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Phillips 66 (PSX) Surges 3.2%: Is This an Indication of Further Gains?
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Phillips 66 (PSX - Free Report) shares ended the last trading session 3.2% higher at $178.34. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 9.8% gain over the past four weeks.
Phillips 66’s shares rallied in the last trading session, likely supported by investor optimism around its strong shareholder-return strategy and improving operational performance. The company has returned $46 billion to shareholders since 2012 and is targeting more than 50% of its net cash flow from operations to be distributed, backed by a secure and growing dividend. Additionally, record clean product yields and ongoing cost-reduction efforts, including a goal to bring refining controllable costs down to around $5.50 per barrel. This signals stronger efficiency and profitability prospects, which likely fueled the upward momentum in the stock.
This oil refiner is expected to post quarterly earnings of $2.07 per share in its upcoming report, which represents a year-over-year change of +330%. Revenues are expected to be $28.73 billion, down 9.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Phillips 66, the consensus EPS estimate for the quarter has been revised 8.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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. World Kinect (WKC - Free Report) , another stock in the same industry, closed the last trading session 0.7% lower at $22.61. WKC has returned -13.9% in the past month.
For World Kinect, the consensus EPS estimate for the upcoming report has changed -9.2% over the past month to $0.31. This represents a change of -35.4% from what the company reported a year ago. World Kinect currently has a Zacks Rank of #3 (Hold).
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Phillips 66 (PSX) Surges 3.2%: Is This an Indication of Further Gains?
Phillips 66 (PSX - Free Report) shares ended the last trading session 3.2% higher at $178.34. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 9.8% gain over the past four weeks.
Phillips 66’s shares rallied in the last trading session, likely supported by investor optimism around its strong shareholder-return strategy and improving operational performance. The company has returned $46 billion to shareholders since 2012 and is targeting more than 50% of its net cash flow from operations to be distributed, backed by a secure and growing dividend. Additionally, record clean product yields and ongoing cost-reduction efforts, including a goal to bring refining controllable costs down to around $5.50 per barrel. This signals stronger efficiency and profitability prospects, which likely fueled the upward momentum in the stock.
This oil refiner is expected to post quarterly earnings of $2.07 per share in its upcoming report, which represents a year-over-year change of +330%. Revenues are expected to be $28.73 billion, down 9.4% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Phillips 66, the consensus EPS estimate for the quarter has been revised 8.7% higher over the last 30 days to the current level. And a positive trend in earnings estimate revision usually translates 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. World Kinect (WKC - Free Report) , another stock in the same industry, closed the last trading session 0.7% lower at $22.61. WKC has returned -13.9% in the past month.
For World Kinect, the consensus EPS estimate for the upcoming report has changed -9.2% over the past month to $0.31. This represents a change of -35.4% from what the company reported a year ago. World Kinect currently has a Zacks Rank of #3 (Hold).