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Phillips 66 (PSX - Free Report) posted third-quarter 2018 adjusted earnings of $3.10 per share, which surpassed the Zacks Consensus Estimate of $2.50. The bottom line increased from the year-ago quarter’s figure of $1.66. The upside came on the back of higher contribution from all the segments.
Quarterly revenues totaled $30.6 billion, up from the year-ago quarter’s tally of $26.2 billion. The figure also beat the Zacks Consensus Estimate of $28.5 billion.
Segment Results
Midstream
The segment generated adjusted quarterly earnings of $261 million, up from $99 million in the year-ago quarter. The expansion of the Sweeny Hub as well as higher throughputs drove income.
Chemicals
The segment generated adjusted earnings of $210 million compared with $153 million in the year-ago quarter. The improvement was supported by the ramp-up of the new U.S. Gulf Coast petrochemicals assets.
Refining
The segment’s adjusted earnings of $959 million increased from $548 million in the prior-year quarter. During the quarter, Phillips 66’s refining utilization was 93%.
Marketing and Specialties (M&S)
This segment recorded earnings of $290 million, up from $211 million in the year-ago quarter.
Financial Condition
In the reported quarter, Phillips 66 generated $582 million of cash from operations. It also returned capital worth $775 million to shareholders.
As of Sep 30, cash and cash equivalents were $924 million along with debt of $11.3 billion. The company’s debt-to-capitalization ratio was 26%.
Q3 Price Performance
During the third quarter, Phillips 66’s shares inched up 0.4% compared with the industry’s 4.1% rise.
Zacks Rank & Stocks to Consider
Currently, Phillips 66 carries a Zacks Rank #3 (Hold).
El Dorado, AR-based Murphy Oil is a global oil and gas exploration as well as production company. It pulled off an average positive earnings surprise of 96.5% in the last four quarters.
Headquartered in Calgary, Alberta, Enbridge is a leading energy infrastructure company. The company delivered an average positive earnings surprise of 35.3% in the trailing four quarters.
Based in Rome, Italy, Eni is among the leading integrated energy players in the world. The partnership delivered a negative earnings surprise of 0.3% in the last four quarters.
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Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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Phillips 66 (PSX) Beats Q3 Earnings & Revenue Estimates
Phillips 66 (PSX - Free Report) posted third-quarter 2018 adjusted earnings of $3.10 per share, which surpassed the Zacks Consensus Estimate of $2.50. The bottom line increased from the year-ago quarter’s figure of $1.66. The upside came on the back of higher contribution from all the segments.
Phillips 66 Price, Consensus and EPS Surprise
Phillips 66 Price, Consensus and EPS Surprise | Phillips 66 Quote
Quarterly revenues totaled $30.6 billion, up from the year-ago quarter’s tally of $26.2 billion. The figure also beat the Zacks Consensus Estimate of $28.5 billion.
Segment Results
Midstream
The segment generated adjusted quarterly earnings of $261 million, up from $99 million in the year-ago quarter. The expansion of the Sweeny Hub as well as higher throughputs drove income.
Chemicals
The segment generated adjusted earnings of $210 million compared with $153 million in the year-ago quarter. The improvement was supported by the ramp-up of the new U.S. Gulf Coast petrochemicals assets.
Refining
The segment’s adjusted earnings of $959 million increased from $548 million in the prior-year quarter. During the quarter, Phillips 66’s refining utilization was 93%.
Marketing and Specialties (M&S)
This segment recorded earnings of $290 million, up from $211 million in the year-ago quarter.
Financial Condition
In the reported quarter, Phillips 66 generated $582 million of cash from operations. It also returned capital worth $775 million to shareholders.
As of Sep 30, cash and cash equivalents were $924 million along with debt of $11.3 billion. The company’s debt-to-capitalization ratio was 26%.
Q3 Price Performance
During the third quarter, Phillips 66’s shares inched up 0.4% compared with the industry’s 4.1% rise.
Zacks Rank & Stocks to Consider
Currently, Phillips 66 carries a Zacks Rank #3 (Hold).
A few better-ranked players in the same sector are Murphy Oil Corporation (MUR - Free Report) , Enbridge Inc (ENB - Free Report) and Eni SpA (E - Free Report) . All these stocks flaunt a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
El Dorado, AR-based Murphy Oil is a global oil and gas exploration as well as production company. It pulled off an average positive earnings surprise of 96.5% in the last four quarters.
Headquartered in Calgary, Alberta, Enbridge is a leading energy infrastructure company. The company delivered an average positive earnings surprise of 35.3% in the trailing four quarters.
Based in Rome, Italy, Eni is among the leading integrated energy players in the world. The partnership delivered a negative earnings surprise of 0.3% in the last four quarters.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>