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Phillips 66 (PSX) Gains But Lags Market: What You Should Know
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Phillips 66 (PSX - Free Report) closed the most recent trading day at $101.96, moving +0.43% from the previous trading session. This move lagged the S&P 500's daily gain of 0.74%. Elsewhere, the Dow gained 0.25%, while the tech-heavy Nasdaq added 11.47%.
Heading into today, shares of the oil refiner had gained 4.79% over the past month, outpacing the Oils-Energy sector's gain of 1% and the S&P 500's gain of 3.34% in that time.
Investors will be hoping for strength from Phillips 66 as it approaches its next earnings release, which is expected to be August 2, 2023. The company is expected to report EPS of $3.74, down 44.76% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $32.48 billion, down 34.14% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $13.81 per share and revenue of $127.83 billion. These totals would mark changes of -26.5% and -27.25%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Phillips 66. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.09% lower. Phillips 66 is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Phillips 66's current valuation metrics, including its Forward P/E ratio of 7.35. This represents a premium compared to its industry's average Forward P/E of 7.27.
Also, we should mention that PSX has a PEG ratio of 0.39. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Refining and Marketing industry currently had an average PEG ratio of 0.87 as of yesterday's close.
The Oil and Gas - Refining and Marketing industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 166, putting it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.
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Phillips 66 (PSX) Gains But Lags Market: What You Should Know
Phillips 66 (PSX - Free Report) closed the most recent trading day at $101.96, moving +0.43% from the previous trading session. This move lagged the S&P 500's daily gain of 0.74%. Elsewhere, the Dow gained 0.25%, while the tech-heavy Nasdaq added 11.47%.
Heading into today, shares of the oil refiner had gained 4.79% over the past month, outpacing the Oils-Energy sector's gain of 1% and the S&P 500's gain of 3.34% in that time.
Investors will be hoping for strength from Phillips 66 as it approaches its next earnings release, which is expected to be August 2, 2023. The company is expected to report EPS of $3.74, down 44.76% from the prior-year quarter. Meanwhile, the Zacks Consensus Estimate for revenue is projecting net sales of $32.48 billion, down 34.14% from the year-ago period.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $13.81 per share and revenue of $127.83 billion. These totals would mark changes of -26.5% and -27.25%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Phillips 66. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Research indicates that these estimate revisions are directly correlated with near-term share price momentum. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 3.09% lower. Phillips 66 is holding a Zacks Rank of #3 (Hold) right now.
Investors should also note Phillips 66's current valuation metrics, including its Forward P/E ratio of 7.35. This represents a premium compared to its industry's average Forward P/E of 7.27.
Also, we should mention that PSX has a PEG ratio of 0.39. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Oil and Gas - Refining and Marketing industry currently had an average PEG ratio of 0.87 as of yesterday's close.
The Oil and Gas - Refining and Marketing industry is part of the Oils-Energy sector. This group has a Zacks Industry Rank of 166, putting it in the bottom 35% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual 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.
Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.