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Phillips 66 (PSX) to Report Q3 Earnings: What's in Store?
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Phillips 66 (PSX - Free Report) is set to report third-quarter 2022 results on Nov 1, before the opening bell.
In the last reported quarter, the diversified energy manufacturing and logistics company’s adjusted earnings per share of $6.77 beat the Zacks Consensus Estimate of $5.92 on stronger refining margins worldwide.
Phillips 66 beat the Zacks Consensus Estimate for the bottom line in the trailing four quarters, delivering an earnings surprise of 36.4%, on average. This is depicted in the graph below:
Let’s see how things have shaped up prior to the announcement.
Estimate Trend
The Zacks Consensus Estimate for the company’s third-quarter earnings per share of $4.98 has witnessed five upward revisions and one downward movement in the past 30 days. The consensus estimate suggests a year-over-year rise of 56.6%.
The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $36.8 billion indicates a 17% improvement from the year-ago reported figure.
Factors to Note
In the September-end quarter of 2022, the demand for refined petroleum products improved significantly due to continued growth in fuel consumption. Being one of the world’s largest refiners, Phillips 66 is likely to have benefitted from higher demand for its refined petroleum products in the to-be-reported quarter.
The company is expected to have reaped the rewards of a better macro environment in its downstream business. The Zacks Consensus Estimate for Phillips 66’s adjusted pre-tax income from the refining business in the third quarter is pegged at $2,287 million, suggesting a massive improvement from $184 million in the year-ago period. This is likely to have buoyed Phillip 66’s third-quarter performance.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Phillips 66 this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. As you can see, that is the case here.
Earnings ESP: Phillips 66 has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate both are currently pegged at earnings of $4.98 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Phillips 66 currently carries a Zacks Rank #2.
Stocks That Warrant a Look
Here are some other companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Enterprise Products is scheduled to release third-quarter earnings on Nov 1. The Zacks Consensus Estimate for EPD’s earnings is pegged at 61 cents per share, suggesting an increase of 17.3% from the prior-year quarter’s reported figure.
Chesapeake Energy Corporation (CHK - Free Report) has an Earnings ESP of +0.42% and is a Zacks #2 Ranked player at present.
Chesapeake Energy is scheduled to release third-quarter earnings on Nov 1. The Zacks Consensus Estimate for CHK’s quarterly earnings is pegged at $4.48 per share, suggesting an increase of 88.2% from the prior-year reported figure.
Diamondback Energy (FANG - Free Report) has an Earnings ESP of +0.63% and a Zacks Rank of 3.
Diamondback Energy is scheduled to release third-quarter results on Nov 7. The Zacks Consensus Estimate for FANG’s quarterly earnings is pegged at $6.45 per share, suggesting an increase of 119.4% from the prior-year reported figure.
Image: Bigstock
Phillips 66 (PSX) to Report Q3 Earnings: What's in Store?
Phillips 66 (PSX - Free Report) is set to report third-quarter 2022 results on Nov 1, before the opening bell.
In the last reported quarter, the diversified energy manufacturing and logistics company’s adjusted earnings per share of $6.77 beat the Zacks Consensus Estimate of $5.92 on stronger refining margins worldwide.
Phillips 66 beat the Zacks Consensus Estimate for the bottom line in the trailing four quarters, delivering an earnings surprise of 36.4%, on average. This is depicted in the graph below:
Phillips 66 Price and EPS Surprise
Phillips 66 price-eps-surprise | Phillips 66 Quote
Let’s see how things have shaped up prior to the announcement.
Estimate Trend
The Zacks Consensus Estimate for the company’s third-quarter earnings per share of $4.98 has witnessed five upward revisions and one downward movement in the past 30 days. The consensus estimate suggests a year-over-year rise of 56.6%.
The Zacks Consensus Estimate for the to-be-reported quarter’s revenues of $36.8 billion indicates a 17% improvement from the year-ago reported figure.
Factors to Note
In the September-end quarter of 2022, the demand for refined petroleum products improved significantly due to continued growth in fuel consumption. Being one of the world’s largest refiners, Phillips 66 is likely to have benefitted from higher demand for its refined petroleum products in the to-be-reported quarter.
The company is expected to have reaped the rewards of a better macro environment in its downstream business. The Zacks Consensus Estimate for Phillips 66’s adjusted pre-tax income from the refining business in the third quarter is pegged at $2,287 million, suggesting a massive improvement from $184 million in the year-ago period. This is likely to have buoyed Phillip 66’s third-quarter performance.
Earnings Whispers
Our proven model does not conclusively predict an earnings beat for Phillips 66 this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. As you can see, that is the case here.
Earnings ESP: Phillips 66 has an Earnings ESP of 0.00%. This is because the Most Accurate Estimate and the Zacks Consensus Estimate both are currently pegged at earnings of $4.98 per share. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: Phillips 66 currently carries a Zacks Rank #2.
Stocks That Warrant a Look
Here are some other companies from the Energy space that you may want to consider, as our model shows that these have the right combination of elements to post an earnings beat in the upcoming quarterly reports:
Enterprise Products Partners LP (EPD - Free Report) has an Earnings ESP of +0.54% and a Zacks Rank #3. You can see the complete list of today’s Zacks #1 Rank stocks here.
Enterprise Products is scheduled to release third-quarter earnings on Nov 1. The Zacks Consensus Estimate for EPD’s earnings is pegged at 61 cents per share, suggesting an increase of 17.3% from the prior-year quarter’s reported figure.
Chesapeake Energy Corporation (CHK - Free Report) has an Earnings ESP of +0.42% and is a Zacks #2 Ranked player at present.
Chesapeake Energy is scheduled to release third-quarter earnings on Nov 1. The Zacks Consensus Estimate for CHK’s quarterly earnings is pegged at $4.48 per share, suggesting an increase of 88.2% from the prior-year reported figure.
Diamondback Energy (FANG - Free Report) has an Earnings ESP of +0.63% and a Zacks Rank of 3.
Diamondback Energy is scheduled to release third-quarter results on Nov 7. The Zacks Consensus Estimate for FANG’s quarterly earnings is pegged at $6.45 per share, suggesting an increase of 119.4% from the prior-year reported figure.
Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.