Phillips 66 (PSX) ended the most recent trading day at $154.71, representing +0.91% change from the previous close. The stock outperformed the S&P 500, which fell 0.88% on the day. Elsewhere, the Dow Jones Industrial Average rose 0.56%, while the tech-heavy Nasdaq fell 2.05%.
Shares of the company have lost 3.63% over the past month, lagging the Oil & Energy sector's rise of 2.78% and the S&P 500's decline of 2.57%.
The investment community will be closely monitoring Phillips 66's performance in its upcoming earnings report. The company plans to announce its financial results on April 26, 2024. The company's earnings per share (EPS) are expected to be $2.16, down 48.69% from the same period last year. Our latest consensus estimate is calling for quarterly revenue of $31.64 billion, down 9.82% from the year-ago period.
For the full fiscal year, our Zacks Consensus Estimates are projecting earnings of $13.45 per share and revenue of $131.19 billion, representing changes of -14.93% and -12.48%, respectively, from the prior year. .
It is also important to note the recent changes to analyst estimates for Phillips 66. These revisions help illustrate the ever-changing nature of short-term business trends. As a result, the positive estimate changes indicate that analysts have a favorable outlook on the health and profitability of the company's business.
Based on our research, we believe these estimate revisions are directly related to near team stock movements. We developed the Zacks Rank to take advantage of this phenomenon. Our system takes these estimate changes into account and provides a clear and actionable rating model.
The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), has a commendable, independently-audited track record of outperformance, with #1 stocks gaining +25% since 1988. Contributes to average annual return. Over the past month, the Zacks Consensus EPS estimate has moved 7.12% higher. Phillips 66 currently sports a Zacks Rank #3 (Hold).
In terms of valuation, Phillips 66 currently trades at a forward P/E of 11.4x. This represents a discount when compared to its industry's average Forward P/E of 11.63.
It is also important to note that PSX is currently trading at a PEG ratio of 1.9. This popular metric is similar to the widely-known P/E ratio, except that the PEG ratio also takes into account the company's expected earnings growth rate. As of yesterday's market close, the average PEG ratio for the Oil & Gas – Refining & Marketing industry was 1.69.
The Oil and Gas – Refining and Marketing industry is part of the Petroleum – Energy sector. This group has a Zacks Industry Rank of 32, putting it in the top 13% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by calculating the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% of industries outperform the bottom half by a factor of 2 to 1.
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