$1.66</a>.
The company reported refining operations with&nbsp;94% crude capacity utilization and 87% clean product yield.
Phillips 66 reported operating cash flow, excluding working capital impacts, of&nbsp;$1.51 billion.&nbsp;
As of September 30, the company reported cash and cash equivalents of $1.6 billion, along with $5.3 billion in committed credit facility capacity.
Since July 2022, the company has distributed $12.5 billion through share repurchases and dividends and is on pace to achieve its $13 billion to $15 billion target by year-end.
Phillips 66 achieved&nbsp;$1.4 billion in run-rate cost savings in the quarter.
Investors can gain exposure to the stock via&nbsp;IShares U.S. Oil &amp; Gas Exploration &amp; Production ETF&nbsp;(BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>) and&nbsp;VanEck Oil Refiners ETF&nbsp;(NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>).
Price Action: PSX shares are down 1.75% at $126.63 at last check Tuesday.
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Photo: Shutterstock

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Phillips 66 Posts Strong Q3 Results With Marketing, Chemicals Driving Gains

Phillips 66 shares are trading lower. The company reported Q3 financial results.

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) reported quarterly earnings of $2.04 per share which beat the analyst consensus estimate of $1.66 by 22.89 percent. This is a 55.94 percent decrease over earnings of $4.63 per share from the same period last year.

Earnings Beats

Phillips 66 Q3 2024 Adj. EPS $2.04 Beats $1.66 Estimate

The CNN Money Fear and Greed index showed an improvement in the overall market sentiment, while the index remained in the &#8220;Greed&#8221; zone on Monday.
U.S. stocks settled higher on Monday, with the Dow Jones index surging more than 250 points ahead of earnings from megacap technology companies.
Both the Dow Jones and S&amp;P 500 ended a six-week winning streak, falling around 1% and 2.7%, respectively. The Nasdaq recorded gains for the seventh straight week, gaining nearly 0.2% last week.
Shares of Koninklijke Philips NV (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PHG#NYSE">PHG</a>) tumbled around 16% on Monday after the company reported weak third-quarter earnings results.
On the economic data front, the Federal Reserve Bank of Dallas' general business activity index for manufacturing in Texas rose to -3 in October compared to a reading of -9 in September.
Most sectors on the S&amp;P 500 closed on a positive note, with financials, materials, and utilities stocks recording the biggest gains on Monday. However, information technology and energy stocks bucked the overall market trend, closing the session lower.
The Dow Jones closed higher by around 273 points to 42,387.57 on Monday. The S&amp;P 500 rose 0.27% to 5,823.52, while the Nasdaq Composite climbed 0.26% to close at 18,567.19 during Monday's session.
Investors are awaiting earnings results from Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>), Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>), Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>), and McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) today.
What is CNN Business Fear &amp; Greed Index?
At a current reading of 61.7, the index remained in the &#8220;Greed&#8221; zone on Monday, versus a prior reading of 60.8.
The Fear &amp; Greed Index is a measure of the current market sentiment. It is based on the premise that higher fear exerts pressure on stock prices, while higher greed has the opposite effect. The index is calculated based on seven equal-weighted indicators. The index ranges from 0 to 100, where 0 represents maximum fear and 100 signals maximum greediness.
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Pre-Market Outlook

Dow Surges Over 250 Points Ahead Of Alphabet, Pfizer Earnings: Investor Sentiment Improves, Fear Index Remains In 'Greed' Zone

With U.S. stock futures trading mixed this morning on Tuesday, some of the stocks that may grab investor focus today are as follows:
<ul>
<li>Wall Street expects Pfizer Inc. (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PFE#NYSE">PFE</a>) to report quarterly earnings at 62 cents per share on revenue of $14.95 billion before the opening bell, according to data from <a href="https://pro.benzinga.com/dashboard">Benzinga Pro</a>. Pfizer shares gained 0.3% to $28.95 in after-hours trading.</li>
<li>Analysts are expecting Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) to post quarterly earnings at $1.66 per share on revenue of $34.46 billion. The company will release earnings before the markets open. Phillips 66 shares rose 0.3% to $129.32 in after-hours trading.</li>
<li>Ford Motor Company (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/F#NYSE">F</a>) posted better-than-expected earnings and sales results for the third quarter. However, the company said it sees full-year adjusted EBITDA of about $10 billion. Ford shares declined 6% to $10.69 in the after-hours trading session.</li>
</ul>
Check out our <a href="https://www.benzinga.com/premarket/">premarket coverage here</a>
<ul>
<li>Before the markets open, McDonald&#8217;s Corporation (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/MCD#NYSE">MCD</a>) is projected to report quarterly earnings at $3.2 per share on revenue of $6.82 billion. McDonald&#8217;s shares gained 0.1% to $297.20 in after-hours trading.</li>
<li>Analysts expect Alphabet Inc. (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOGL#NASDAQ">GOOGL</a>) (NASDAQ:<a class="ticker" href="https://www.benzinga.com/stock/GOOG#NASDAQ">GOOG</a>) to report quarterly earnings at $1.84 per share on revenue of $86.31 billion after the closing bell. Alphabet shares gained 0.5% to $167.50 in after-hours trading.</li>
</ul>
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Pfizer, Alphabet And 3 Stocks To Watch Heading Into Tuesday

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) will release its quarterly earnings report on Tuesday, 2024-10-29. Here's a brief overview for investors ahead of the announcement.
Analysts anticipate Phillips 66 to report an earnings per share (EPS) of $1.72.
Anticipation surrounds Phillips 66's announcement, with investors hoping to hear about both surpassing estimates and receiving positive guidance for the next quarter.
New investors should understand that while earnings performance is important, market reactions are often driven by guidance.
<h3>Overview of Past Earnings</h3>
In the previous earnings release, the company missed EPS by $0.24, leading to a 1.15% drop in the share price the following trading session.
Here's a look at Phillips 66's past performance and the resulting price change:

<table>
<thead>
<tr>
<th>Quarter</th>
<th>Q2 2024</th>
<th>Q1 2024</th>
<th>Q4 2023</th>
<th>Q3 2023</th>
</tr>
</thead>
<tbody>
<tr>
<td>EPS Estimate</td>
<td>2.55</td>
<td>2.17</td>
<td>2.34</td>
<td>4.76</td>
</tr>
<tr>
<td>EPS Actual</td>
<td>2.31</td>
<td>1.90</td>
<td>3.09</td>
<td>4.63</td>
</tr>
<tr>
<td>Price Change %</td>
<td>-1.0%</td>
<td>-4.0%</td>
<td>1.0%</td>
<td>1.0%</td>
</tr>
</tbody>
</table>

<img src="https://www.benzinga.com/files/images/story/2024/1730127678_0.png" alt="eps graph" />
<h3>Tracking Phillips 66's Stock Performance</h3>
Shares of Phillips 66 were trading at $128.17 as of October 25. Over the last 52-week period, shares are up 12.28%. Given that these returns are generally positive, long-term shareholders are likely bullish going into this earnings release. 
<h3>Analyst Insights on Phillips 66</h3>
For investors, staying informed about market sentiments and expectations in the industry is paramount. This analysis provides an exploration of the latest insights on Phillips 66.
Analysts have given Phillips 66 a total of 15 ratings, with the consensus rating being Outperform. The average one-year price target is $151.33, indicating a potential 18.07% upside.
<h3>Comparing Ratings with Peers</h3>
This comparison focuses on the analyst ratings and average 1-year price targets of Marathon Petroleum, Valero Energy and HF Sinclair, three major players in the industry, shedding light on their relative performance expectations and market positioning.
<ul>
<li>Analysts currently favor an Neutral trajectory for Marathon Petroleum, with an average 1-year price target of $175.55, suggesting a potential 36.97% upside.</li>
<li>As per analysts' assessments, Valero Energy is favoring an Outperform trajectory, with an average 1-year price target of $152.58, suggesting a potential 19.05% upside.</li>
<li>The consensus among analysts is an Outperform trajectory for HF Sinclair, with an average 1-year price target of $54.57, indicating a potential 57.42% downside.</li>
</ul>
<h3>Peer Metrics Summary</h3>
The peer analysis summary offers a detailed examination of key metrics for Marathon Petroleum, Valero Energy and HF Sinclair, providing valuable insights into their respective standings within the industry and their market positions and comparative performance.

<table>
<thead>
<tr>
<th>Company</th>
<th>Consensus</th>
<th>Revenue Growth</th>
<th>Gross Profit</th>
<th>Return on Equity</th>
</tr>
</thead>
<tbody>
<tr>
<td>Phillips 66</td>
<td>Outperform</td>
<td>8.66%</td>
<td>$3.00B</td>
<td>3.42%</td>
</tr>
<tr>
<td>Marathon Petroleum</td>
<td>Neutral</td>
<td>4.32%</td>
<td>$3.13B</td>
<td>6.85%</td>
</tr>
<tr>
<td>Valero Energy</td>
<td>Outperform</td>
<td>-4.68%</td>
<td>$1.43B</td>
<td>1.44%</td>
</tr>
<tr>
<td>HF Sinclair</td>
<td>Outperform</td>
<td>0.16%</td>
<td>$893.11M</td>
<td>1.50%</td>
</tr>
</tbody>
</table>

Key Takeaway:
Phillips 66 ranks at the top for Revenue Growth and Gross Profit among its peers. It is in the middle for Return on Equity.
<h3>Unveiling the Story Behind Phillips 66</h3>
Phillips 66 is an independent refiner with 12 refineries that have a total crude throughput capacity of 1.8 million barrels per day, or mmb/d. In 2023, the Rodeo, California, facility ceased operations and be converted to produce renewable diesel. The midstream segment comprises extensive transportation and NGL processing assets and includes DCP Midstream, which holds 600 mbd of NGL fractionation and 22,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.
<h3>Financial Milestones: Phillips 66's Journey</h3>
Market Capitalization: Boasting an elevated market capitalization, the company surpasses industry averages. This signals substantial size and strong market recognition.
Revenue Growth: Phillips 66's remarkable performance in 3 months is evident. As of 30 June, 2024, the company achieved an impressive revenue growth rate of 8.66%. This signifies a substantial increase in the company's top-line earnings. When compared to others in the Energy sector, the company excelled with a growth rate higher than the average among peers.
Net Margin: Phillips 66's financial strength is reflected in its exceptional net margin, which exceeds industry averages. With a remarkable net margin of 2.65%, the company showcases strong profitability and effective cost management.
Return on Equity (ROE): Phillips 66's ROE stands out, surpassing industry averages. With an impressive ROE of 3.42%, the company demonstrates effective use of equity capital and strong financial performance.
Return on Assets (ROA): Phillips 66's ROA surpasses industry standards, highlighting the company's exceptional financial performance. With an impressive 1.33% ROA, the company effectively utilizes its assets for optimal returns.
Debt Management: Phillips 66's debt-to-equity ratio is below the industry average. With a ratio of 0.68, the company relies less on debt financing, maintaining a healthier balance between debt and equity, which can be viewed positively by investors.
<a href="https://www.benzinga.com/quote/PSX/earnings">To track all earnings releases for Phillips 66 visit their earnings calendar on our site.</a>
This article was generated by Benzinga's automated content engine and reviewed by an editor.

Phillips 66 Earnings Preview

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Shares of oil and oil-related companies are trading lower after Israel reportedly did not damage Iran's oil sites amid strikes over the weekend.

B of A Securities analyst Jean Ann Salisbury reinstates Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) with a Buy and announces $156 price target.

Initiation

B of A Securities Reinstates Buy on Phillips 66, Announces $156 Price Target

On October 16, 2024, a <a target="_blank" href="https://d18rn0p25nwr6d.cloudfront.net/CIK-0001534701/3df56b67-5120-4199-98ee-dbd923ca2748.pdf" rel="noreferrer noopener">jury</a> returned a verdict against Phillips 66 Company, a wholly owned subsidiary of Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>)<a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">, in a lawsuit brought by </a><a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">Propel Fuels Inc</a><a target="_blank" href="https://www.benzinga.com/premarket" rel="noreferrer noopener">.</a>
In the lawsuit, Propel Fuels alleged that Phillips 66 misappropriated trade secrets related to its renewable fuels business.
The jury awarded Propel Fuels $604.9 million in compensatory damages. The case is currently in the Superior Court of the State of California, Alameda County, and the Court has not yet entered a judgment, as several post-trial motions are still pending.
Phillips 66 Company, however, has denied any wrongdoing and intends to vigorously defend its position while evaluating all of its legal options.
According to&nbsp;<a target="_blank" href="https://pro.benzinga.com/?gspk=YWRhbWVja2VydDUzMzY&amp;gsxid=zBMR4PKmcgBw" rel="noreferrer noopener">Benzinga Pro</a>, PSX stock has gained over 16% in the past year.
Also Read: <a target="_blank" href="https://benzinga.com/news/earnings/24/10/41377257/wall-street-poised-to-open-higher-as-tsmc-earnings-expected-to-kick-off-rally-in-tech-stocks-strate" rel="noreferrer noopener">Wall Street Poised To Open Higher As TSMC Earnings Expected To Kick Off Rally In Tech Stocks: Strategist Says AI Trade Will Have Legs Even In Case Of Recession In 2025</a>
Investors can gain exposure to the stock via&nbsp;VanEck Oil Refiners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>) and&nbsp;iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
In a press release yesterday, the firm announced plans to cease operations at its Los Angeles-area refinery in the fourth quarter of 2025 and will work with the state of California to supply fuel markets and meet <a target="_blank" href="https://www.benzinga.com/pressreleases/24/10/b41368058/phillips-66-provides-notice-of-its-plan-to-cease-operations-at-los-angeles-area-refinery" rel="noreferrer noopener">ongoing consumer demand.</a>
&#8220;We understand this decision has an impact on our employees, contractors and the broader community,&#8221; said Mark Lashier, chairman and CEO of Phillips 66. &#8220;We will work to help and support them through this transition.&#8221;
Approximately 600 employees and 300 contractors currently operate the Los Angeles-area refinery, the company said.
Price Action: PSX shares are trading higher by 0.16% to $132.52 premarket at last check Thursday.
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Legal

General

What's Going On With Phillips 66 Stock Today?

On October 16, Jury Returned Verdict Against Phillips 66, In Lawsuit Brought By Propel Fuels In California Superior Court, In The Amount Of $604.9M In Compensatory Damages - Filing

Phillips 66 Expects To Cease Operations At Los Angeles-Area Refinery In Q4

Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) shares are trading lower on Tuesday. On Monday, The company finalized an agreement to sell its 49% stake in Coop Mineraloel AG (CMA) to its Swiss joint venture partner for 1.06 billion <a href="https://www.benzinga.com/pressreleases/24/10/b41320726/phillips-66-announces-agreement-to-sell-interest-in-switzerland-based-joint-venture" target="_blank" rel="noreferrer noopener">Swiss francs (about $1.24 billion)</a>.
The deal includes a 1 billion Swiss franc sale price (around $1.17 billion) and a dividend of 60 million Swiss francs (roughly $70 million) for FY 2024, to be paid before or at closing.
The proceeds from the sale is expected to support Phillips 66&#8217;s strategic priorities, including shareholder returns.
The transaction requires approval from the Swiss Competition Commission and is expected to close in Q1 2025.
The sale price is subject to adjustments based on the dividend amount.
&#8220;This transaction marks significant progress in delivering on our commitment of over $3 billion in divestitures,&#8221; said Mark Lashier, chairman and CEO of Phillips 66.
The company plans to report third-quarter 2024 financial <a href="https://www.benzinga.com/earnings" target="_blank" rel="noreferrer noopener">results on Oct. 29</a>.
Investors can gain exposure to the stock via VanEck Oil Refiners ETF (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/CRAK#NYSE">CRAK</a>) and iShares U.S. Oil &amp; Gas Exploration &amp; Production ETF (BATS:<a class="ticker" href="https://www.benzinga.com/stock/IEO#BATS">IEO</a>).
Price Action: PSX shares are down 1.78% at $133.01 premarket at last check Tuesday.
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Photo: Shutterstock

Asset Sales

Why Oil & Gas Company Phillips 66 Shares Are Falling On Tuesday?

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Shares of energy stocks are trading lower as oil prices fall after Israel reportedly indicated it could target military sites in Iran but not oil or nuclear targets.

It will receive cash of 1.06 billion Swiss francs (approximately&nbsp;$1.24 billion) consisting of a 1 billion Swiss franc sales price (approximately&nbsp;$1.17 billion) and an assumed dividend of 60 million Swiss francs (approximately&nbsp;$70 million) for financial year 2024 to be paid at or prior to closing. The sales price is subject to adjustment based on the amount of the dividend.
CMA operates 324 retail sites and petrol stations across Switzerland.&nbsp;Proceeds from the sale will support the strategic priorities of Phillips 66, including returns to shareholders.
&nbsp;

Phillips 66 Subsidiary Enters Definitive Deal To Sell Its 49% Non-operated Equity Interest In Coop Mineraloel AG To Its Swiss JV Partner; To Receive Cash Of $1.24B

Scotiabank analyst Paul Cheng maintains Phillips 66 (NYSE:<a class="ticker" href="https://www.benzinga.com/stock/PSX#NYSE">PSX</a>) with a Sector Outperform and lowers the price target from $145 to $136.

Scotiabank Maintains Sector Outperform on Phillips 66, Lowers Price Target to $136

Phillips 66 (PSX) Q3 2024 Earnings Call Transcript

Phillips 66 2024 Q3 - Results - Earnings Call Presentation

Phillips 66 (PSX – Research Report), the Energy sector company, was revisited by a Wall Street analyst today. Analyst Roger Read from Wells Fargo m...

Phillips 66: Strong Market Position and Strategic Adjustments Reinforce Buy Rating

Phillips 66 (PSX) ( ($PSX) ) has realeased its Q3 earnings. Here is a breakdown of the information Phillips 66 (PSX) presented to its investors. Ph...

Phillips 66 Reports Third-Quarter Earnings and Strategic Progress

In a report released today, Joe Laetsch from Morgan Stanley maintained a Hold rating on Phillips 66 (PSX – Research Report), with a price target of...

Phillips 66: Strong Q3 Performance in Chemicals and Marketing, Challenges in Refining Justify Hold Rating

Bank of America Securities analyst Jean Ann Salisbury maintained a Buy rating on Phillips 66 (PSX – Research Report) today. The company's shares op...

Phillips 66 (PSX) Gets a Buy from Bank of America Securities

UBS analyst Manav Gupta lowered the firm's price target on PBF Energy (PBF) to $30 from $34 and keeps a Neutral rating on the shares, citing the we...

PBF Energy price target lowered to $30 from $34 at UBS

After A Price Correction, HF Sinclair Is Starting To Look Interesting (Rating Upgrade)

Piper Sandler analyst Ryan Todd maintained a Buy rating on Phillips 66 (PSX – Research Report) today and set a price target of $144.00. The company...

Piper Sandler Keeps Their Buy Rating on Phillips 66 (PSX)

Morgan Stanley Reaffirms Their Hold Rating on Phillips 66 (PSX)

DINO

Press Releases

Phillips 66 Achieves Full Production Rates of Renewable Fuel

Phillips 66 Announces Quarterly Dividend

Phillips 66 Selects Cohesity to Consolidate Data Protection Operations, Increase Security, and Reduce Costs

Strategy Execution and Strong Operations Drive Phillips 66 Second-Quarter Results

Phillips 66 to Announce Third-Quarter Financial Results

Phillips 66 Appoints Grace Puma Whiteford to Board of Directors

Phillips 66 announces agreement to sell interest in Switzerland-based joint venture

Phillips 66 provides notice of its plan to cease operations at Los Angeles-area refinery

Strong Portfolio and Strategic Priorities Support Phillips 66 Third-Quarter Results

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