PSX should be comfortable with its Q2 earning as it has not warned for it like VLO and MPC? May be today morning is the last day it can do before it goes into quite period before its Q2 earning. I think VLO and MPC already had done enough damage to refining sector including PSX.
Personally I think PSX is going to beat its Q2 earning estimate!!
Please post your comments thought, what do you think?
A month ago the average Analyst estimate for 2q was $2.17.Ten days ago it was $2.09. Today it is $1.94.I expect them to report $1.70-1.80.PSX does not provide inter-quarter guidance unless there is an unusual Company- specific event so I would not expect to hear anything before the Call , but I wouldn't conclude that they are comfortable with the current Consensus....Also most of the fundemental damage will impact the 3rd Quarter.,So 3q guidance will be much more important to the Stock price than the 2q report, which is History.
WTI is within a $1 of reaching parity with Brent. Advantage crude has disappeared and the refiners will suffer. The back up in share price will allow for more shares to be taken off the market by the by back. AS the company reshapes itself away from refining and toward chemicals, pipeline & midstream long term holders will be rewarded. It is the refining piece that make this company's stock have such wide swings.