Phillips 66 (PSX) Beats Stock Market Upswing: What Investors Need to Know
The most recent trading session ended with Phillips 66 (PSX) standing at $129.66, reflecting a +0.44% shift from the previouse trading day's closing. This change outpaced the S&P 500's 0.22% gain on the day. At the same time, the Dow added 0.36%, and the tech-heavy Nasdaq gained 0.32%.
The oil refiner's stock has dropped by 3.71% in the past month, exceeding the Oils-Energy sector's loss of 5.7% and lagging the S&P 500's gain of 1.61%.
Analysts and investors alike will be keeping a close eye on the performance of Phillips 66 in its upcoming earnings disclosure. The company's earnings report is set to go public on January 31, 2024. The company is expected to report EPS of $2.43, down 39.25% from the prior-year quarter. Meanwhile, our latest consensus estimate is calling for revenue of $34.3 billion, down 16.14% from the prior-year quarter.
Investors should also pay attention to any latest changes in analyst estimates for Phillips 66. These revisions typically reflect the latest short-term business trends, which can change frequently. Therefore, positive revisions in estimates convey analysts' confidence in the company's business performance and profit potential.
Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. 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, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 1.7% lower. As of now, Phillips 66 holds a Zacks Rank of #3 (Hold).
Digging into valuation, Phillips 66 currently has a Forward P/E ratio of 10.06. Its industry sports an average Forward P/E of 10.23, so one might conclude that Phillips 66 is trading at a discount comparatively.
Investors should also note that PSX has a PEG ratio of 1.68 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. PSX's industry had an average PEG ratio of 1.55 as of yesterday's close.
The Oil and Gas - Refining and Marketing industry is part of the Oils-Energy sector. With its current Zacks Industry Rank of 111, this industry ranks in the top 45% of all industries, numbering over 250.
The Zacks Industry Rank gauges the strength of our 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.
Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.
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Phillips 66 (PSX) : Free Stock Analysis Report
