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Phillips 66 (PSX) Soars 3.0%: Is Further Upside Left in the Stock?
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Phillips 66 (PSX - Free Report) shares soared 3% in the last trading session to close at $159.03. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.5% gain over the past four weeks.
The surge can be attributed to its fourth-quarter performance, during which the company's Midstream segment exhibited increased revenue compared to the corresponding period in the prior year. Additionally, the company achieved remarkable run-rate cost and sustaining capital savings totaling $1.2 billion through business transformation initiatives. PSX's diversified business model not only contributes to its operational stability but has also been a significant driver of its stock performance.
This oil refiner is expected to post quarterly earnings of $2.60 per share in its upcoming report, which represents a year-over-year change of -38.2%. Revenues are expected to be $31.68 billion, down 9.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Phillips 66, the consensus EPS estimate for the quarter has been revised 3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PSX going forward to see if this recent jump can turn into more strength down the road.
Phillips 66 is part of the Zacks Oil and Gas - Refining and Marketing industry. PBF Energy (PBF - Free Report) , another stock in the same industry, closed the last trading session 3.6% higher at $56.65. PBF has returned 7.1% in the past month.
PBF Energy's consensus EPS estimate for the upcoming report has changed +4.8% over the past month to $0.59. Compared to the company's year-ago EPS, this represents a change of -78.6%. PBF Energy currently boasts a Zacks Rank of #3 (Hold).
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Phillips 66 (PSX) Soars 3.0%: Is Further Upside Left in the Stock?
Phillips 66 (PSX - Free Report) shares soared 3% in the last trading session to close at $159.03. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 5.5% gain over the past four weeks.
The surge can be attributed to its fourth-quarter performance, during which the company's Midstream segment exhibited increased revenue compared to the corresponding period in the prior year. Additionally, the company achieved remarkable run-rate cost and sustaining capital savings totaling $1.2 billion through business transformation initiatives. PSX's diversified business model not only contributes to its operational stability but has also been a significant driver of its stock performance.
This oil refiner is expected to post quarterly earnings of $2.60 per share in its upcoming report, which represents a year-over-year change of -38.2%. Revenues are expected to be $31.68 billion, down 9.7% from the year-ago quarter.
Earnings and revenue growth expectations certainly give a good sense of the potential strength in a stock, but empirical research shows that trends in earnings estimate revisions are strongly correlated with near-term stock price movements.
For Phillips 66, the consensus EPS estimate for the quarter has been revised 3% lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on PSX going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Phillips 66 is part of the Zacks Oil and Gas - Refining and Marketing industry. PBF Energy (PBF - Free Report) , another stock in the same industry, closed the last trading session 3.6% higher at $56.65. PBF has returned 7.1% in the past month.
PBF Energy's consensus EPS estimate for the upcoming report has changed +4.8% over the past month to $0.59. Compared to the company's year-ago EPS, this represents a change of -78.6%. PBF Energy currently boasts a Zacks Rank of #3 (Hold).