Phillips 66 (PSX - Free Report) posted third-quarter 2019 adjusted earnings per share of $3.11, which surpassed the Zacks Consensus Estimate of $2.60. The bottom line also increased from the year-ago $3.10, courtesy of contributions from transportation and NGL businesses.
Quarterly revenues totaled $27.8 billion, down from the year-ago quarter’s $30.6 billion. The top line also missed the Zacks Consensus Estimate of $28.3 billion owing to soft refining margin.
Segment Results
Midstream
The segment generated adjusted pre-tax quarterly earnings of $440 million, up from $312 million in the year-ago quarter on increased contributions from transportation and NGL businesses.
Chemicals
The segment reported adjusted pre-tax earnings of $269 million, up from $263 million in the prior-year quarter.
Refining
The segment’s adjusted pre-tax profit of $839 million declined from the year-ago quarter’s $1,263 million. The underperformance can be attributed to higher costs related to turnaround activities and soft margins.
Marketing and Specialties (M&S)
This segment’s pre-tax earnings improved from $385 million in the year-ago quarter to $498 million.
Financial Condition
In the reported quarter, Phillips 66 generated $1,662 million of cash from operations. Through dividend payouts and share repurchases, the company returned capital worth $841 million to stockholders.
As of Sep 30, 2019, cash and cash equivalents were $2,268 million along with debt of $11.9 billion. The company’s debt-to-capitalization ratio was 31%.
Zacks Rank & Stocks to Consider
Phillips 66 currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space are Crescent Point Energy Corp. (CPG - Free Report) , Matrix Service Company (MTRX - Free Report) and Pembina Pipeline Corporation (PBA - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Crescent beat the Zacks Consensus Estimate in three of the prior four quarters, the average positive earnings surprise being 235.1%.
Matrix Service has managed to beat the Zacks Consensus Estimate for earnings in three of the past four quarters.
Pembina Pipeline has an average positive earnings surprise of 28.1% for the past four quarters.
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Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
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Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
Phillips 66 (PSX - Free Report) posted third-quarter 2019 adjusted earnings per share of $3.11, which surpassed the Zacks Consensus Estimate of $2.60. The bottom line also increased from the year-ago $3.10, courtesy of contributions from transportation and NGL businesses.
Quarterly revenues totaled $27.8 billion, down from the year-ago quarter’s $30.6 billion. The top line also missed the Zacks Consensus Estimate of $28.3 billion owing to soft refining margin.
Segment Results
Midstream
The segment generated adjusted pre-tax quarterly earnings of $440 million, up from $312 million in the year-ago quarter on increased contributions from transportation and NGL businesses.
Chemicals
The segment reported adjusted pre-tax earnings of $269 million, up from $263 million in the prior-year quarter.
Refining
The segment’s adjusted pre-tax profit of $839 million declined from the year-ago quarter’s $1,263 million. The underperformance can be attributed to higher costs related to turnaround activities and soft margins.
Marketing and Specialties (M&S)
This segment’s pre-tax earnings improved from $385 million in the year-ago quarter to $498 million.
Financial Condition
In the reported quarter, Phillips 66 generated $1,662 million of cash from operations. Through dividend payouts and share repurchases, the company returned capital worth $841 million to stockholders.
As of Sep 30, 2019, cash and cash equivalents were $2,268 million along with debt of $11.9 billion. The company’s debt-to-capitalization ratio was 31%.
Zacks Rank & Stocks to Consider
Phillips 66 currently carries a Zacks Rank #3 (Hold). Meanwhile, a few better-ranked players in the energy space are Crescent Point Energy Corp. (CPG - Free Report) , Matrix Service Company (MTRX - Free Report) and Pembina Pipeline Corporation (PBA - Free Report) . All the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Crescent beat the Zacks Consensus Estimate in three of the prior four quarters, the average positive earnings surprise being 235.1%.
Matrix Service has managed to beat the Zacks Consensus Estimate for earnings in three of the past four quarters.
Pembina Pipeline has an average positive earnings surprise of 28.1% for the past four quarters.
5 Stocks Set to Double
Each was hand-picked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2020. Each comes from a different sector and has unique qualities and catalysts that could fuel exceptional growth.
Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.
Today, See These 5 Potential Home Runs >>
Zacks Names "Single Best Pick to Double"
From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.
It’s a little-known chemical company that’s up 65% over last year, yet still dirt cheap. With unrelenting demand, soaring 2022 earnings estimates, and $1.5 billion for repurchasing shares, retail investors could jump in at any time.
This company could rival or surpass other recent Zacks’ Stocks Set to Double like Boston Beer Company which shot up +143.0% in little more than 9 months and NVIDIA which boomed +175.9% in one year.
Free: See Our Top Stock and 4 Runners Up >>
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