Here are five stocks added to the Zacks Rank #1 (Strong Buy) List today:
Phillips 66 (PSX - Free Report) : This diversified and integrated energy company, has seen the Zacks Consensus Estimate for its current year earnings increasing 30.9% over the last 60 days.
Heritage Insurance (HRTG - Free Report) : This property and casualty insurance holding company which provides personal residential insurance for single-family homeowners and condominium owners, has seen the Zacks Consensus Estimate for its current year earnings increasing 27% over the last 60 days.
Tenet Healthcare (THC - Free Report) : This investor-owned health care services company, which owns and operates general hospitals and related health care facilities for urban and rural communities in numerous states, and has offices in California and Florida, has seen the Zacks Consensus Estimate for its current year earnings increasing 19.5% over the last 60 day.
Constellium (CSTM - Free Report) : This company, which develops innovative, value-added aluminium products for aerospace, automotive and packaging markets and applications, has seen the Zacks Consensus Estimate for its current year earnings increasing 10.8% over the last 60 days.
Bloomin' Brands (BLMN - Free Report) : This casual dining restaurant company, has seen the Zacks Consensus Estimate for its current year earnings increasing 10.1% over the last 60 days.
You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Zacks Premium includes access to the Zacks Style Scores as well.
What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreWhile good value is important, growth investors are more focused on a company's financial strength and health, and its future outlook. The Growth Style Score takes projected and historic earnings, sales, and cash flow into account to uncover stocks that will see long-term, sustainable growth.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank The Zacks Rank, which is a proprietary stock-rating model, employs earnings estimate revisions, or changes to a company's earnings expectations, to make building a winning portfolio easier.
#1 (Strong Buy) stocks have produced an unmatched +23.8% average annual return since 1988, which is more than double the S&P 500's performance over the same time frame. However, the Zacks Rank examines a ton of stocks, and there can be more than 200 companies with a Strong Buy rank, and another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
For instance, a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one that boasts Scores of A and B, still has a downward-trending earnings forecast, and a much greater likelihood its share price will decline as well.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Phillips 66 (PSX - Free Report) Based in Houston, TX, Phillips 66 is a diversified and integrated energy company established following the 2012 spin-off of ConocoPhillips' downstream operations. As one of the world's leading refiners, Phillips 66 operates 13 refineries, primarily in the United States, with a total refining capacity of about 2.2 million barrels per day.
PSX is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Oils-Energy stock. PSX has a Momentum Style Score of A, and shares are up 25.1% over the past four weeks.
Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $5.68 to $24.07 per share. PSX boasts an average earnings surprise of +62.6%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, PSX should be on investors' short list.
Despite best efforts of the Trump administration to tease down gas prices amid the ongoing Iran war, the price at the pump has remained stubbornly elevated. While this may hurt investors as they drive their cars, it does present an opportunity. Rather than just buying oil producers, thoughtful investors may seek out stronger opportunities among refiners, fuel distributors, and even convenience store and gas station companies.
Companies like Phillips 66 NYSE: PSX, HF Sinclair NYSE: DINO, and CrossAmerica Partners LP NYSE: CAPL stand to profit from higher margins and strong fuel demand. They each provide access to a different niche with a unique link to gasoline prices and other factors as well, helping to diversify in case of turbulence in another corner of the market.
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Phillips 66 Is a Diversified Refiner That Stands ApartRefining is a major earnings driver for oil and gas companies, particularly in periods of elevated fuel prices. Phillips 66 has a core refining business that is thriving—it helped to drive an $8.5-billion revenue beat and a major earnings beat in Q2 2026—but it also benefits from midstream assets, a chemicals business, export infrastructure, and much more.
Phillips 66 Today
$255.13 +0.04 (+0.02%)
As of 09/4/2026 03:58 PM Eastern
$126.74▼
$260.681.99%
14.54
$218.94
This can enable Phillips to smooth out its results amid industry turbulence, even as it continues to benefit from expanding gasoline or diesel margins.
Crack spreads across the refining industry are lingering above historical averages thanks to supply disruptions related to the Iran war and other factors. This means that Phillips and other refiners can generate better margins on each barrel they process, leading to billions in quarterly profits and helping refiners buy back shares in large quantities.
With its Gulf Coast footprint, Phillips benefits from both domestic and export markets. This means the company may continue to benefit if gasoline prices stay elevated as a result of continued constrained refining capacity. Analysts see this, as two-thirds have called PSX shares a Buy, even as they caution that the share price may fall somewhat in the near-term.
HF Sinclair Brings Leverage to the CalculationHF Sinclair relies more heavily on refining operations, meaning profits may grow rapidly when crack spreads widen. This also makes the company particularly sensitive to refining margins.
HF Sinclair Today
$105.62 +0.21 (+0.20%)
As of 09/4/2026 03:58 PM Eastern
$45.71▼
$108.251.99%
10.08
$83.42
While this can be a positive under the right conditions, it also means HF Sinclair is more susceptible to refining margin pressure, resulting in steep earnings declines.
Recently, this has worked out very well for HF Sinclair, as the company has generated 53% year over year (YOY) revenue gains in the latest quarter alone, made all the better by adjusted net income that roughly tripled over the same period.
Higher throughput and operational execution also helped to drive these results, and the company rounded out its performance with the help of renewables and its lubricants and specialty products businesses.
Shares of HF Sinclair are already up 130% year to date (YTD), which has prompted analysts to speculate that the firm may reset downward a bit. However, if gasoline prices remain high, it may be able to prolong this adjustment.
A Retail-Based Approach Provides VarietyCrossAmerica Partners Today
CAPL
CrossAmerica Partners
$22.82 -0.03 (-0.13%)
As of 09/4/2026 03:57 PM Eastern
$19.67▼
$24.639.20%
16.66
For investors seeking a different approach entirely, CrossAmerica Partners provides access to a master limited partnership, owning and leasing fuel distribution and convenience stores across the country.
Retail gasoline margins may function somewhat independently of wholesale prices, but when fuel demand remains high, it can lead to higher volumes for these companies, along with strong in-store sales and even better rental income.
Fuel distributors are in many ways a defensive business, owing to consumers' reliance on gasoline even when the economy slows. This could insulate CrossAmerica Partners compared to some of its rivals in the industry when gas demand and prices eventually drop once again.
The Case for Gas-Price-Linked Stocks Remains StrongAll of these companies appear poised to do well so long as gasoline prices stay high, and there are plenty of reasons to expect that this will, in fact, be the case. Geopolitical risks remain deeply enmeshed in the industry's performance. Global refining capacity is still constrained. Diesel markets are light, with inventories reaching low levels that help to push refining margins upward.
To be sure, there are other companies in the oil and gas business that may benefit from continued high prices. Pipeline and midstream firms, for instance, benefit when production volumes are high, even if they are less directly linked to gasoline prices. When it comes to gas-price-linked shares, however, the three companies above may be an investor's first place to start.
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HB Wealth Management LLC boosted its stake in Phillips 66 (NYSE:PSX – Free Report) by 7.7% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 41,017 shares of the oil and gas company’s stock after acquiring an additional 2,947 shares during the period. HB Wealth Management LLC’s holdings in Phillips 66 were worth $6,934,000 as of its most recent filing with the SEC.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in PSX. Key Client Fiduciary Advisors LLC lifted its stake in Phillips 66 by 3.5% in the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after purchasing an additional 55 shares during the last quarter. Threadgill Financial LLC grew its holdings in Phillips 66 by 3.5% during the second quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock valued at $286,000 after purchasing an additional 58 shares during the period. Nilsine Partners LLC increased its position in Phillips 66 by 1.5% in the second quarter. Nilsine Partners LLC now owns 4,068 shares of the oil and gas company’s stock worth $688,000 after buying an additional 59 shares during the last quarter. Calamos Wealth Management LLC raised its stake in shares of Phillips 66 by 2.0% in the second quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock valued at $521,000 after buying an additional 60 shares during the period. Finally, Somerset Trust Co raised its stake in shares of Phillips 66 by 0.3% in the second quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock valued at $3,601,000 after buying an additional 63 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.
Insider Activity In related news, EVP Brian Mandell sold 30,000 shares of the stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the sale, the executive vice president owned 61,595 shares in the company, valued at approximately $13,242,925. This trade represents a 32.75% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, CFO Kevin J. Mitchell sold 11,021 shares of Phillips 66 stock in a transaction on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This represents a 10.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,507 shares of company stock valued at $21,770,810 in the last quarter. 0.40% of the stock is currently owned by company insiders.
Phillips 66 Stock Up 0.0% Shares of NYSE PSX opened at $255.13 on Monday. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The company has a market cap of $101.80 billion, a P/E ratio of 14.54, a P/E/G ratio of 0.19 and a beta of 0.71. Phillips 66 has a 52 week low of $126.74 and a 52 week high of $260.68. The business has a 50-day simple moving average of $214.38 and a two-hundred day simple moving average of $186.07. Phillips 66 (NYSE:PSX – Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the prior year, the firm posted $2.38 earnings per share. Research analysts anticipate that Phillips 66 will post 24.07 earnings per share for the current fiscal year.
Phillips 66 announced that its Board of Directors has initiated a share buyback plan on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock buyback plans are generally an indication that the company’s management believes its stock is undervalued.
Phillips 66 Dividend Announcement The company also recently announced a quarterly dividend, which was paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th were paid a $1.27 dividend. The ex-dividend date was Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.0%. Phillips 66’s dividend payout ratio is currently 28.95%.
Analyst Ratings Changes PSX has been the subject of several research reports. Argus increased their price target on Phillips 66 from $185.00 to $197.00 and gave the stock a “buy” rating in a research note on Thursday, May 14th. TD Cowen upped their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a report on Thursday, August 6th. Morgan Stanley increased their target price on shares of Phillips 66 from $180.00 to $196.00 and gave the stock an “overweight” rating in a research report on Friday, June 12th. Guggenheim upgraded shares of Phillips 66 to an “outperform” rating in a research note on Wednesday, May 27th. Finally, Weiss Ratings raised shares of Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. One research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and seven have assigned a Hold rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $218.94.
Get Our Latest Analysis on Phillips 66
Phillips 66 Profile (Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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It has been about a month since the last earnings report for Phillips 66 (PSX - Free Report) . Shares have added about 23.9% in that time frame, outperforming the S&P 500.
But investors have to be wondering, will the recent positive trend continue leading up to its next earnings release, or is Phillips 66 due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Phillips 66 before we dive into how investors and analysts have reacted as of late.
Phillips 66 Q2 Earnings Top Estimates on Higher Realized Refining MarginsPhillips 66 reported second-quarter 2026 adjusted earnings of $9.41 per share, up 295.4% from $2.38 per share a year ago. The bottom line beat the Zacks Consensus Estimate of $7.68 by 22.5%.
Total revenues and other income increased 56.2% to $52.04 billion from $33.52 billion a year earlier. The top line surpassed the consensus estimate of $36.17 billion by 43.9%.
The strong quarterly results were driven by higher refining margins. The refining system achieved 96% crude capacity utilization and a clean product yield of 86%.
Refining Profit Surges on Wider MarginsRefining adjusted pre-tax income jumped to $3.09 billion from $392 million in the year-ago quarter. The segment benefited from stronger market crack spreads, favorable mark-to-market impacts and solid operating performance across the refining system.
Worldwide realized refining margins increased to $24.08 per barrel from $11.25 per barrel a year earlier. Total processed inputs averaged 2.05 million barrels per day (MMBbl/d), while turnaround expenses increased to $123 million from $53 million in the prior-year quarter. Refining adjusted EBITDA totaled $3.31 billion.
Phillips 66 Midstream Sets Volume RecordsMidstream adjusted pre-tax income increased 7.4% to $785 million. The segment’s adjusted EBITDA reached $1.05 billion, driven by higher margins and volumes following the absence of disruptions caused by Winter Storm Fern in the prior quarter.
Natural gas liquids (NGL) pipeline throughput to market averaged 943,000 barrels per day (Bbl/d), while fractionation volumes reached a record 1.02 MMBbl/d. Phillips 66 achieved record liquefied petroleum gas export volumes and brought the 220-million-cubic-feet-per-day (MMcf/d) Dos Picos II gas plant to full production.
Chemicals Results Improve on PricingChemicals adjusted pre-tax income rose sharply to $404 million from $20 million in the prior-year quarter. The improvement primarily reflected stronger margins across Chevron Phillips Chemical Company’s olefins and polyolefins operations.
Global olefins and polyolefins capacity utilization was 91% compared with 92% a year ago. The ethylene-to-high-density-polyethylene chain cash margin increased to 43.6 cents per pound from 7.4 cents per pound, providing a significant earnings tailwind despite slightly lower utilization. Chemicals adjusted EBITDA was $528 million.
Marketing and Renewables ReboundMarketing and Specialties generated adjusted pre-tax income of $514 million compared with $660 million a year earlier.
Renewable Fuels posted pre-tax income of $544 million, reversing a loss of $133 million in the year-ago period. Higher regulatory-credit pricing, increased production and favorable mark-to-market impacts supported the turnaround. Renewable fuel production increased to 53,000 Bbl/d from 40,000 Bbl/d a year ago.
Balance Sheet and Cash FlowsPhillips 66 generated $7.26 billion of operating cash flow. Excluding working-capital movements, operating cash flow totaled $4.32 billion. Adjusted EBITDA increased to $5.89 billion from $2.50 billion a year earlier.
As of June 30, 2026, Phillips 66 had total debt of $20.6 billion and net debt of $16.47 billion. Quarter-end liquidity included $4.10 billion of cash and $6.40 billion of committed credit capacity.
Phillips 66 Advances Growth & Shareholder ReturnsPSX returned $887 million to shareholders during the quarter. This included $508 million in dividends and $379 million in share repurchases. Capital expenditures and investments totaled $726 million, comprising $469 million of growth spending and $257 million of sustaining capital.
The company announced plans to construct the 300 MMcf/d Zeus Gas Plant in the Permian Basin and a 100,000 Bbl/d Coastal Bend NGL fractionator in Corpus Christi. CPChem also continued advancing the Golden Triangle Polymers and Ras Laffan Polymers projects, with full operations expected in 2027.
How Have Estimates Been Moving Since Then?It turns out, estimates review have trended upward during the past month.
The consensus estimate has shifted 8.99% due to these changes.
VGM ScoresAt this time, Phillips 66 has a great Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Following the exact same course, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been broadly trending upward for the stock, and the magnitude of these revisions looks promising. Interestingly, Phillips 66 has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
Performance of an Industry PlayerPhillips 66 is part of the Zacks Oil and Gas - Refining and Marketing industry. Over the past month, Par Petroleum (PARR - Free Report) , a stock from the same industry, has gained 18.9%. The company reported its results for the quarter ended June 2026 more than a month ago.
Par Petroleum reported revenues of $2.97 billion in the last reported quarter, representing a year-over-year change of +56.8%. EPS of $10.10 for the same period compares with $1.54 a year ago.
For the current quarter, Par Petroleum is expected to post earnings of $4.84 per share, indicating a change of -18.7% from the year-ago quarter. The Zacks Consensus Estimate has changed -9.5% over the last 30 days.
Par Petroleum has a Zacks Rank #1 (Strong Buy) based on the overall direction and magnitude of estimate revisions. Additionally, the stock has a VGM Score of A.
Beacon Pointe Advisors LLC bought a new position in shares of Phillips 66 (NYSE:PSX – Free Report) in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund bought 47,011 shares of the oil and gas company’s stock, valued at approximately $7,947,000.
Other large investors have also added to or reduced their stakes in the company. Brighton Jones LLC grew its stake in shares of Phillips 66 by 238.5% in the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after acquiring an additional 7,214 shares in the last quarter. Woodline Partners LP lifted its holdings in shares of Phillips 66 by 40.7% in the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock worth $4,308,000 after acquiring an additional 10,089 shares during the last quarter. Sei Investments Co. boosted its position in Phillips 66 by 28.3% in the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after buying an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company increased its holdings in Phillips 66 by 9.1% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock worth $41,359,000 after purchasing an additional 28,988 shares in the last quarter. Finally, Glenview Trust co boosted its position in Phillips 66 by 2.6% during the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock worth $1,068,000 after buying an additional 229 shares during the period. Institutional investors own 76.93% of the company’s stock.
Insider Activity at Phillips 66 In related news, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the transaction, the executive vice president directly owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction that occurred on Thursday, July 9th. The shares were sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 over the last ninety days. 0.40% of the stock is owned by corporate insiders.
Analyst Upgrades and Downgrades Several analysts have recently commented on PSX shares. TD Cowen raised their price objective on shares of Phillips 66 from $240.00 to $255.00 and gave the stock a “buy” rating in a research report on Thursday, August 6th. Wall Street Zen upgraded shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Guggenheim raised shares of Phillips 66 to an “outperform” rating in a research report on Wednesday, May 27th. Jefferies Financial Group increased their price target on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. Finally, Piper Sandler lifted their price target on Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, Phillips 66 has an average rating of “Moderate Buy” and a consensus target price of $206.56. Read Our Latest Stock Analysis on PSX
Phillips 66 Stock Performance Shares of PSX stock opened at $244.50 on Friday. Phillips 66 has a 12 month low of $126.74 and a 12 month high of $246.95. The company’s fifty day moving average price is $206.11 and its 200-day moving average price is $182.58. The stock has a market cap of $97.56 billion, a PE ratio of 13.93, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57.
Phillips 66 (NYSE:PSX – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The company had revenue of $52.04 billion for the quarter, compared to the consensus estimate of $43.60 billion. During the same period in the prior year, the firm posted $2.38 EPS. On average, equities analysts expect that Phillips 66 will post 23.86 EPS for the current fiscal year.
Phillips 66 announced that its Board of Directors has authorized a share repurchase plan on Friday, July 31st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Phillips 66 Dividend Announcement The firm also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. Phillips 66’s dividend payout ratio (DPR) is currently 28.95%.
About Phillips 66 (Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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As of Aug. 25, 2026, three stocks in the energy sector could be flashing a real warning to investors who value momentum as a key criteria in their trading decisions.
The RSI is a momentum indicator, which compares a stock’s strength on days when prices go up to its strength on days when prices go down. When compared to a stock’s price action, it can give traders a better sense of how a stock may perform in the short term. An asset is typically considered overbought when the RSI is above 70, according to Benzinga Pro.
Here’s the latest list of major overbought players in this sector.
Teekay Corp Ltd (NYSE:TK) On July 29, Teekay posted an increase in second-quarter earnings and sales results. The company’s stock gained around 19% over the past month and has a 52-week high of $14.38. RSI Value: 74.8 TK Price Action: Shares of Teekay rose 0.8% to close at $13.35 on Monday. Edge Stock Ratings: 91.92 Momentum score with Value at 93.51. Phillips 66 (NYSE:PSX) On Aug. 5, Phillips 66 posted better-than-expected quarterly earnings. “Second quarter results reflect the strength of our operations and value of our integrated portfolio,” said Mark Lashier, chairman and CEO of Phillips 66. “We remain committed to our strategic priorities and continuous improvement. Our focus on operating excellence, coupled with our commercial footprint, enables us to reliably supply energy products across the United States and to global consumers.” The company’s stock gained around 16% over the past month and has a 52-week high of $246.95. RSI Value: 73.8 PSX Price Action: Shares of Phillips 66 fell 0.4% to close at $241.96 on Monday. Trending
Peabody Energy Corp (NYSE:BTU) On July 29, Peabody Energy reported worse-than-expected second-quarter financial results. “While second quarter results reflected temporarily lower volumes and higher costs, we are already seeing those impacts mitigate across our operations. We expect improved results in the second half of the year as performance at our flagship Centurion Mine achieves targeted production rates,” said Peabody President and Chief Executive Officer Jim Grech. “We’re targeting strong cash generation for the second half of 2026, fueled by our seaborne metallurgical and thermal segments.” The company’s stock gained around 21% over the past month and has a 52-week high of $41.14. RSI Value: 71.1 BTU Price Action: Shares of Peabody Energy gained 1.1% to close at $27.90 on Monday. Learn more about BZ Edge Rankings—click to see scores for other stocks in the sector and see how they compare.
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Key Takeaways Cenovus offers a better risk-reward profile with a lower valuation and stronger production momentum.CVE raised its 2026 upstream guidance to 970,000-1.01M BOE/d with no capital-guidance increase.Phillips 66's Western Gateway needs $2.5B in cash contributions and is not expected to be online until 2029. Cenovus Energy Inc. (CVE - Free Report) and Phillips 66 (PSX - Free Report) are two prominent energy companies with different operating profiles. Phillips 66 is a diversified energy company engaged in refining, midstream transportation and renewable fuels. Cenovus, meanwhile, is a Canada-based integrated energy company with exposure to upstream and downstream operations.
Cenovus shares have jumped 92.4% over the past year, outperforming PSX’s 86.3% surge. However, the stock price performance alone does not provide a complete basis for an investment decision. Therefore, a closer look at the companies’ business fundamentals is warranted.
1-Year Price ChartImage Source: Zacks Investment Research
CVE’s Latest DevelopmentsCenovus Energy’s production outlook has strengthened following faster-than-expected growth across its Oil Sands assets. Narrows Lake is producing more than 80,000 barrels per day, while Christina Lake North, Foster Creek and Sunrise are also delivering strong volumes. Consequently, CVE raised its 2026 upstream production guidance to 970,000-1.01 million barrels of oil-equivalent per day without increasing its capital investment guidance. Higher production and lower operating-cost expectations should improve cost absorption and support funds flow.
Operational efficiency is another positive development. Cenovus completed the Foster Creek enhanced sulfur recovery project ahead of schedule and within budget. The project is expected to lower chemical operating costs by 50-75 cents per barrel while supporting regulatory compliance. The company also shortened the planned Christina Lake turnaround by nine days, reducing the anticipated production loss by more than 700,000 barrels.
CVE continues to advance several growth projects. Christina Lake North remains on track to reach 150,000 barrels per day by 2028, while the sanctioned Spruce Lake DilSAP project is expected to add 5,000-10,000 barrels per day by that year. The technology could increase production while reducing steam requirements. West White Rose also remains on schedule for first oil late in the third quarter of 2026 and is expected to reach net peak production of 45,000 barrels per day in 2028.
Image Source: Cenovus Energy
PSX’s Latest DevelopmentsPhillips 66 is advancing several organic midstream projects, including the Iron Mesa and Zeus gas plants and the Coastal Bend pipeline and fractionation expansions. Iron Mesa and Coastal Bend remain on schedule and within budget, with management expecting the additional capacity to contribute meaningfully in 2027. These projects should strengthen PSX’s integrated wellhead-to-market network, support higher volumes and help the company reach its targeted Midstream earnings run rate.
PSX is also progressing the Western Gateway refined-products pipeline with Kinder Morgan and HF Sinclair. The planned system would connect cost-advantaged Mid-Continent and Gulf Coast supply with growing western markets, expanding PSX’s integrated value-chain advantage. Long-term shipper commitments covering most of the initial capacity strengthen the project’s commercial foundation.
However, Western Gateway had not reached a final investment decision at the time of the earnings call. The project requires $2.5 billion in cash contributions from PSX and is not expected to enter service until 2029. It therefore represents a sizable near-term capital commitment and has a lengthy development period before it begins generating returns.
Oil Hovers Around $84: Can CVE’s Upstream Business Thrive?Canadian heavy crude is generally priced against Western Canadian Select, which typically trades at a discount to the West Texas Intermediate benchmark. However, Cenovus’ integrated business model helps offset heavy-oil price dislocations to some extent.
Its access to pipeline capacity and midstream infrastructure, combined with Canadian and U.S. refining operations, enables CVE to process discounted heavy crude into higher-value refined products. This integration supports downstream margins and helps reduce earnings volatility.
With oil hovering around $84 per barrel, Cenovus’ growing production, lower operating-cost outlook and brownfield expansion projects provide a supportive operating backdrop. Nevertheless, heightened geopolitical tensions in the Middle East have increased volatility in crude and refined-product prices, making future earnings more difficult to predict.
Management has also cautioned that Canada’s climate policies and regulatory framework have made the country less competitive for energy investment, discouraging major new oil sands developments. Although Cenovus continues to expand through optimization initiatives and brownfield projects, its long-term production growth will depend partly on a more competitive regulatory and investment environment.
Are High Oil Prices a Headwind for Phillips 66?Elevated crude oil prices can pressure PSX’s refining operations because crude represents the principal input used to produce gasoline, jet fuel and other refined products. Higher feedstock costs could weigh on profitability if refined-product prices and margins do not rise sufficiently to offset them.
However, PSX’s diversified business model provides some protection from refining and commodity-price volatility. In addition to its refining operations, the company has significant exposure to midstream and chemicals, and continues to allocate capital toward its Midstream business.
Midstream assets typically generate comparatively stable cash flows because they are supported by the long-term transportation, processing and storage needs of customers. This makes the business less vulnerable to short-term commodity-price movements. PSX’s diversified operating structure therefore helps offset some of the risks associated with elevated crude prices and refining-market volatility.
CVE or PSX: Which Is the Better Stock?The valuation comparison clearly favors Cenovus. CVE trades at a trailing 12-month enterprise value to EBITDA multiple of 5.91X, considerably below PSX’s 10.88X. This indicates that investors are assigning a higher valuation to Phillips 66, likely reflecting its diversified operations and comparatively stable midstream exposure.
Image Source: Zacks Investment Research
Nevertheless, CVE currently offers the more attractive relative investment proposition. Its discounted valuation is supported by growing oil sands production, improving operating efficiency, a stronger balance sheet and increased capacity for shareholder returns.
Commodity-price uncertainty and geopolitical tensions continue to create risks for both companies. Therefore, investors may want to avoid aggressively adding either stock at present. However, between the two, CVE’s lower valuation, production momentum and improving financial position provide a more favorable risk-reward profile.
CVE and PSX currently carry a Zacks Rank #3 (Hold), suggesting that existing investors may retain their positions while waiting for a clearer entry point. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ancora Advisors LLC purchased a new stake in Phillips 66 (NYSE:PSX – Free Report) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 33,814 shares of the oil and gas company’s stock, valued at approximately $5,716,000.
Several other hedge funds and other institutional investors also recently made changes to their positions in the stock. Delos Wealth Advisors LLC acquired a new position in Phillips 66 during the 2nd quarter worth approximately $34,000. Canada Pension Plan Investment Board acquired a new stake in Phillips 66 in the second quarter valued at approximately $128,528,000. Legal & General Group Plc acquired a new stake in Phillips 66 in the second quarter valued at approximately $303,648,000. The Manufacturers Life Insurance Company bought a new stake in shares of Phillips 66 during the second quarter worth $44,334,000. Finally, Trajan Wealth LLC bought a new stake in shares of Phillips 66 during the second quarter worth $7,979,000. 76.93% of the stock is owned by institutional investors.
Analyst Upgrades and Downgrades PSX has been the subject of several research analyst reports. Citigroup reiterated a “neutral” rating on shares of Phillips 66 in a report on Thursday, August 6th. Wells Fargo & Company upped their target price on Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a report on Thursday, August 6th. Piper Sandler lifted their price target on Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research note on Monday, August 10th. TD Cowen upped their price objective on Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research note on Thursday, August 6th. Finally, Jefferies Financial Group raised their target price on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research report on Thursday, July 9th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $206.56.
View Our Latest Research Report on Phillips 66 Insider Transactions at Phillips 66 In other news, CFO Kevin J. Mitchell sold 11,021 shares of the company’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the transaction, the chief financial officer directly owned 97,376 shares of the company’s stock, valued at $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the company’s stock in a transaction that occurred on Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total value of $11,657,896.00. Following the transaction, the executive vice president directly owned 39,094 shares in the company, valued at $8,747,673.44. The trade was a 57.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last three months, insiders have sold 100,507 shares of company stock worth $21,770,810. Insiders own 0.40% of the company’s stock.
Phillips 66 Trading Up 2.3% PSX opened at $242.27 on Thursday. Phillips 66 has a 1-year low of $126.74 and a 1-year high of $246.95. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57. The company has a market cap of $96.67 billion, a P/E ratio of 13.80, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. The company has a fifty day moving average price of $203.06 and a two-hundred day moving average price of $181.56.
Phillips 66 (NYSE:PSX – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the prior year, the business earned $2.38 earnings per share. Analysts predict that Phillips 66 will post 23.86 EPS for the current fiscal year.
Phillips 66 Announces Dividend The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is 28.95%.
Phillips 66 declared that its Board of Directors has initiated a share repurchase plan on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Phillips 66 Company Profile (Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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Key Takeaways Phillips 66 benefits from strong fuel demand and tight inventories despite elevated crude input costs.PSX's midstream operations provide stable cash flows and reduce exposure to commodity price volatility.PSX shares rose 82.3% in the past year, while its 2026 earnings estimate was revised upward. With West Texas Intermediate (WTI) oil prices currently above $80 per barrel, according to data from Oilprice.com, owing to the conflicts in the Middle East, the overall energy business is uncertain.
The U.S. Energy Information Administration (“EIA”) projects the spot average West Texas Intermediate price for 2026 at $80.88 per barrel, higher than $65.40 per barrel in 2025. Thus, Phillips 66 (PSX - Free Report) , which generates significant margin from its refining activities, is likely to be hurt by high oil prices. Despite the high input cost, the refining business environment is highly profitable as demand for fuels remained strong, while global fuel inventories stayed relatively tight.
Investors should also know that although a leading refiner, PSX, unlike most of its refining peers, has diversified its business across midstream and chemicals. Along with investing in refining operations, Phillips 66 is allocating a significant amount of capital to midstream.
Midstream business, by its very definition, is stable since it generates stable cash flows as the assets are being utilized by shippers for the long term, and is less vulnerable to commodity price volatility. Hence, having a diversified business model, Phillips 66 is insulated from commodity price volatility to a great extent.
DINO & PARR Also Poised to GainHF Sinclair (DINO - Free Report) and Par Pacific Holdings Inc. (PARR - Free Report) , two other well-known refiners, are also likely to benefit from the ongoing favorable refining business.
On its second-quarter 2026 call,HF Sinclair mentioned that wars in the Middle East and Ukraine have disrupted refining capacities. DINO stated that inventories of fuel in the United States and in its key operating regions are low, especially when the demand for the end products remains healthy, thereby creating opportunities to earn healthy refining margins.
Par Pacific continued to benefit from a strong refining market as it entered the third quarter. Its refining index, which is a rough measure of how profitable it is to turn crude oil into products like gasoline and diesel, was still very high in July at $31.34 per barrel, only slightly below the second-quarter average of about $33.
Demand for fuels remained strong, especially on the mainland, while global fuel inventories stayed relatively tight. In simple terms, there was still healthy demand for refined products and limited excess supply, which helped PARR continue earning attractive margins from its refineries.
PSX’s Price Performance, Valuation & EstimatesShares of PSX have gained 82.3% over the past year compared with the 101.4% rise of the composite stocks belonging to the industry.
Image Source: Zacks Investment Research
From a valuation standpoint, PSX trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 10.89X. This is above the broader industry average of 5.32X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for PSX’s 2026 earnings has seen upward revisions over the past 30 days.
Image Source: Zacks Investment Research
Phillips 66 currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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Stock to Watch: Phillips 66 (PSX - Free Report) Based in Houston, TX, Phillips 66 is a diversified and integrated energy company established following the 2012 spin-off of ConocoPhillips' downstream operations. As one of the world's leading refiners, Phillips 66 operates 13 refineries, primarily in the United States, with a total refining capacity of about 2.2 million barrels per day.
PSX is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. PSX has a Growth Style Score of A, forecasting year-over-year earnings growth of 270.5% for the current fiscal year.
Six analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $5.65 to $23.86 per share. PSX also boasts an average earnings surprise of +62.6%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, PSX should be on investors' short list.
Key Takeaways PSX shares jumped 17.5% in four weeks as second-quarter earnings and revenues beat estimates.Phillips 66's refining margin rose to $24.08 a barrel as utilization hit 96%, lifting pre-tax income.PSX faces a premium valuation and lower 2027 earnings estimate, pointing to expected normalization. Phillips 66 (PSX - Free Report) shares have gained 17.5% in the past four weeks, extending a rally backed by a sharp improvement in second-quarter results. Refining economics and midstream growth have strengthened the operating picture.
The question is whether those gains leave enough room for further upside. Earnings momentum remains favorable, but valuation, cyclical exposure and a lower 2027 earnings estimate argue for a more measured view.
PSX Rally Follows a Stronger Earnings BackdropSecond-quarter 2026 adjusted earnings were $9.41 per share, up from $2.38 a year earlier. The figure topped the Zacks Consensus Estimate of $7.68 by 22.5%.
Total revenues and other income rose to $52.04 billion from $33.52 billion and beat the consensus mark by 43.9%. That combination gives investors a materially stronger earnings base than a year ago.
Phillips 66 Refining Margins Add Earnings LeverageWorldwide realized refining margins climbed to $24.08 per barrel from $11.25 a year earlier, while crude capacity utilization reached 96%. Refining adjusted pre-tax income increased to $3.09 billion from $392 million.
Management expects lower net refinery additions and demand growth to support a tighter supply-demand balance, potentially sustaining stronger margins into 2027. Marathon Petroleum Corp. (MPC - Free Report) reported a second-quarter refining and marketing margin of $36.33 per barrel, driven primarily by higher crack spreads. Valero Energy Corporation (VLO - Free Report) reported $4.5 billion of refining operating income, versus $1.3 billion a year earlier.
PSX Midstream Growth Supports Cash Flow ResilienceMidstream adjusted EBITDA reached $1.05 billion as natural gas liquids pipeline throughput averaged 943,000 barrels per day and fractionation volumes hit 1.02 million barrels per day. Those results broaden the cash-flow base beyond refining.
Phillips 66 is also advancing Western Gateway, in which it holds a 49.9% interest, along with the 300-million-cubic-feet-per-day Zeus Gas Plant and 100,000-barrel-per-day Coastal Bend fractionator. These projects add future growth avenues across its midstream network.
Image Source: Phillips 66
Phillips 66 Valuation Leaves Less Room for ErrorPSX has a forward 12-month price-to-earnings ratio of 10.84 versus 9.57 for the Zacks sub-industry and a five-year median of 10.93. The recent share-price advance therefore leaves less valuation cushion if operating conditions soften.
The Zacks Consensus Estimate calls for 2026 earnings of $23.86 per share and 2027 earnings of $21.42. That decline points to normalization after the sharp 2026 earnings rebound.
Image Source: Zacks Investment Research
PSX Risks Could Interrupt the MomentumRefining and chemical earnings remain cyclical. Phillips 66 also recorded $839 million of mark-to-market pre-tax losses on short derivative positions in the first quarter, followed by about $450 million of favorable impacts across Refining, Marketing and Specialties and Renewable Fuels in the second quarter.
Renewable Fuels faces policy uncertainty because renewable identification number credit generation from foreign feedstocks could be cut in half after 2027. Total debt fell to $20.6 billion in the second quarter, but it remains above management's $17 billion target.
PSX Signals Favor Quality but Support a HoldThe operating setup remains constructive, but the recent rally, premium valuation and expected earnings normalization limit the margin for disappointment. The risk-reward balance now looks more even than the recent price momentum alone suggests.
PSX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank stocks here.
It also has a VGM Score of A, Growth Score of A, Momentum Score of A and Value Score of B. Those favorable Style Scores highlight strength across growth, momentum and value characteristics, but they are designed to complement rather than override the Zacks Rank, supporting a measured near-term stance.
EP Wealth Advisors LLC purchased a new stake in shares of Phillips 66 (NYSE:PSX – Free Report) in the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor purchased 22,857 shares of the oil and gas company’s stock, valued at approximately $3,864,000.
Several other institutional investors and hedge funds have also bought and sold shares of PSX. NFSG Corp increased its stake in shares of Phillips 66 by 105.6% during the first quarter. NFSG Corp now owns 146 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 75 shares during the period. Axiom Investment Management LLC purchased a new stake in Phillips 66 in the first quarter worth $27,000. SWAN Capital LLC lifted its stake in Phillips 66 by 1,055.6% in the fourth quarter. SWAN Capital LLC now owns 208 shares of the oil and gas company’s stock worth $27,000 after acquiring an additional 190 shares during the period. Kelleher Financial Advisors bought a new stake in Phillips 66 in the second quarter valued at $29,000. Finally, J.Safra Asset Management Corp bought a new stake in Phillips 66 in the second quarter valued at $30,000. Hedge funds and other institutional investors own 76.93% of the company’s stock.
Insider Buying and Selling In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the business’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the sale, the executive vice president directly owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. This represents a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold a total of 100,507 shares of company stock worth $21,770,810 over the last three months. 0.40% of the stock is owned by corporate insiders.
Phillips 66 Stock Up 1.4% NYSE:PSX opened at $243.34 on Friday. The firm’s 50-day moving average price is $198.87 and its 200-day moving average price is $179.44. The company has a market capitalization of $97.10 billion, a PE ratio of 13.87, a P/E/G ratio of 0.18 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. Phillips 66 has a 1-year low of $124.88 and a 1-year high of $246.95. Phillips 66 (NYSE:PSX – Get Free Report) last released its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion during the quarter, compared to analyst estimates of $43.60 billion. During the same period last year, the business earned $2.38 earnings per share. On average, equities analysts predict that Phillips 66 will post 23.86 EPS for the current fiscal year.
Phillips 66 declared that its Board of Directors has initiated a stock repurchase program on Friday, July 31st that permits the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization permits the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock repurchase programs are usually an indication that the company’s board believes its stock is undervalued.
Phillips 66 Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. Phillips 66’s payout ratio is presently 28.95%.
Analyst Upgrades and Downgrades Several research firms have recently commented on PSX. Wall Street Zen raised shares of Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. BMO Capital Markets boosted their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research report on Wednesday, May 13th. Barclays increased their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 6th. UBS Group raised their price objective on shares of Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a report on Monday, July 27th. Finally, Argus lifted their price objective on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus price target of $206.56.
Read Our Latest Research Report on PSX
About Phillips 66 (Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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Key Takeaways PSX sees tight refining capacity, low fuel inventories and reduced Chinese exports supporting margins.Shortages may outlast 2022, supporting refining profits into the September quarter and potentially 2027.PSX shares gained 84.7% in a year, while 2026 earnings estimates were revised upward over seven days. West Texas Intermediate (“WTI”) crude is trading at above $85 per barrel. The high prices are being driven by ongoing tensions in the Middle East. The U.S. Energy Information Administration (“EIA”) in its latest short-term energy outlook projected WTI at $80.88 per barrel for this year, up from $65.40 last year. This reflects that the input costs for refiners are on the higher side, as refiners are buying crude at a high price to produce end products like gasoline. Does it mean that the business environment of refiners like Phillips 66 (PSX - Free Report) is deteriorating? Let’s delve into it.
On its second-quarter 2026 earnings call, PSX noted that there aren’t enough refineries or products globally right now because much refining capacity is offline and fuel inventories are low. China is also exporting less fuel than usual. This shortage helps keep refining margins, also called crack spreads, high.
Management believes these shortages may take longer to resolve than in 2022, which could keep the energy major’s refining profits strong into the September quarter and potentially 2027. The broader scenario is thus likely to favor refiners like PSX, despite high input costs.
Will PARR and VLO Also Gain?The favorable business environment is also likely to benefit refiners such as Par Pacific Holdings Inc (PARR - Free Report) and Valero Energy (VLO - Free Report) .
Par Pacific continued to benefit from a strong refining market as it entered the third quarter. Its refining index, which is a rough measure of how profitable it is to turn crude oil into products like gasoline and diesel, was still very high in July at $31.34 per barrel, slightly below the second-quarter average of about $33. Looking ahead, PARR appears well-positioned to benefit from still-strong refining margins, firm fuel demand and tight global product inventories.
Valero Energy is unlikely to be an exception. The overall favorable refining business backdrop is also expected to be aiding VLO’s bottom line.
PSX’s Price Performance, Valuation & EstimatesShares of PSX have gained 84.7% over the past year compared with the industry’s growth of 79.7%.
Image Source: Zacks Investment Research
From a valuation standpoint, PSX trades at a trailing 12-month enterprise value to EBITDA (EV/EBITDA) of 10.80X. This is above the broader industry average of 5.66X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for PSX’s 2026 earnings has been revised upward over the past seven days.
Image Source: Zacks Investment Research
PSX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
B. Metzler seel. Sohn & Co. AG purchased a new position in shares of Phillips 66 (NYSE:PSX – Free Report) in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm purchased 75,146 shares of the oil and gas company’s stock, valued at approximately $12,703,000.
Other institutional investors have also recently made changes to their positions in the company. Key Client Fiduciary Advisors LLC lifted its holdings in shares of Phillips 66 by 3.5% in the 2nd quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock worth $275,000 after acquiring an additional 55 shares during the last quarter. Threadgill Financial LLC increased its holdings in Phillips 66 by 3.5% in the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock valued at $286,000 after purchasing an additional 58 shares during the last quarter. Calamos Wealth Management LLC raised its position in Phillips 66 by 2.0% in the second quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock valued at $521,000 after purchasing an additional 60 shares during the period. Somerset Trust Co raised its position in Phillips 66 by 0.3% in the second quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock valued at $3,601,000 after purchasing an additional 63 shares during the period. Finally, Clifford Group LLC lifted its stake in Phillips 66 by 2.0% during the fourth quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock worth $428,000 after purchasing an additional 64 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.
Analysts Set New Price Targets Several equities research analysts recently issued reports on the company. The Goldman Sachs Group boosted their price objective on Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. Citigroup reaffirmed a “neutral” rating on shares of Phillips 66 in a research report on Thursday, August 6th. Jefferies Financial Group boosted their price target on shares of Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a research note on Thursday, July 9th. Barclays increased their price target on shares of Phillips 66 from $183.00 to $216.00 and gave the stock an “equal weight” rating in a research report on Thursday, August 6th. Finally, UBS Group raised their price objective on shares of Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, July 27th. One research analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $206.56.
Check Out Our Latest Report on PSX Insider Activity In related news, EVP Vanessa Allen Sutherland sold 3,523 shares of the business’s stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the transaction, the executive vice president owned 27,537 shares in the company, valued at approximately $5,811,683.85. The trade was a 11.34% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of the firm’s stock in a transaction on Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold a total of 100,507 shares of company stock valued at $21,770,810 over the last quarter. Company insiders own 0.40% of the company’s stock.
Phillips 66 Stock Performance Shares of Phillips 66 stock opened at $239.46 on Friday. Phillips 66 has a one year low of $122.25 and a one year high of $246.95. The company has a market cap of $95.55 billion, a PE ratio of 13.64, a P/E/G ratio of 0.18 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The business has a 50-day simple moving average of $197.59 and a 200-day simple moving average of $178.99.
Phillips 66 (NYSE:PSX – Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, beating the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The firm had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. During the same quarter last year, the company earned $2.38 earnings per share. On average, equities research analysts forecast that Phillips 66 will post 23.86 EPS for the current fiscal year.
Phillips 66 Dividend Announcement The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. Phillips 66’s dividend payout ratio is currently 28.95%.
Phillips 66 declared that its Board of Directors has approved a stock buyback plan on Friday, July 31st that authorizes the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its stock through open market purchases. Stock repurchase plans are usually a sign that the company’s leadership believes its stock is undervalued.
Phillips 66 Profile (Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
Featured Articles Five stocks we like better than Phillips 66 3 Energy Stocks Raising Dividends as the Sector Surges 5 Reasons the S&P 500 Could Keep Rallying Through Year-End Walmart’s Post-Earnings Drop Could Be a Buying Opportunity The Trade Desk’s Earnings Miss Raises a Bigger Question About Its AI Future Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX – Free Report).
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Advisors Capital Management LLC acquired a new stake in shares of Phillips 66 (NYSE:PSX – Free Report) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm acquired 81,597 shares of the oil and gas company’s stock, valued at approximately $13,794,000.
Several other hedge funds and other institutional investors have also added to or reduced their stakes in PSX. MUFG Securities EMEA plc grew its position in Phillips 66 by 113.5% in the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after acquiring an additional 8,783 shares in the last quarter. Horizon Investments LLC raised its position in Phillips 66 by 478.4% during the fourth quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock valued at $8,167,000 after purchasing an additional 52,348 shares in the last quarter. Truist Financial Corp lifted its stake in Phillips 66 by 1.6% during the fourth quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock worth $87,113,000 after purchasing an additional 10,585 shares during the last quarter. Fifth Third Bancorp lifted its stake in Phillips 66 by 543.7% during the first quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock worth $23,348,000 after purchasing an additional 108,248 shares during the last quarter. Finally, National Pension Service boosted its holdings in shares of Phillips 66 by 2.0% in the 4th quarter. National Pension Service now owns 614,059 shares of the oil and gas company’s stock worth $79,238,000 after purchasing an additional 11,960 shares in the last quarter. 76.93% of the stock is currently owned by hedge funds and other institutional investors.
Phillips 66 Trading Down 1.2% NYSE PSX opened at $239.46 on Friday. The firm has a market cap of $95.55 billion, a PE ratio of 13.64, a price-to-earnings-growth ratio of 0.18 and a beta of 0.68. Phillips 66 has a 1-year low of $122.25 and a 1-year high of $246.95. The stock has a 50-day moving average of $197.59 and a 200-day moving average of $178.99. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57.
Phillips 66 (NYSE:PSX – Get Free Report) last posted its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. The business had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period last year, the company earned $2.38 EPS. As a group, sell-side analysts forecast that Phillips 66 will post 23.86 EPS for the current year. Phillips 66 Announces Dividend The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio is 28.95%.
Phillips 66 announced that its board has initiated a stock buyback program on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are usually a sign that the company’s board of directors believes its shares are undervalued.
Analyst Upgrades and Downgrades PSX has been the topic of several recent research reports. Raymond James Financial increased their price objective on Phillips 66 from $218.00 to $235.00 and gave the company an “outperform” rating in a research report on Monday, July 13th. Wells Fargo & Company upped their target price on Phillips 66 from $201.00 to $239.00 and gave the stock an “overweight” rating in a research note on Thursday, August 6th. Zacks Research cut shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research report on Monday, July 6th. Tudor Pickering raised shares of Phillips 66 from a “hold” rating to a “strong-buy” rating in a research note on Thursday, April 30th. Finally, Barclays upped their price objective on shares of Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $206.56.
View Our Latest Research Report on PSX
Insider Activity In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the sale, the executive vice president owned 27,537 shares of the company’s stock, valued at $5,811,683.85. This represents a 11.34% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Brian Mandell sold 30,000 shares of the firm’s stock in a transaction on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. This trade represents a 32.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 100,507 shares of company stock worth $21,770,810 over the last ninety days. Company insiders own 0.40% of the company’s stock.
Phillips 66 Profile (Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
Featured Articles Five stocks we like better than Phillips 66 3 Energy Stocks Raising Dividends as the Sector Surges 5 Reasons the S&P 500 Could Keep Rallying Through Year-End Walmart’s Post-Earnings Drop Could Be a Buying Opportunity The Trade Desk’s Earnings Miss Raises a Bigger Question About Its AI Future
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Stock to Watch: Phillips 66 (PSX - Free Report) Based in Houston, TX, Phillips 66 is a diversified and integrated energy company established following the 2012 spin-off of ConocoPhillips' downstream operations. As one of the world's leading refiners, Phillips 66 operates 13 refineries, primarily in the United States, with a total refining capacity of about 2.2 million barrels per day.
PSX is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Oils-Energy stock. PSX has a Momentum Style Score of A, and shares are up 14.6% over the past four weeks.
Six analysts revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $5.64 to $23.86 per share. PSX boasts an average earnings surprise of +62.6%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, PSX should be on investors' short list.
Alpine Woods Capital Investors LLC acquired a new position in shares of Phillips 66 (NYSE:PSX – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund acquired 8,644 shares of the oil and gas company’s stock, valued at approximately $1,461,000.
A number of other large investors have also made changes to their positions in PSX. Brighton Jones LLC boosted its stake in Phillips 66 by 238.5% during the fourth quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after buying an additional 7,214 shares in the last quarter. Woodline Partners LP boosted its position in shares of Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock valued at $4,308,000 after acquiring an additional 10,089 shares in the last quarter. Sei Investments Co. boosted its position in shares of Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock valued at $18,788,000 after acquiring an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company increased its stake in Phillips 66 by 9.1% in the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock valued at $41,359,000 after acquiring an additional 28,988 shares during the period. Finally, Glenview Trust co increased its stake in Phillips 66 by 2.6% in the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock valued at $1,068,000 after acquiring an additional 229 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.
Phillips 66 Trading Up 1.1% Shares of PSX stock opened at $243.26 on Wednesday. The company has a market capitalization of $97.07 billion, a P/E ratio of 13.86, a P/E/G ratio of 0.17 and a beta of 0.68. Phillips 66 has a 12-month low of $121.24 and a 12-month high of $243.60. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The firm has a 50-day moving average price of $195.15 and a 200 day moving average price of $177.62.
Phillips 66 (NYSE:PSX – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping the consensus estimate of $7.50 by $1.91. The firm had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period in the prior year, the firm earned $2.38 earnings per share. Research analysts forecast that Phillips 66 will post 24.44 earnings per share for the current fiscal year. Phillips 66 announced that its board has authorized a share repurchase program on Friday, July 31st that permits the company to buyback $10.00 billion in shares. This buyback authorization permits the oil and gas company to reacquire up to 11.8% of its stock through open market purchases. Stock buyback programs are typically an indication that the company’s leadership believes its stock is undervalued.
Phillips 66 Dividend Announcement The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a $1.27 dividend. The ex-dividend date is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66’s payout ratio is presently 28.95%.
Insiders Place Their Bets In other news, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction on Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares in the company, valued at approximately $5,811,683.85. This trade represents a 11.34% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. This represents a 10.17% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last 90 days, insiders have sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is owned by company insiders.
Analysts Set New Price Targets PSX has been the subject of a number of analyst reports. JPMorgan Chase & Co. raised their price target on shares of Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Wall Street Zen upgraded Phillips 66 from a “buy” rating to a “strong-buy” rating in a research note on Sunday, July 26th. Weiss Ratings raised Phillips 66 from a “hold (c)” rating to a “buy (b)” rating in a report on Wednesday, August 12th. Jefferies Financial Group increased their target price on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a report on Thursday, July 9th. Finally, BMO Capital Markets boosted their price target on Phillips 66 from $195.00 to $215.00 and gave the company an “outperform” rating in a research note on Wednesday, May 13th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have given a Buy rating and eight have assigned a Hold rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $206.56.
Check Out Our Latest Stock Report on Phillips 66
Key Phillips 66 News Here are the key news stories impacting Phillips 66 this week:
Positive Sentiment: Western Gateway pipeline deal supports the rally. The reported transaction is expected to expand Phillips 66’s midstream footprint, potentially improving cash flow and giving its refining and marketing operations greater supply and distribution flexibility. Phillips 66 stock hits 52-week high as pipeline deal adds to rally Will Western Gateway Enhance PSX’s Midstream & Refining Cash Flow? Positive Sentiment: Record diesel prices could lift refining margins. Diesel strength is diverging from crude-oil trends, creating favorable economics for refiners such as Phillips 66 and potentially supporting near-term profits and cash generation. Diesel Prices Are Breaking Records Positive Sentiment: Options activity signals aggressive bullish positioning. Traders purchased 52,191 PSX call options, versus an average of 2,983, indicating elevated expectations for additional upside. Options flow can amplify momentum, although it is not a guarantee of future performance. Stock Traders Purchase Large Volume of Phillips 66 Call Options Neutral Sentiment: A fire at a major fuel depot on a key pipeline system could disrupt refined-product supplies. The resulting supply tightness may support diesel prices and refining margins, but potential logistics or operational disruptions create uncertainty for Phillips 66. Lightning Sparks Fire at Massive US Fuel Depot Negative Sentiment: An executive sold more than 52,000 Phillips 66 shares after exercising options, locking in substantial gains following the stock’s strong run. The sale may weigh modestly on sentiment, though it appears related to profit-taking rather than a disclosed change in business prospects. Executive Dumps Over 52,000 Shares of Iconic Energy Stock Negative Sentiment: A feedstock-agreement dispute with XCF Global could expose Phillips 66 to legal or commercial uncertainty, although the available report does not indicate a material financial impact on PSX. XCF Global dispute with Phillips 66 Phillips 66 Profile (Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
See Also Five stocks we like better than Phillips 66 The AI Boom Is Turning This Cable Maker Into a Stock to Watch A Star Investor Just Trimmed Amazon—Here’s What It means Wendy’s Deal Buzz May Give Fast-Food Investors a New Reason to Look Home Depot Analysts See a Path to $375 and Beyond Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX – Free Report).
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Aljian Capital Management LLC purchased a new stake in Phillips 66 (NYSE:PSX – Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The firm purchased 2,250 shares of the oil and gas company’s stock, valued at approximately $380,000.
Other institutional investors have also recently added to or reduced their stakes in the company. Key Client Fiduciary Advisors LLC grew its holdings in shares of Phillips 66 by 3.5% in the second quarter. Key Client Fiduciary Advisors LLC now owns 1,624 shares of the oil and gas company’s stock valued at $275,000 after purchasing an additional 55 shares during the period. Threadgill Financial LLC boosted its holdings in Phillips 66 by 3.5% in the 2nd quarter. Threadgill Financial LLC now owns 1,693 shares of the oil and gas company’s stock valued at $286,000 after purchasing an additional 58 shares during the last quarter. Calamos Wealth Management LLC boosted its holdings in Phillips 66 by 2.0% in the 2nd quarter. Calamos Wealth Management LLC now owns 3,084 shares of the oil and gas company’s stock valued at $521,000 after purchasing an additional 60 shares during the last quarter. Somerset Trust Co grew its stake in shares of Phillips 66 by 0.3% in the 2nd quarter. Somerset Trust Co now owns 21,301 shares of the oil and gas company’s stock valued at $3,601,000 after buying an additional 63 shares during the period. Finally, Clifford Group LLC grew its stake in shares of Phillips 66 by 2.0% in the 4th quarter. Clifford Group LLC now owns 3,315 shares of the oil and gas company’s stock valued at $428,000 after buying an additional 64 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.
Wall Street Analyst Weigh In Several analysts have recently commented on the stock. Piper Sandler lifted their price target on shares of Phillips 66 from $208.00 to $209.00 and gave the company a “neutral” rating in a research report on Monday, August 10th. The Goldman Sachs Group increased their price objective on Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a research report on Wednesday, July 22nd. JPMorgan Chase & Co. raised their target price on Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “strong-buy” rating in a research report on Thursday, April 30th. Finally, Barclays upped their price target on Phillips 66 from $183.00 to $216.00 and gave the company an “equal weight” rating in a research note on Thursday, August 6th. One analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $206.56.
Check Out Our Latest Stock Analysis on PSX Insider Transactions at Phillips 66 In related news, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. This trade represents a 10.17% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the transaction, the executive vice president directly owned 39,094 shares of the company’s stock, valued at approximately $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 100,507 shares of company stock worth $21,770,810 in the last 90 days. Insiders own 0.40% of the company’s stock.
Phillips 66 Stock Performance NYSE:PSX opened at $243.26 on Wednesday. Phillips 66 has a fifty-two week low of $121.24 and a fifty-two week high of $243.60. The company has a debt-to-equity ratio of 0.57, a quick ratio of 1.00 and a current ratio of 1.32. The company has a 50 day moving average price of $195.15 and a 200 day moving average price of $177.62. The stock has a market capitalization of $97.07 billion, a P/E ratio of 13.86, a PEG ratio of 0.17 and a beta of 0.68.
Phillips 66 (NYSE:PSX – Get Free Report) last announced its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The company had revenue of $52.04 billion for the quarter, compared to analyst estimates of $43.60 billion. During the same quarter in the previous year, the company earned $2.38 earnings per share. Equities research analysts forecast that Phillips 66 will post 24.44 EPS for the current year.
Phillips 66 Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a yield of 2.1%. Phillips 66’s dividend payout ratio is presently 28.95%.
Phillips 66 announced that its board has initiated a share buyback program on Friday, July 31st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback programs are often an indication that the company’s leadership believes its shares are undervalued.
More Phillips 66 News Here are the key news stories impacting Phillips 66 this week:
Positive Sentiment: Western Gateway pipeline deal supports the rally. The reported transaction is expected to expand Phillips 66’s midstream footprint, potentially improving cash flow and giving its refining and marketing operations greater supply and distribution flexibility. Phillips 66 stock hits 52-week high as pipeline deal adds to rally Will Western Gateway Enhance PSX’s Midstream & Refining Cash Flow? Positive Sentiment: Record diesel prices could lift refining margins. Diesel strength is diverging from crude-oil trends, creating favorable economics for refiners such as Phillips 66 and potentially supporting near-term profits and cash generation. Diesel Prices Are Breaking Records Positive Sentiment: Options activity signals aggressive bullish positioning. Traders purchased 52,191 PSX call options, versus an average of 2,983, indicating elevated expectations for additional upside. Options flow can amplify momentum, although it is not a guarantee of future performance. Stock Traders Purchase Large Volume of Phillips 66 Call Options Neutral Sentiment: A fire at a major fuel depot on a key pipeline system could disrupt refined-product supplies. The resulting supply tightness may support diesel prices and refining margins, but potential logistics or operational disruptions create uncertainty for Phillips 66. Lightning Sparks Fire at Massive US Fuel Depot Negative Sentiment: An executive sold more than 52,000 Phillips 66 shares after exercising options, locking in substantial gains following the stock’s strong run. The sale may weigh modestly on sentiment, though it appears related to profit-taking rather than a disclosed change in business prospects. Executive Dumps Over 52,000 Shares of Iconic Energy Stock Negative Sentiment: A feedstock-agreement dispute with XCF Global could expose Phillips 66 to legal or commercial uncertainty, although the available report does not indicate a material financial impact on PSX. XCF Global dispute with Phillips 66 Phillips 66 Profile (Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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Key Takeaways Western Gateway, spanning 1,300 miles, may expand daily capacity from 230,000 barrels to 320,000 barrels. Western Gateway is expected to improve Phillips 66's market access, logistics flexibility & product placement.The 10-year take-or-pay contracts should support PSX's cash flow when Western Gateway enters service in 2029. Phillips 66 (PSX - Free Report) is using its midstream business to build a more stable cash-flow base, alongside its refining operations. In the second quarter of 2026, Midstream adjusted EBITDA increased to $1.05 billion from $860 million in the first quarter, supported by record natural gas liquids fractionation and liquefied petroleum gas export volumes. Management expects the Midstream segment, along with the Marketing and Specialties segments, to provide consistent cash generation and targets a $4.5-billion Midstream adjusted EBITDA run rate by the end of 2027.
Western Gateway is likely to enhance PSX’s cash-flow potential, supported by its 49.9% ownership stake and $2.5 billion investment. The planned 1,300-mile refined-products system will initially have capacity of 230,000 barrels per day, with potential expansion to 320,000 barrels per day. Primarily 10-year take-or-pay contracts should support long-term cash generation once the project enters service in 2029. Its ability to expand capacity with limited additional capital and without new pipe could allow PSX to benefit from rising demand while limiting incremental investment.
Western Gateway is poised to strengthen Phillips 66’s refining business by connecting its Central Corridor and Gulf Coast refining assets with its West Coast and Southwest marketing network. This additional outlet will improve market access, logistics flexibility and product placement while supporting refinery throughput and regional margins. Thus, Western Gateway is expected to generate direct midstream returns while creating indirect benefits for PSX’s refining operations.
MPC & DINO Have Similar Advantages As PSXMarathon Petroleum (MPC - Free Report) and HF Sinclair (DINO - Free Report) stand out as peers with midstream operations that support their refining businesses through stronger logistics and market access.
Marathon Petroleum conducts its midstream business primarily through its majority ownership interest in MPLX, whose pipelines, terminals, storage and marine assets are integrated with MPC’s refining system. MPLX’s infrastructure moves crude and refined products and provides logistics flexibility, helping MPC optimize refinery feedstocks, product placement and access to higher-value markets. In second-quarter 2026, MPC’s Midstream adjusted EBITDA increased to $1.8 billion from $1.6 billion a year earlier, demonstrating the growing contribution of the business to MPC’s cash-generation profile.
HF Sinclair has an integrated midstream network that supports its refining and marketing operations across the Mid-Continent, Southwest and Northwest regions. DINO’s crude and petroleum-product pipelines, terminals and storage facilities provide logistics flexibility and help move refinery output to attractive markets. DINO is pursuing its Go-West pipeline initiative, which is expected to increase access to western markets and strengthen the connection between its refining assets and growing fuel demand.
PSX’s Price Performance, Valuation & EstimatesPhillips 66 shares have surged 95.9% over the past year compared with the industry’s 83.9% growth.
Image Source: Zacks Investment Research
From a valuation standpoint, PSX trades at a trailing 12-month enterprise-value-to-EBITDA (EV/EBITDA) of 10.82X. This is above the broader industry average of 5.55X.
Image Source: Zacks Investment Research
The Zacks Consensus Estimate for PSX's third-quarter 2026 earnings has seen downward revisions over the past seven days. Meanwhile, estimates for fourth-quarter and 2026 earnings have seen upward revisions.
Image Source: Zacks Investment Research
PSX currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Baxter Bros Inc. acquired a new stake in Phillips 66 (NYSE: PSX) during the second quarter, according to its most recent disclosure with the SEC. The institutional investor acquired 22,439 shares of the oil and gas company's stock, valued at approximately $3,793,000. Several other large investors also recently modified their holdings of PSX.
Argyle Capital Partners LLC acquired a new stake in shares of Phillips 66 (NYSE:PSX – Free Report) during the second quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund acquired 4,072 shares of the oil and gas company’s stock, valued at approximately $688,000.
Several other large investors have also recently added to or reduced their stakes in the stock. BlackRock Inc. acquired a new stake in shares of Phillips 66 during the 2nd quarter valued at $5,766,779,000. Bank of New York Mellon Corp purchased a new position in shares of Phillips 66 during the 2nd quarter valued at $1,093,206,000. Norges Bank purchased a new stake in shares of Phillips 66 during the fourth quarter worth $640,206,000. M&T Bank Corp boosted its position in Phillips 66 by 462.9% during the fourth quarter. M&T Bank Corp now owns 2,727,888 shares of the oil and gas company’s stock valued at $352,007,000 after purchasing an additional 2,243,268 shares during the last quarter. Finally, Deutsche Bank AG purchased a new position in Phillips 66 in the second quarter valued at about $271,128,000. Institutional investors and hedge funds own 76.93% of the company’s stock.
Insider Activity
In other Phillips 66 news, EVP Brian Mandell sold 30,000 shares of the company’s stock in a transaction dated Tuesday, August 11th. The shares were sold at an average price of $215.00, for a total transaction of $6,450,000.00. Following the completion of the sale, the executive vice president directly owned 61,595 shares in the company, valued at $13,242,925. This represents a 32.75% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the firm’s stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares in the company, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders sold 100,507 shares of company stock worth $21,770,810 in the last 90 days. Insiders own 0.40% of the company’s stock.
Wall Street Analysts Forecast Growth
A number of equities research analysts have recently weighed in on the company. UBS Group raised their price target on Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Jefferies Financial Group increased their price objective on Phillips 66 from $191.00 to $207.00 and gave the stock a “hold” rating in a report on Thursday, July 9th. Morgan Stanley raised their price objective on shares of Phillips 66 from $180.00 to $196.00 and gave the company an “overweight” rating in a research report on Friday, June 12th. Scotiabank lifted their target price on shares of Phillips 66 from $140.00 to $151.00 and gave the company a “sector perform” rating in a research note on Wednesday, April 22nd. Finally, JPMorgan Chase & Co. boosted their target price on shares of Phillips 66 from $188.00 to $202.00 in a research report on Thursday, April 30th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have issued a Hold rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $206.56.
Check Out Our Latest Research Report on Phillips 66
Phillips 66 Trading Up 2.9%
Shares of PSX stock opened at $240.50 on Tuesday. Phillips 66 has a 12 month low of $121.24 and a 12 month high of $240.67. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.57. The business’s 50 day moving average is $193.87 and its two-hundred day moving average is $176.91. The company has a market cap of $95.96 billion, a PE ratio of 13.70, a price-to-earnings-growth ratio of 0.17 and a beta of 0.68.
Phillips 66 (NYSE:PSX – Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping analysts’ consensus estimates of $7.50 by $1.91. The business had revenue of $52.04 billion during the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same period in the previous year, the company earned $2.38 earnings per share. Equities analysts predict that Phillips 66 will post 24.44 EPS for the current year.
Phillips 66 declared that its Board of Directors has approved a stock buyback program on Friday, July 31st that allows the company to repurchase $10.00 billion in outstanding shares. This repurchase authorization allows the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s leadership believes its stock is undervalued.
Phillips 66 Dividend Announcement
The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Shareholders of record on Tuesday, August 18th will be given a dividend of $1.27 per share. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 dividend on an annualized basis and a yield of 2.1%. Phillips 66’s payout ratio is currently 28.95%.
Phillips 66 Company Profile
(Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX – Free Report).
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BlackRock Inc. bought a new position in shares of Phillips 66 (NYSE:PSX – Free Report) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm bought 34,112,861 shares of the oil and gas company’s stock, valued at approximately $5,766,779,000. BlackRock Inc. owned 8.51% of Phillips 66 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also recently modified their holdings of the company. Brighton Jones LLC increased its holdings in Phillips 66 by 238.5% during the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock worth $1,166,000 after purchasing an additional 7,214 shares during the period. Woodline Partners LP grew its holdings in Phillips 66 by 40.7% during the 1st quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock worth $4,308,000 after acquiring an additional 10,089 shares in the last quarter. Sei Investments Co. grew its holdings in Phillips 66 by 28.3% during the 2nd quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock worth $18,788,000 after acquiring an additional 34,698 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in Phillips 66 by 9.1% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock valued at $41,359,000 after purchasing an additional 28,988 shares during the period. Finally, Glenview Trust co increased its position in Phillips 66 by 2.6% during the 2nd quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock valued at $1,068,000 after purchasing an additional 229 shares during the period. Hedge funds and other institutional investors own 76.93% of the company’s stock.
Phillips 66 Trading Up 2.9%
Shares of NYSE:PSX opened at $240.50 on Tuesday. The business’s 50-day moving average is $193.87 and its 200 day moving average is $176.91. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. Phillips 66 has a 1 year low of $121.24 and a 1 year high of $240.67. The firm has a market capitalization of $95.96 billion, a P/E ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68.
Phillips 66 (NYSE:PSX – Get Free Report) last issued its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.The business had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. During the same quarter last year, the company earned $2.38 earnings per share. On average, research analysts predict that Phillips 66 will post 24.44 earnings per share for the current fiscal year.
Phillips 66 announced that its Board of Directors has authorized a share repurchase plan on Friday, July 31st that authorizes the company to buyback $10.00 billion in outstanding shares. This buyback authorization authorizes the oil and gas company to purchase up to 11.8% of its shares through open market purchases. Shares buyback plans are usually a sign that the company’s board of directors believes its shares are undervalued.
Phillips 66 Announces Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be given a $1.27 dividend. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is presently 28.95%.
Insider Activity at Phillips 66
In related news, EVP Vanessa Allen Sutherland sold 3,523 shares of Phillips 66 stock in a transaction that occurred on Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total value of $743,529.15. Following the completion of the sale, the executive vice president directly owned 27,537 shares in the company, valued at $5,811,683.85. This trade represents a 11.34% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the business’s stock in a transaction that occurred on Thursday, July 9th. The stock was sold at an average price of $190.03, for a total transaction of $2,094,320.63. Following the sale, the chief financial officer directly owned 97,376 shares in the company, valued at approximately $18,504,361.28. This represents a 10.17% decrease in their position. The SEC filing for this sale provides additional information. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Insiders have sold 100,507 shares of company stock valued at $21,770,810 over the last 90 days. Company insiders own 0.40% of the company’s stock.
Analyst Ratings Changes
Several equities research analysts have recently weighed in on PSX shares. BMO Capital Markets upped their price target on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research report on Wednesday, May 13th. The Goldman Sachs Group lifted their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the company a “neutral” rating in a report on Wednesday, July 22nd. JPMorgan Chase & Co. boosted their price objective on shares of Phillips 66 from $188.00 to $202.00 in a research note on Thursday, April 30th. Raymond James Financial upped their target price on Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Finally, Argus increased their target price on Phillips 66 from $185.00 to $197.00 and gave the company a “buy” rating in a research report on Thursday, May 14th. One investment analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $206.56.
Get Our Latest Stock Analysis on Phillips 66
Phillips 66 Profile
(Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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Harbison exercised stock options at $100.44 per share and immediately sold at $223.76, capturing significant gains after Phillips 66's 88% one-year return.
AMG National Trust Bank acquired a new stake in Phillips 66 (NYSE:PSX – Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund acquired 7,148 shares of the oil and gas company’s stock, valued at approximately $1,208,000.
Several other institutional investors and hedge funds have also recently bought and sold shares of PSX. Brighton Jones LLC increased its holdings in shares of Phillips 66 by 238.5% in the 4th quarter. Brighton Jones LLC now owns 10,239 shares of the oil and gas company’s stock valued at $1,166,000 after acquiring an additional 7,214 shares during the last quarter. Woodline Partners LP lifted its stake in Phillips 66 by 40.7% during the first quarter. Woodline Partners LP now owns 34,891 shares of the oil and gas company’s stock worth $4,308,000 after purchasing an additional 10,089 shares during the last quarter. Sei Investments Co. lifted its stake in Phillips 66 by 28.3% during the second quarter. Sei Investments Co. now owns 157,455 shares of the oil and gas company’s stock worth $18,788,000 after purchasing an additional 34,698 shares during the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Phillips 66 by 9.1% in the second quarter. The Manufacturers Life Insurance Company now owns 346,679 shares of the oil and gas company’s stock worth $41,359,000 after purchasing an additional 28,988 shares during the period. Finally, Glenview Trust co boosted its holdings in Phillips 66 by 2.6% in the second quarter. Glenview Trust co now owns 8,949 shares of the oil and gas company’s stock worth $1,068,000 after purchasing an additional 229 shares during the period. Institutional investors and hedge funds own 76.93% of the company’s stock.
Analyst Ratings Changes A number of brokerages have weighed in on PSX. Piper Sandler increased their target price on shares of Phillips 66 from $208.00 to $209.00 and gave the stock a “neutral” rating in a report on Monday, August 10th. Wells Fargo & Company lifted their price target on shares of Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a report on Thursday, August 6th. Citigroup reaffirmed a “neutral” rating on shares of Phillips 66 in a research report on Thursday, August 6th. UBS Group increased their price objective on shares of Phillips 66 from $212.00 to $235.00 and gave the stock a “buy” rating in a research note on Monday, July 27th. Finally, Guggenheim raised shares of Phillips 66 to an “outperform” rating in a report on Wednesday, May 27th. One analyst has rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and eight have given a Hold rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $206.56.
Check Out Our Latest Research Report on PSX Insiders Place Their Bets In related news, EVP Richard G. Harbison sold 52,100 shares of the company’s stock in a transaction dated Wednesday, August 12th. The shares were sold at an average price of $223.76, for a total value of $11,657,896.00. Following the completion of the sale, the executive vice president owned 39,094 shares of the company’s stock, valued at $8,747,673.44. This represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction dated Tuesday, July 21st. The shares were sold at an average price of $211.05, for a total transaction of $743,529.15. Following the completion of the transaction, the executive vice president owned 27,537 shares of the company’s stock, valued at $5,811,683.85. This represents a 11.34% decrease in their position. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. In the last ninety days, insiders sold 100,507 shares of company stock worth $21,770,810. 0.40% of the stock is owned by company insiders.
Phillips 66 Stock Performance Shares of NYSE PSX opened at $240.50 on Tuesday. Phillips 66 has a 12-month low of $121.24 and a 12-month high of $240.67. The company has a market cap of $95.96 billion, a PE ratio of 13.70, a P/E/G ratio of 0.17 and a beta of 0.68. The stock has a 50 day simple moving average of $193.87 and a 200-day simple moving average of $176.91. The company has a current ratio of 1.32, a quick ratio of 1.00 and a debt-to-equity ratio of 0.57.
Phillips 66 (NYSE:PSX – Get Free Report) last posted its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating the consensus estimate of $7.50 by $1.91. The firm had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. Phillips 66 had a return on equity of 19.93% and a net margin of 4.54%.During the same period last year, the firm earned $2.38 EPS. On average, equities research analysts forecast that Phillips 66 will post 24.44 EPS for the current year.
Phillips 66 Announces Dividend The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. The ex-dividend date of this dividend is Tuesday, August 18th. This represents a $5.08 annualized dividend and a dividend yield of 2.1%. Phillips 66’s dividend payout ratio is presently 28.95%.
Phillips 66 announced that its Board of Directors has authorized a share repurchase program on Friday, July 31st that authorizes the company to repurchase $10.00 billion in shares. This repurchase authorization authorizes the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares repurchase programs are generally an indication that the company’s management believes its stock is undervalued.
Phillips 66 Company Profile (Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
Featured Stories Five stocks we like better than Phillips 66 Commodities Are Booming, But These 3 ETFs Tell Different Stories 3 Active ETFs Making Big Moves in August This ETF Is Outperforming by Avoiding the S&P 500’s Biggest Problem Birkenstock Beats the Skeptics—But Not on EPS Want to see what other hedge funds are holding PSX? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Phillips 66 (NYSE:PSX – Free Report).
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Focus Partners Advisor Solutions LLC bought a new stake in Phillips 66 (NYSE:PSX – Free Report) during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund bought 30,361 shares of the oil and gas company’s stock, valued at approximately $5,133,000.
A number of other large investors have also recently bought and sold shares of the company. MUFG Securities EMEA plc lifted its position in shares of Phillips 66 by 113.5% in the fourth quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after purchasing an additional 8,783 shares in the last quarter. Horizon Investments LLC grew its position in Phillips 66 by 478.4% in the fourth quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock valued at $8,167,000 after purchasing an additional 52,348 shares in the last quarter. Truist Financial Corp increased its stake in Phillips 66 by 1.6% in the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after buying an additional 10,585 shares during the last quarter. Fifth Third Bancorp increased its stake in Phillips 66 by 543.7% in the 1st quarter. Fifth Third Bancorp now owns 128,156 shares of the oil and gas company’s stock valued at $23,348,000 after buying an additional 108,248 shares during the last quarter. Finally, HighTower Advisors LLC increased its stake in Phillips 66 by 1.7% in the 4th quarter. HighTower Advisors LLC now owns 369,586 shares of the oil and gas company’s stock valued at $47,691,000 after buying an additional 6,058 shares during the last quarter. Institutional investors and hedge funds own 76.93% of the company’s stock.
Insiders Place Their Bets In related news, EVP Richard G. Harbison sold 52,100 shares of Phillips 66 stock in a transaction dated Wednesday, August 12th. The stock was sold at an average price of $223.76, for a total transaction of $11,657,896.00. Following the completion of the transaction, the executive vice president owned 39,094 shares in the company, valued at approximately $8,747,673.44. This trade represents a 57.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, EVP Brian Mandell sold 30,000 shares of the business’s stock in a transaction that occurred on Tuesday, August 11th. The stock was sold at an average price of $215.00, for a total value of $6,450,000.00. Following the transaction, the executive vice president directly owned 61,595 shares in the company, valued at approximately $13,242,925. This trade represents a 32.75% decrease in their position. The SEC filing for this sale provides additional information. Over the last ninety days, insiders have sold 100,507 shares of company stock worth $21,770,810. Company insiders own 0.40% of the company’s stock.
Key Stories Impacting Phillips 66 Here are the key news stories impacting Phillips 66 this week:
Positive Sentiment: Takeover talks highlight strategic value. Phillips 66 and Marathon Petroleum reportedly discussed a potential combination valued at roughly $180 billion. Although the talks did not result in a deal, the discussions underscore PSX’s scale and could renew speculation about consolidation among U.S. refiners. Phillips 66 and Marathon Petroleum held takeover talks Positive Sentiment: Refining margins and shareholder returns remain supportive. Supply disruptions linked to the Iran conflict have lifted fuel margins, helping major refiners generate strong profits and increase buybacks and dividends. Phillips 66 has authorized a $10 billion repurchase program and pays a quarterly dividend of $1.27 per share. U.S. refiners ramp up buybacks as Iran war boosts fuel margins Positive Sentiment: Infrastructure expansion adds a longer-term growth angle. PSX, Kinder Morgan and HF Sinclair are advancing the approximately $5 billion Western Gateway refined-products pipeline, which is expected to improve market access and logistics flexibility. Phillips 66 and partners advance Western Gateway pipeline project Neutral Sentiment: Merger failure limits the immediate upside from consolidation. Antitrust concerns and operational complexity reportedly derailed the proposed Marathon Petroleum transaction. The outcome removes a near-term transformational catalyst, while the broader energy-sector rally and PSX’s premium valuation leave the stock more exposed to a reversal in refining margins. Reported Phillips 66 and Marathon Petroleum merger analysis Negative Sentiment: Heavy insider selling may weigh on sentiment. EVP Richard Harbison sold 52,100 shares for approximately $11.7 million, while EVP Brian Mandell sold 33,300 shares for about $7.2 million. The trades may be profit-taking after PSX’s strong rally, but they reduce insiders’ holdings and could raise short-term concerns about valuation. Richard Harbison sells Phillips 66 shares Phillips 66 Stock Performance Shares of PSX stock opened at $233.29 on Monday. The stock has a market cap of $93.09 billion, a P/E ratio of 13.29, a P/E/G ratio of 0.17 and a beta of 0.68. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.32 and a quick ratio of 1.00. The company has a fifty day moving average price of $192.72 and a two-hundred day moving average price of $176.20. Phillips 66 has a one year low of $121.24 and a one year high of $236.14.
Phillips 66 (NYSE:PSX – Get Free Report) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas company reported $9.41 EPS for the quarter, beating analysts’ consensus estimates of $7.50 by $1.91. The company had revenue of $52.04 billion during the quarter, compared to the consensus estimate of $43.60 billion. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. During the same quarter last year, the firm posted $2.38 EPS. As a group, equities analysts predict that Phillips 66 will post 24.44 EPS for the current year.
Phillips 66 declared that its board has authorized a share repurchase program on Friday, July 31st that allows the company to buyback $10.00 billion in outstanding shares. This buyback authorization allows the oil and gas company to repurchase up to 11.8% of its shares through open market purchases. Shares buyback programs are generally a sign that the company’s management believes its shares are undervalued.
Phillips 66 Dividend Announcement The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 1st. Investors of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 annualized dividend and a yield of 2.2%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is 28.95%.
Analyst Ratings Changes A number of equities analysts have recently commented on PSX shares. The Goldman Sachs Group increased their price objective on shares of Phillips 66 from $207.00 to $235.00 and gave the stock a “neutral” rating in a research note on Wednesday, July 22nd. Wall Street Zen raised Phillips 66 from a “buy” rating to a “strong-buy” rating in a research report on Sunday, July 26th. Raymond James Financial upped their target price on Phillips 66 from $218.00 to $235.00 and gave the stock an “outperform” rating in a report on Monday, July 13th. Jefferies Financial Group increased their price target on Phillips 66 from $191.00 to $207.00 and gave the company a “hold” rating in a research report on Thursday, July 9th. Finally, Wells Fargo & Company raised their price target on Phillips 66 from $201.00 to $239.00 and gave the company an “overweight” rating in a research note on Thursday, August 6th. One research analyst has rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and eight have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Phillips 66 currently has a consensus rating of “Moderate Buy” and an average price target of $206.56.
Read Our Latest Analysis on Phillips 66
Phillips 66 Profile (Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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The stock market continues to grapple with volatility amid geopolitical tensions in the Middle East and concerns about the sustainability of the AI boom. Given this uncertainty, investors looking for steady income can add dividend-paying stocks to their portfolios.
Tracking the recommendations of top Wall Street analysts can help investors pick the right dividend stocks, as these experts assign their ratings after an in-depth analysis of a company's financials and ability to pay dividends consistently.
Here are three dividend-paying stocks that are highlighted by Wall Street's top pros, as tracked by TipRanks, a platform that ranks analysts based on their past performance.
Phillips 66Downstream energy company Phillips 66 (PSX) is this week's first dividend pick. With a quarterly dividend $1.27 per share (annualized dividend of $5.08), PSX offers a yield of 2.25%. The company recently reported solid Q2 earnings, as the Middle East conflict affected global supplies and drove up refining margins.
Following the Q2 print, TD Cowen analyst Jason Gabelman reiterated a buy rating on Phillips 66 and raised his price target to $255 from $240, reflecting higher 2026 earnings expectations and lower interest expense next year.
Gabelman highlighted the quarter-over-quarter reduction in Phillips 66's net debt, noting management's optimism at achieving its estimated $15.5 billion net debt target one year ahead of schedule. The 5-star analyst expects the company to end 2026 with a net debt of $14.6 billion.
"The [balance sheet] improvement could re-establish PSX as a go-to defensive refiner," said Gabelman.
Management agreed that PSX's payout ratio lagged year-to-date, but expects buybacks to increase in the second half. Gabelman said Phillps indicated the possibility of a larger dividend hike following an annual increase of 5% over the past two years.
Gabelman ranks No. 554 among more than 12,400 analysts tracked by TipRanks. His ratings have been profitable 66% of the time, delivering an average return of 14.9%. See Phillips 66 Statistics on TipRanks.
Crescent EnergyCrescent Energy (CRGY) is an exploration and production company with activities focused in the Eagle Ford, Permian and Uinta Basins. Earlier this month, the company reported better-than-expected Q2 earnings and announced a quarterly dividend of $0.12 per share, payable on August 31. At an annualized dividend of $0.48 per share, CRGY boasts a dividend yield of about 4%.
In reaction to Q2 results, Evercore analyst Stephen Richardson reaffirmed a buy rating on Crescent Energy stock with a price target of $18. He noted continued strength in the company's performance, with second-quarter oil production and cash flow surpassing the Street's expectations.
"CRGY's cash flow exceeded expectations by 10%, reinforcing its trajectory of capital efficiency," said Richardson.
The 5-star analyst highlighted that Crescent raised its full-year oil production guidance, citing the effective integration of the Vital Energy acquisition. Specifically, Crescent tripled its synergy target from the Vital Energy deal to as much as $300 million, significantly reducing the effective purchase price. This reflects Crescent's solid execution following the acquisition, Richardson said.
Additionally, the analyst noted that Crescent's capital spending is and heading toward the lower end of management's prior guidance, indicating disciplined financial controls.
Richardson ranks No. 579 among more than 12,400 analysts tracked by TipRanks. His ratings have been successful 65% of the time, delivering an average return of 12.5%. See Crescent Energy Ownership Structure on TipRanks.
Viper EnergyFinally, Viper Energy (VNOM) is effectively controlled by Diamondback Energy. Viper owns and acquires mineral and royalty interests in oil-weighted basins, mainly the Permian in West Texas. Viper recently announced its Q2 2026 results and declared a 32% hike in its base dividend, effective in the third quarter of 2026. The new base dividend indicates a 4.5% annualized yield.
Viper also removed its quarterly commitment to return at least 75% of cash available for distribution. The company believes that this move will ensure increased flexibility to make opportunistic share repurchases and pursue accretive mergers and acquisitions.
Following the Q2 results, TD Cowen analyst Aaron Bilkoski reiterated a buy rating on Viper, slightly raising his price target to $59 from $58. Bilkoski said Viper's solid Q2 performance supports his view that the strength in oil prices and rising operator activity are driving higher production.
"Viper has delivered, and we forecast will continue to deliver, one of the highest production per share growth profiles in our royalty universe" through the end of 2027, said Bilkoski. He believes Viper deserves a premium valuation, given its above-average growth.
The 5-star analyst said that while the biggest surprise in the quarter was Viper's revision to its shareholder return framework, he doesn't believe that the move indicates a significant change to its underlying strategy. Under the new framework, a larger portion of excess free cash flow is expected to be allocated to share repurchases than to variable dividends, Bilkoski said.
Bilkoski ranks No. 719 among more than 12,400 analysts tracked by TipRanks. His ratings have been profitable 57% of the time, delivering an average return of 12%. See Viper Energy Financials on TipRanks.
Key Takeaways Phillips 66 trades at a premium valuation as strong refining margins could persist into 2027.PSX benefits from diversified midstream and chemicals operations that help limit commodity price exposure.Phillips 66 targets about $17 billion in total debt by 2026-end, while regulatory policy remains a risk. Phillips 66 (PSX - Free Report) is currently considered expensive on a relative basis, with the stock trading at a 10.25x trailing 12-month Enterprise Value to Earnings Before Interest, Taxes, Depreciation and Amortization (EV/EBITDA), which is a premium compared with the broader industry average of 5.41x. Such a premium valuation often signals strong market confidence in the company’s prospects. Valero Energy Corporation (VLO - Free Report) and Par Pacific Holdings (PARR - Free Report) , belonging to the same space, are valued at 6.85x and 3.29x, respectively.
Image Source: Zacks Investment Research
However, this elevated price necessitates a thorough assessment of the company’s fundamentals, growth potential and prevailing market conditions to check if it is justified.
PSX Expects Refining Margins to Remain StrongOn its second-quarter 2026 earnings call, PSX noted that there aren’t enough refineries or products globally right now because much refining capacity is offline and fuel inventories are low. China is also exporting less fuel than usual. This shortage helps keep refining margins, also called crack spreads, high. Management believes these shortages may take longer to resolve than in 2022, which could keep the energy major’s refining profits strong into the September quarter and potentially 2027. The broader scenario is also likely to favor other refiners like VLO and PARR.
PSX’s Resilient Business Model & Debt Reduction FocusAlthough a leading refiner, PSX, unlike most of its refining peers, has diversified its business across midstream and chemicals. Along with investing in refining operations, Phillips 66 is allocating significant capital for midstream.
Midstream business, by its very definition, is stable since the company generates stable cash flows as the assets are being utilized for the long term and is less vulnerable to commodity price volatility. Hence, having a diversified business model, PSX is insulated from commodity price volatility to a great extent.
Moreover, debt reduction remains on track, with PSX targeting roughly $17 billion of total debt by 2026-end versus almost $21 billion in the second quarter, while net debt is expected to improve from $16.5 billion to lower than $16 billion.
Image Source: Phillips 66
Should You Bet on the Stock?Investors’ strong preference for the stock is getting reflected in the price chart. In the past year, PSX has jumped 83.8%, outperforming the industry’s 81% growth. PARR and VLO have surged 175.6% and 143.1%, respectively, over the same time frame.
Image Source: Zacks Investment Research
Amid the positive developments, investors should also note that management highlighted ongoing regulatory policy risk, including the concern that after 2027, Renewable Identification Number (RIN) generation from foreign feedstocks could be cut in half. Given that RINs remain an important driver of the Renewable Fuels segment’s profitability, such a change could weigh on its earnings.
Thus, investors shouldn’t rush to bet on PSX stock, which is currently overvalued. However, those who have already invested can hold the stock, which carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Ann M. Kluppel, SVP and controller, sold 7,834 shares of Phillips 66 (PSX +0.54%) at $210.78 per share, according to an SEC Form 4 filing.
Transaction summaryMetricValueTransaction value$1.7 millionShares sold (directly held)7,834Post-transaction shares (directly held)25,401Post-transaction shares (indirectly held)3,638Transaction value based on SEC Form 4 weighted average sale price ($210.78); post-transaction value based on the August 10 market close ($215.52).
Key questionsWhat was the structural nature of this transaction?
The transaction was an exercise-and-sell event where Ann M. Kluppel exercised 7,834 stock options at strike prices of $89.05 and $100.435 per share. These shares were then sold in the open market at a weighted average price of $210.78, with execution occurring across two trading days.What is the insider's remaining equity exposure in the company?
Following these sales, the SVP and Controller retains 25,401 shares held directly and 3,638 shares held indirectly through the Phillips 66 Savings Plan. The insider also continues to hold derivative securities in the form of stock options.What financial metrics define the company at the time of these transactions?
Phillips 66, a Houston-based energy company with a market capitalization of $86.4 billion, reported trailing twelve-month revenue of $153.6 billion and net income of $7.1 billion. The stock was priced at $215.52 at the August 10 market close.Company OverviewMetricValueShare Price (as of market close 2026-08-10)$215.52Market Capitalization$86.4 billionRevenue (TTM)$153.6 billionNet Income (TTM)$7.1 billionCompany SnapshotPhillips 66 operates a diversified energy platform spanning midstream infrastructure, chemical manufacturing, petroleum refining, and marketing & specialties, generating revenue across the full value chain from crude oil transportation to refined product distribution.The company generates earnings through four primary business segments: Midstream operations managing energy commodity transportation and storage; Chemicals producing specialty chemical products; Refining converting crude oil into petroleum products; and Marketing & Specialties distributing refined products and specialty fuels to end markets.The company serves a broad customer base, including petroleum refineries, petrochemical manufacturers, transportation fuel consumers, and industrial end-users requiring specialty chemical products and energy logistics solutions.Phillips 66 is a diversified energy company headquartered in Houston, with an $86.4 billion market capitalization. The company operates an integrated business model spanning midstream logistics, chemical manufacturing, refining, and product marketing, generating $153.6 billion in TTM revenue with $7.1 billion in net income. As a vertically integrated energy infrastructure operator, Phillips 66 maintains competitive advantages through its extensive pipeline and terminal network, refining capacity, and downstream distribution capabilities.
What this transaction means for investorsKluppel exercised options struck around $89 and $100 against a stock north of $210, so this was a controller converting years-old equity at more than double the grant price, the kind of well-earned cash-in that follows a strong run rather than any warning. She kept more than 25,000 shares directly, so the position that remains dwarfs what she sold across the two days.
And to be clear, the run behind it was extraordinary. Phillips 66 posted second-quarter net income of $3.8 billion, up from $877 million a year earlier, as refining margins jumped to $24 a barrel and the company ran its plants at 96% of capacity. It cut total debt by $6.6 billion in the quarter and lifted its buyback authorization by $10 billion. Of course, refining is deeply cyclical, and margins this fat rarely hold, so much of this quarter's power came from conditions that tend to swing back.
Ultimately, that cyclicality is the real thing to weigh, not a controller's option exercise, because the same refining spreads that drove a fivefold jump in profit can compress just as fast, and this quarter almost certainly caught them near a high.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Phillips 66. The Motley Fool has a disclosure policy.
Lisa Ann Davis, a director at Phillips 66 (PSX +0.54%), reported a sale of 1,515 shares of Common Stock on August 10, according to an SEC Form 4 filing.
Transaction summaryMetricValueTransaction value~$314,711Shares sold1,515Post-transaction shares (total)7,196Post-transaction shares (directly held)1,444Post-transaction shares (indirectly held)5,752Post-transaction value~$1.6 millionTransaction value based on SEC Form 4 weighted average sale price ($207.73); post-transaction value based on the August 10 market close ($215.52).
Key questionsWhat were the execution details for this transaction?
The 1,515 shares were sold in multiple batches from a trust entity. The execution was completed at a weighted average price of $207.73, with individual trade prices ranging from $206.97 to $208.99 across different blocks of shares.How has the equity performed leading up to this disposition?
The sale was executed following a period of appreciation for the energy company, which recorded an 81% total return for the 12 months ending August 10. The transaction price of $207.73 sat below the market close of $215.52 on the same day.What is the nature of the insider's remaining direct equity position?
Following this transaction, the director's 1,444 directly held shares consist of RSUs that settle for common stock on a one-for-one basis. Davis also holds derivative securities.What is the impact of the indirect ownership structure on this trade?
The shares sold originated from a trust where Davis and her spouse are the sole beneficiaries. This specific trust reduced its position by 21% through the August 10 transaction, leaving it with 5,752 shares remaining in the portfolio.Company OverviewMetricValueShare Price (as of market close 2026-08-10)$215.52Market Capitalization$86.4 billionRevenue (TTM)$153.6 billionNet Income (TTM)$7.1 billionCompany SnapshotPhillips 66 operates a diversified energy business spanning four primary segments: Midstream, Chemicals, Refining, and Marketing & Specialties, generating revenue through the transportation, processing, manufacturing, and distribution of energy commodities and refined petroleum products.The company generates profitability through integrated operations that capture value across the energy value chain, including crude oil and feedstock transportation, refined product delivery, terminaling and storage services, and specialty chemical production.Phillips 66 serves a broad customer base, including petroleum refineries, chemical manufacturers, transportation fuel consumers, and industrial end-users requiring energy commodities and specialty chemical products.Phillips 66 is a large-scale diversified energy company with a market capitalization of $86.4 billion and TTM revenues of $153.6 billion, positioning it as a significant player in the global energy sector. The company's integrated business model across midstream infrastructure, refining, chemicals, and marketing operations provides multiple revenue streams and operational synergies. With headquarters in Houston, Phillips 66 leverages its comprehensive logistics network and manufacturing capabilities to maintain competitive advantages in energy commodity processing and distribution.
What this transaction means for investorsThe filing makes clear that this is a trust trimming a fifth of its stake after an 81% year, sold in small batches below the close, which is safely profit-taking and nothing more.
What deserves attention from long-term investors is the firm running behind the stock. Phillips 66 posted second-quarter net income of $3.8 billion, up from $877 million a year earlier as refining margins surged, and at the end of July it added $10 billion to its buyback authorization. A repurchase program that size puts a constant bid under the shares, which is a large part of why a director's trim barely registers, since the company is buying back stock far faster than insiders are selling it.
That buyback can be a real source of strength for shareholders: Refining profits swing with the cycle, and this cycle is certainly volatile, but a shrinking share count compounds in one direction, and management has signaled it intends to keep shrinking it aggressively.
Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Phillips 66. The Motley Fool has a disclosure policy.
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Stock to Watch: Phillips 66 (PSX - Free Report) Based in Houston, TX, Phillips 66 is a diversified and integrated energy company established following the 2012 spin-off of ConocoPhillips' downstream operations. As one of the world's leading refiners, Phillips 66 operates 13 refineries, primarily in the United States, with a total refining capacity of about 2.2 million barrels per day.
PSX is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. PSX has a Growth Style Score of A, forecasting year-over-year earnings growth of 272.5% for the current fiscal year.
Five analysts revised their earnings estimate higher in the last 60 days for fiscal 2026, while the Zacks Consensus Estimate has increased $5.48 to $23.99 per share. PSX also boasts an average earnings surprise of +62.6%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, PSX should be on investors' short list.
Assenagon Asset Management S.A. lowered its holdings in shares of Phillips 66 (NYSE:PSX – Free Report) by 16.8% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 231,785 shares of the oil and gas company’s stock after selling 46,874 shares during the period. Assenagon Asset Management S.A. owned approximately 0.06% of Phillips 66 worth $39,183,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors have also bought and sold shares of the company. MUFG Securities EMEA plc raised its position in shares of Phillips 66 by 113.5% in the 4th quarter. MUFG Securities EMEA plc now owns 16,518 shares of the oil and gas company’s stock worth $2,131,000 after purchasing an additional 8,783 shares during the last quarter. Massachusetts Financial Services Co. MA boosted its stake in Phillips 66 by 17.0% in the 4th quarter. Massachusetts Financial Services Co. MA now owns 1,371,804 shares of the oil and gas company’s stock worth $177,018,000 after purchasing an additional 199,646 shares in the last quarter. Horizon Investments LLC grew its position in Phillips 66 by 478.4% during the 4th quarter. Horizon Investments LLC now owns 63,290 shares of the oil and gas company’s stock valued at $8,167,000 after purchasing an additional 52,348 shares during the last quarter. LBP AM SA increased its stake in Phillips 66 by 237.8% during the 4th quarter. LBP AM SA now owns 56,380 shares of the oil and gas company’s stock valued at $7,275,000 after purchasing an additional 39,690 shares in the last quarter. Finally, Truist Financial Corp increased its stake in Phillips 66 by 1.6% during the 4th quarter. Truist Financial Corp now owns 675,084 shares of the oil and gas company’s stock valued at $87,113,000 after purchasing an additional 10,585 shares in the last quarter. Hedge funds and other institutional investors own 76.93% of the company’s stock.
Insiders Place Their Bets In other Phillips 66 news, EVP Vanessa Allen Sutherland sold 3,523 shares of the stock in a transaction dated Tuesday, July 21st. The stock was sold at an average price of $211.05, for a total value of $743,529.15. Following the transaction, the executive vice president owned 27,537 shares of the company’s stock, valued at approximately $5,811,683.85. This represents a 11.34% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, CFO Kevin J. Mitchell sold 11,021 shares of the firm’s stock in a transaction dated Thursday, July 9th. The stock was sold at an average price of $190.03, for a total value of $2,094,320.63. Following the completion of the transaction, the chief financial officer directly owned 97,376 shares in the company, valued at $18,504,361.28. The trade was a 10.17% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Over the last 90 days, insiders sold 15,707 shares of company stock worth $3,059,584. Company insiders own 0.40% of the company’s stock.
Analyst Upgrades and Downgrades PSX has been the topic of several analyst reports. BMO Capital Markets upped their target price on shares of Phillips 66 from $195.00 to $215.00 and gave the stock an “outperform” rating in a research note on Wednesday, May 13th. Mizuho upgraded shares of Phillips 66 from a “neutral” rating to an “outperform” rating and boosted their price objective for the stock from $170.00 to $212.00 in a report on Wednesday, May 27th. TD Cowen upped their price objective on Phillips 66 from $240.00 to $255.00 and gave the company a “buy” rating in a research report on Thursday. UBS Group increased their target price on Phillips 66 from $212.00 to $235.00 and gave the company a “buy” rating in a research note on Monday, July 27th. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Phillips 66 in a report on Wednesday, July 29th. One equities research analyst has rated the stock with a Strong Buy rating, twelve have issued a Buy rating and nine have assigned a Hold rating to the company. According to data from MarketBeat, Phillips 66 currently has an average rating of “Moderate Buy” and a consensus target price of $206.50.
Get Our Latest Stock Analysis on PSX
Phillips 66 Stock Down 0.7% PSX opened at $204.05 on Friday. The stock has a market capitalization of $81.42 billion, a price-to-earnings ratio of 11.63, a PEG ratio of 0.16 and a beta of 0.68. The firm has a 50 day moving average price of $188.40 and a 200-day moving average price of $172.95. Phillips 66 has a twelve month low of $118.07 and a twelve month high of $216.08. The company has a quick ratio of 0.85, a current ratio of 1.32 and a debt-to-equity ratio of 0.57.
Phillips 66 (NYSE:PSX – Get Free Report) last issued its earnings results on Wednesday, August 5th. The oil and gas company reported $9.41 earnings per share (EPS) for the quarter, topping the consensus estimate of $7.50 by $1.91. Phillips 66 had a net margin of 4.54% and a return on equity of 19.93%. The company had revenue of $52.04 billion for the quarter, compared to analysts’ expectations of $43.60 billion. During the same quarter last year, the company posted $2.38 earnings per share. Equities research analysts forecast that Phillips 66 will post 23.01 earnings per share for the current year.
Phillips 66 announced that its Board of Directors has initiated a stock repurchase plan on Friday, July 31st that allows the company to buyback $10.00 billion in shares. This buyback authorization allows the oil and gas company to purchase up to 11.8% of its stock through open market purchases. Stock buyback plans are usually a sign that the company’s management believes its stock is undervalued.
Phillips 66 Dividend Announcement The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 1st. Stockholders of record on Tuesday, August 18th will be paid a $1.27 dividend. This represents a $5.08 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date is Tuesday, August 18th. Phillips 66’s dividend payout ratio (DPR) is 28.95%.
Phillips 66 News Roundup Here are the key news stories impacting Phillips 66 this week:
Positive Sentiment: Record earnings and broad-based operating improvement: Second-quarter adjusted earnings reached approximately $3.8 billion, with net profit rising sharply as refining margins more than doubled. Refining, midstream, chemicals and marketing all contributed, while stronger execution helped the company exceed earnings expectations. Phillips 66 Profit Jumps as Refining Margins More Than Double Positive Sentiment: Favorable refining outlook: Management said tight product supply and limited refining capacity could keep margins strong through 2027, extending the period of elevated profitability. Phillips 66 sees strong refining margins continuing through 2027 Positive Sentiment: Balance-sheet and shareholder-return catalysts: Debt reduction, midstream growth and potential for enhanced capital returns are improving the investment case. TD Cowen maintained a Buy rating and raised its price target to $255 from $240, citing stronger fundamentals and a healthier balance sheet. TD Cowen raises Phillips 66 price target Neutral Sentiment: Analyst sentiment is positive but not unanimous: Brokerages collectively rate PSX a “Moderate Buy,” while a fair-value estimate increased to $207.53. However, Bank of America reiterated a Hold rating with a $213 target, indicating some analysts view much of the upside as already reflected. Phillips 66 receives Moderate Buy recommendation Negative Sentiment: Cyclical and valuation risks remain: The stock is near its 12-month high after a substantial rally, leaving investors concerned that refining margins may normalize and that current earnings could represent a peak. That caution may be limiting further gains despite the upbeat results. About Phillips 66 (Free Report)
Phillips 66 (NYSE: PSX) is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company’s principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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Refiner Stocks Are Near Record Highs—Can Iran-Driven Margins Keep Them There?Phillips 66 NYSE: PSX reported second-quarter 2026 adjusted earnings of $3.8 billion, or $9.41 per share, as higher refining margins, midstream volumes, marketing margins and renewable fuel credits lifted results. Reported earnings were also $3.8 billion, or $9.55 per share.
Chief Financial Officer Kevin Mitchell said operating cash flow excluding working capital totaled $4.3 billion during the quarter, while capital spending was $726 million. The company returned $887 million to shareholders, including $379 million in share repurchases and $508 million in dividends.
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Marathon Petroleum Is Back, But Cycles Still Matter“Our system is operating well. Our assets are well-positioned, and the market environment is constructive,” Chairman and CEO Mark Lashier said. He said the company’s transformation has made it leaner, more agile and more focused on operating improvement, capital discipline and shareholder returns.
Balance Sheet Progress and Shareholder Returns Phillips 66 ended the second quarter with total debt of $20.6 billion and net debt of $16.5 billion. Mitchell said the company expects net debt to fall below $16 billion by the end of 2026 using current consensus estimates.
3 Oil Refiners Built to Cash In on Higher Crack SpreadsThe company has targeted reducing total debt to $17 billion by year-end 2027 and returning more than 50% of net operating cash flow, excluding working capital, to shareholders. Mitchell said Phillips 66 expects to meet the debt goal ahead of schedule and plans to increase share repurchases in the second half of the year.
During the quarter, the company repaid all outstanding commercial paper and $1 billion of its March 2027 term loan. The remaining $1.25 billion on that loan was repaid in July. Phillips 66 ended the quarter with $4.1 billion in cash and $6.4 billion in committed capacity, for total committed liquidity of $10.5 billion.
In response to an analyst question, Mitchell said the company sees a net-debt level of roughly $13.5 billion to $14 billion as a potential next target, equivalent to about $15 billion of balance-sheet debt. He said management would not make uneconomic decisions to retire debt early because of the company’s debt maturity schedule.
Refining and Commercial Operations Refining earnings increased primarily because of stronger realized margins as market crack spreads rose. Lashier said the current refining environment differs from 2022, when a post-pandemic demand surge coincided with maintenance catch-up across the industry. He characterized current conditions as more of a supply shock, citing offline refining capacity and low inventories.
Phillips 66 captured 98% of its market indicator in the second quarter, supported by its commercial organization. For the third quarter, Mitchell said the company continues to expect refining capture of approximately 95%, in line with its historical guidance.
Executive Vice President of Refining Rich Harbison said the company is pursuing more than 200 operating-expense reduction initiatives and expects to achieve its target of $5.50 per barrel in annualized refining operating costs excluding turnarounds next year. Second-quarter operating costs were $5.57 per barrel.
Harbison highlighted projects at the Humber and Ferndale refineries. A low-sulfur gasoline project at Humber is expected to start next year, while a two-phase jet fuel project at Ferndale is expected to lift jet production to about 12,000 barrels per day after the second phase is completed next year.
Executive Vice President of Marketing, Commercial and Renewable Fuels Brian Mandell said commercial operations used the company’s physical footprint and logistics network to optimize feedstock and product flows. He said the company has expanded its time-charter freight fleet fourfold over the past two years, supporting roughly 40% of its asset-backed demand while building a third-party business.
Mandell also said Phillips 66 has received about 20% of Jones Act waivers issued since the current waiver took effect in March. He said the waivers, combined with the company’s freight position, improved its ability to optimize feedstock and product movements across refining, marketing and midstream operations.
Midstream Growth and Chemicals Outlook Midstream results rose on higher margins and volumes, largely reflecting the absence of first-quarter Winter Storm Fern impacts. Lashier said Phillips 66 has increased fractionation capacity to more than 1 million barrels per day over the past two years and achieved average fractionation utilization above 100%. The company also recorded LPG export volumes during the quarter.
Executive Vice President of Midstream and Chemicals Don Baldridge said the company remains on track to reach a $4.5 billion midstream EBITDA run rate by the end of 2027. He cited large expansion projects, including the Iron Mesa gas plant and the Coastal Bend NGL Pipeline Expansion, as well as lower-capital optimization opportunities throughout the system.
Baldridge said Phillips 66 expects to make a final investment decision on its Western Gateway project within about a month. If approved during the summer, the project is expected to begin supplying fuel from the Mid-Continent to the western U.S. in the latter part of 2029.
Management said it is prioritizing organic midstream projects over acquisitions. Baldridge said potential bolt-on deals would need to be highly strategic and readily scalable, while the company would consider selling non-operated assets if they were worth more to other owners.
Chemicals earnings increased as polyethylene sales prices and margins rose. Lashier said market conditions strengthened during the crisis around the Strait of Hormuz before easing, and he expects chemical margins to settle around $0.14 to $0.15 per pound, below mid-cycle levels. He also said two world-scale crackers are expected to begin contributing materially in 2027.
Renewable Fuels and Near-Term Guidance Renewable Fuels results improved on higher regulatory credit pricing and production. Mandell said the Rodeo renewable diesel facility operated at a record 106% utilization rate during the quarter and ran above nameplate capacity. He said the segment also benefited from a $47 million pre-tax mark-to-market gain carried over from the first quarter and approximately $100 million of one-time benefits, primarily tariff refunds.
Mandell said Phillips 66 updated its renewable diesel indicator to include a $0.40-per-gallon production tax credit benefit under 2026 45Z guidelines released in June. He added that regulatory-policy risks remain, including possible changes to renewable identification number generation for foreign feedstocks after next year.
For the third quarter, Phillips 66 expects global olefins and polyolefins utilization in the low 90% range and worldwide crude utilization in the mid-90% range. The company forecasts turnaround expenses of $100 million to $120 million and Corporate and Other costs of $325 million to $350 million.
About Phillips 66 (NYSE:PSX)Phillips 66 NYSE: PSX is an independent energy manufacturing and logistics company engaged primarily in refining, midstream transportation, marketing and chemicals. The company processes crude oil into transportation fuels, lubricants and other petroleum products, operates pipeline and storage infrastructure, and participates in petrochemical production through strategic investments. Phillips 66 serves commercial, industrial and retail customers and positions its operations across the value chain of the downstream energy sector.
The company's principal activities include refining crude oil into gasoline, diesel, jet fuel and feedstocks for petrochemical production; operating midstream assets such as pipelines, terminals and fractionators that move and store crude oil and natural gas liquids; and marketing and distributing fuels and lubricants through wholesale and retail channels.
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Phillips 66 (PSX - Free Report) reported $52.04 billion in revenue for the quarter ended June 2026, representing a year-over-year increase of 55.3%. EPS of $9.41 for the same period compares to $2.38 a year ago.
The reported revenue represents a surprise of +43.88% over the Zacks Consensus Estimate of $36.17 billion. With the consensus EPS estimate being $7.68, the EPS surprise was +22.53%.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
As these metrics influence top- and bottom-line performance, comparing them to the year-ago numbers and what analysts estimated helps investors project a stock's price performance more accurately.
Here is how Phillips 66 performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Refining Margins - Western/Pacific (Per Barrel): $29.65 compared to the $19.93 average estimate based on four analysts.Refining Margins - Worldwide (Per Barrel): $24.08 compared to the $23.15 average estimate based on four analysts.Refining Margins - Atlantic Basin/Europe (Per Barrel): $14.44 versus $19.77 estimated by four analysts on average.Refining Margins - Gulf Coast (Per Barrel): $24.25 versus $22.42 estimated by four analysts on average.Refining Margins - Central Corridor (Per Barrel): $29.56 versus the four-analyst average estimate of $26.35.Chemicals - CPChem Externally Marketed Sales Volumes: 5,006.00 Mlbs versus 5,432.52 Mlbs estimated by three analysts on average.Refining operations - Central Corridor - Capacity utilization (percent): 101% compared to the 95.1% average estimate based on three analysts.Refining operations - Central Corridor - Crude oil processed: 800 thousands of barrels of oil compared to the 754.31 thousands of barrels of oil average estimate based on three analysts.Refining operations - Central Corridor - Crude oil capacity: 793 thousands of barrels of oil versus 793 thousands of barrels of oil estimated by three analysts on average.Revenues and Other Income- Sales and other operating revenues: $51 billion versus $35.95 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +53.1% change.Revenues and Other Income- Equity in earnings of affiliates: $635 million versus $386.78 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +315% change.Total sales and other operating revenues- Renewable Fuels: $2.56 billion versus the two-analyst average estimate of $855.36 million. The reported number represents a year-over-year change of +58.7%.View all Key Company Metrics for Phillips 66 here>>>
Shares of Phillips 66 have returned +8.3% over the past month versus the Zacks S&P 500 composite's +2.3% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
Analyst’s Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.
Seeking Alpha's Disclosure: Past performance is no guarantee of future results. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. Any views or opinions expressed above may not reflect those of Seeking Alpha as a whole. Seeking Alpha is not a licensed securities dealer, broker or US investment adviser or investment bank. Our analysts are third party authors that include both professional investors and individual investors who may not be licensed or certified by any institute or regulatory body.
Key Takeaways Phillips 66 links refining tightness to outages, low inventories and restrained Chinese exports.Refining captured 98% of its market indicator, with 96% crude utilization and $24.08-per-barrel margins.Net debt is expected below $16 billion by year-end as buybacks rise and Midstream projects advance. Phillips 66 (PSX - Free Report) used its second-quarter 2026 earnings call to argue that tight product supply and stronger execution can sustain refining profitability.
Adjusted earnings of $9.41 per share beat the Zacks Consensus Estimate of $7.68. Revenue of $52.04 billion topped the $36.17 billion consensus. Management emphasized debt reduction, shareholder returns and organic growth.
PSX Ties Refining Strength to a Supply ShockChairman and CEO Mark Lashier told an Evercore ISI analyst that the refining environment differs from 2022. He described today’s backdrop as a supply shock and said normalization should take longer.
Executive vice president of Marketing and Commercial Brian Mandell cited refinery outages, low product inventories and restrained Chinese exports. He also cited heavy turnarounds and higher structural costs in Europe.
CFO Kevin Mitchell told a Barclays analyst that PSX still expects about 95% refining capture in the third quarter. The company guided to worldwide crude utilization in the mid-90% range and turnaround expense of $100 million to $120 million.
Phillips 66 Converts Operations Into CaptureChairman and CEO Mark Lashier said refining captured 98% of its market indicator, supported by yields and commercial execution. Phillips 66 reported 96% crude utilization, an 86% clean product yield and a realized margin of $24.08 per barrel.
Executive vice president of Refining Richard Harbison said more than 200 initiatives support the 2027 goal of $5.50 per barrel in annualized operating costs. Second-quarter costs were $5.57 per barrel.
Executive vice president of Marketing and Commercial Brian Mandell said the time-charter fleet expanded fourfold in two years and supports roughly 40% of asset-backed demand. Value-chain optimization also increased quarterly distillate production by about 35,000 barrels per day.
PSX Accelerates Debt Reduction and BuybacksCFO Kevin Mitchell said total debt ended the quarter at $20.6 billion and net debt at $16.5 billion. After a July term-loan repayment, management expects net debt below $16 billion by year-end.
Responding to a Wolfe Research analyst, Mitchell identified $13.5 billion to $14 billion as the next objective. Debt maturities will shape the pace because PSX will not retire obligations early on uneconomic terms.
Mitchell said the company remains committed to returning more than 50% of net operating cash flow, excluding working capital, to shareholders. He expects repurchases to increase in the second half while debt declines.
Phillips 66 Leans on Midstream GrowthExecutive vice president of Midstream and Chemicals Don Baldridge reaffirmed the $4.5 billion annualized Midstream EBITDA target for year-end 2027. Iron Mesa and Coastal Bend remain on time and on budget.
Baldridge told a UBS analyst that management expects a final investment decision on Western Gateway within a month. The project targets service in late 2029.
During a BMO Capital Markets exchange, Baldridge said organic projects offer the best returns and set a high bar for acquisitions. Phillips 66 has no predetermined divestiture target, though nonoperated assets remain under review.
PSX Balances Renewables Gains and Policy RiskChairman and CEO Mark Lashier said cost reductions, logistics changes and improved reliability strengthened the Rodeo renewable diesel complex. The facility ran at 106% utilization, above nameplate capacity.
Executive vice president of Marketing and Commercial Brian Mandell told a Goldman Sachs analyst that credits and diesel margins boosted results, alongside about $100 million of one-time tariff refunds and a $47 million mark-to-market gain. The updated indicator includes a 40-cent-per-gallon production tax credit benefit.
Mandell also flagged regulatory risk, including a potential reduction in renewable identification number generation for foreign feedstocks after 2027. Management continues engaging state and federal officials on long-term economics.
Phillips 66 Keeps Execution at the CenterManagement remained confident on refining fundamentals but disciplined on capital allocation. Chairman and CEO Mark Lashier emphasized operating improvement, commercial flexibility and balance sheet strength rather than dependence on the favorable market.
The company’s direction centers on structural cost reductions, organic Midstream growth, higher shareholder distributions and broader use of artificial intelligence in asset performance and maintenance.
PSX Rank and Style Scores Send Mixed Growth SignalPSX carries a Zacks Rank #2 (Buy). Its A Momentum Score and B Value and VGM Scores align with the framework’s preference for top-ranked stocks paired with A or B Style Scores, while the D Growth Score marks a weaker growth profile. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
The combination indicates favorable rank, momentum and value characteristics without strength across every style. The Zacks Rank can change as analysts revise estimates following the just-reported results.
The S&P/ASX Small Ordinaries Index (ASX) closed at 3,482.30 on Wednesday, August 5, gaining 80.50 points or 2.37%.
The index has risen 170.20 points, or 5.14%, over the past 5 trading days.
While it's still quiet for small cap newsflow, companies across the healthcare, critical minerals and gold sectors provided updates on clinical development, project advancement, metallurgical studies and corporate appointments. You can read about the following and more throughout the day.
Actinogen Medical outlines Xanamem Alzheimer’s program Actinogen Medical Ltd (ASX:ACW, OTC:ATGGF) will today present an update on the development of oral Alzheimer’s disease treatment Xanamem at the annual Bioshares Biotech Summit in Queenstown, New Zealand.
The 12-minute presentation, titled Advancing Oral Xanamem in Alzheimer’s disease, outlines the scientific rationale and clinical development pathway for Xanamem, also known as emestedastat.
Xanamem is an oral enzyme inhibitor designed to control elevated levels of cortisol, commonly referred to as the stress hormone, in the brain.
Cortisol is produced from inactive cortisone in brain tissue by the enzyme 11β-HSD1, which is the therapeutic target of Xanamem.
Actinogen said there was a strong rationale for controlling cortisol production in Alzheimer’s disease through the inhibition of 11β-HSD1.
Actinogen’s first pivotal Alzheimer’s trial, involving 247 participants, is scheduled to report final topline results in November 2026.
Askari Metals appoints company secretary and CFO Askari Metals Ltd (ASX:AS2, FRA:7ZG) has appointed Tim Slate as company secretary and chief financial officer, effective August 6, 2026.
Slate has more than 15 years of experience in accounting and company secretarial roles.
His previous work has included roles with multinational corporations, smaller Perth-based companies, ASX- and London Stock Exchange-listed entities, private businesses and high-net-worth individuals.
Mount Ridley identifies rare earth-bearing phosphate minerals Mount Ridley Mines Ltd (ASX:MRD) has completed its first automated mineralogy study on material from the Grass Patch Complex, about 25 kilometres north of the deep-water port of Esperance in Western Australia.
The TIMA study provided the first direct evidence of how rare earth elements are hosted within the deposit, information the company considers important for developing its beneficiation strategy ahead of ongoing Phase 1 metallurgical testwork.
Testing confirmed that the rare earths at Grass Patch are hosted in phosphate minerals.
Three distinct rare earth-bearing phosphate mineral groups were identified across the sample: xenotime, crandallite group phosphates and monazite-rhabdophane.
Mount Ridley said the results indicated there may be a pathway to concentrate the rare earth-bearing minerals before leaching.
Such a process could reduce the volume of material entering the Phase 1 metallurgical testwork program and potentially improve overall processing efficiency.
The phosphate minerals occur within the shallow, free-dig regolith profile characteristic of Grass Patch.
The company has fast-tracked liberation and flotation testwork to assess the potential beneficiation opportunity before undertaking further metallurgical studies.
American Tungsten & Antimony begins US operating review American Tungsten & Antimony Ltd (ASX:AT4, OTCQB:ATALF, FRA:4VZ) has begun ramp-up and expansion planning at the Del Sol Refinery in Nevada and the White Spar Antimony Mine in Arizona.
Chief executive officer Casper Adson and the Del Sol operating team have visited both sites, although the assets remain subject to completion of the acquisition announced on July 28, 2026.
Subject to the transaction completing, AT4 intends to begin restarting the Del Sol antimony flake circuit using White Spar feedstock during the September quarter of 2026.
The company plans to collect operating data from the refinery to support expansion studies and potential applications for US Government funding, including programs administered by the Defense Logistics Agency.
Requests for proposal have been issued to international engineering firms for work covering an expansion of antimony flake capacity.
The proposed studies will also examine the addition of circuits to produce Regulus II antimony metal, antimony trisulphide, sodium antimonate and ammonium paratungstate.
AT4 has also held a pre-application meeting with the Nevada Division of Environmental Protection.
The meeting was intended to confirm the requirements for a formal application to increase permitted capacity at Del Sol from 18,500 short tons of feed per year to about 100,000 short tons, while adding ammonium paratungstate production.
The company cautioned that all proposed work remains conditional on completion of the Del Sol and White Spar acquisition.
Perpetual Resources appoints US strategic adviser Perpetual Resources Ltd (ASX:PEC) has appointed Washington DC-based strategic advisory firm GreenMet Mineral Holdings Inc to support the advancement of its recently acquired Nevada Scheelite Tungsten Project.
GreenMet will assist Perpetual with engagement involving the US Government and other strategic stakeholders.
The advisory firm specialises in government engagement, strategic policy, funding programs and financing initiatives for critical minerals companies operating in the United States.
Perpetual said the appointment was intended to position Nevada Scheelite within developing US Government initiatives focused on strengthening domestic critical minerals supply chains.
The project is in Mineral County, Nevada, and provides Perpetual with exposure to tungsten, a mineral used across defence, manufacturing and industrial applications.
Albion Resources clears milestone for Gidgee drilling Albion Resources Ltd (ASX:ALB) has received approval for its Programme of Work covering the company’s maiden drilling campaign at the 100%-owned Gidgee Gold Project in Western Australia.
The approval from the Western Australian Department of Mines, Petroleum and Exploration clears a key regulatory milestone ahead of the planned program.
Initial drilling will test the high-priority German Well South gold target, with a broader campaign also planned across several newly identified gold anomalies.
Drilling is expected to begin in late August 2026, subject to the availability and mobilisation of the company’s preferred contractor.
Albion plans to release a detailed overview of the drilling program and target pipeline during the week beginning August 10, once the final program has been confirmed.
Since acquiring Gidgee, the company has completed ultrafine soil geochemistry, reinterpreted historical drilling data and undertaken geological reviews, field reconnaissance and surveys.
Albion said this work had refined its understanding of the project and helped prioritise multiple drill-ready targets within the Gum Creek Greenstone Belt.
Actinogen Medical Ltd (ASX:ACW, OTC:ATGGF) has outlined the scientific rationale supporting its lead drug candidate Xanamem® (emestedastat) as a potential treatment for Alzheimer’s disease, with results from the company’s first pivotal clinical trial expected in November 2026.
The company presented an overview of Xanamem and its development program in a 12-minute podium presentation titled Advancing Oral Xanamem in Alzheimer’s Disease at the annual Bioshares Biotech Summit in Queenstown, New Zealand.
Xanamem is an oral small-molecule inhibitor designed to control elevated levels of cortisol, commonly known as the stress hormone, in the brain.
The drug targets the enzyme 11β-hydroxysteroid dehydrogenase type 1, or 11β-HSD1, which converts inactive cortisone into active cortisol within brain tissue.
Cortisol linked to cognitive impairment Actinogen said there was a substantial body of human evidence supporting the role of excessive cortisol in cognitive decline and Alzheimer’s disease.
Exposure to therapeutic corticosteroids and conditions associated with excess cortisol, such as Cushing’s syndrome, have been linked to impaired memory, learning and problem-solving abilities, as well as psychiatric symptoms and reductions in brain tissue volume.
Elevated cortisol levels in cerebrospinal fluid have also been associated with Alzheimer’s disease and with the ApoE4 gene variant, the largest known genetic risk factor for developing the condition.
The company also highlighted genetic evidence involving 11β-HSD1. Increased expression of the enzyme has been linked to cognitive decline, while the absence of 11β-HSD1 expression appears to have a protective effect.
By inhibiting the enzyme responsible for producing cortisol in the brain, Xanamem is intended to reduce the adverse effects of excessive cortisol on cognitive function.
Previous studies show preliminary activity Xanamem has previously demonstrated preliminary clinical activity in patients with mild Alzheimer’s disease.
The drug has also produced positive effects on measures of attention and working memory in studies involving cognitively healthy older volunteers.
Actinogen is now evaluating Xanamem in a pivotal Alzheimer’s disease trial involving 247 participants.
The company expects to report final topline results from the study in November 2026.
The trial represents a key milestone for Actinogen and is designed to assess whether controlling cortisol production in the brain can slow cognitive decline and improve outcomes for people with Alzheimer’s disease.
Lumos Diagnostics CEO Doug Ward joined Steve Darling from Proactive to discuss the expanding commercial rollout of the company's FebriDx rapid diagnostic test, with deployment now underway at more than 30 U.S. urgent care sites and three additional major healthcare groups advancing through clinical and economic validation.
Together, the four priority healthcare accounts represent more than 430 potential locations and an estimated 2.6 million acute respiratory infection patient visits annually, supporting Lumos' strategy of targeting the 100 largest U.S. urgent care groups, which account for roughly 40% of all urgent care sites nationwide.
One of the company's latest customers, a leading regional urgent care provider owned by a major U.S. health system, has agreed to deploy FebriDx across its network of more than 30 clinics. Lumos estimates the network treats approximately 200,000 acute respiratory infection cases each year, where FebriDx is expected to improve respiratory triage, support antibiotic stewardship, and standardize clinical workflows.
4:20pm: Rally loses steam Wall Street wrapped up Wednesday’s session on a mixed note, with the Dow pushing to another record high as investors remained optimistic about a potential breakthrough in Iran negotiations and continued to digest a strong earnings season.
The Dow climbed 263 points, or 0.5%, to finish at 54,349, while the S&P 500 slipped 13 points, or 0.2%, to 7,724 and the Nasdaq fell 222 points, or 0.8%, to 26,363.
The S&P 500 and Dow both reached fresh all-time highs earlier in the session before momentum faded into the close, sending the broader market and technology stocks lower.
The Nasdaq’s decline marked an end to its four-day winning streak, with technology shares taking a breather after recent gains. Still, the broader market remained near record levels as investors looked ahead to more earnings reports and economic signals.
After the closing bell, investors will turn their attention to results from companies including AppLovin, SanDisk and eBay for further clues on corporate health and consumer demand.
3:45pm: Proactive news headlines First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) secured $4.84 million in non-repayable funding from the Government of Canada to support infrastructure development for its Bégin-Lamarche phosphate deposit in Quebec, including clean energy infrastructure studies and transmission line planning. Ocean Power Technologies Inc (NYSE-A:OPTT) was selected as one of six potential awardees under a $40 million Naval Oceanographic Office contract supporting high-resolution ocean-floor mapping with long-endurance unmanned surface vehicles. Custom Health Holdings Inc (TSX:CHLT) agreed to acquire Spencer Health Solutions for up to US$25 million, bringing the spencer smart medication dispenser and in-home monitoring platform in-house to strengthen its medication management solutions. Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF, FRA:1SS) partnered with F2B Services to expand revenue opportunities through LED display solutions, event technology services and AI-powered software offerings combining Nextech’s technology with F2B’s event and experiential marketing reach. Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF, FRA:9SU0) closed the final tranche of its private placement, raising total gross proceeds of $964,700 to support the company’s ongoing uranium exploration activities. Miivo AI (TSX-V:MIVO) reported growth in users, recurring revenue and product offerings in the first half of 2026 after launching three AI products focused on financial analysis, lead generation and customer insights. 2:40pm: Market movers Amgen Inc (NASDAQ:AMGN, XETRA:AMG) shares climbed after the biotechnology company reported second-quarter results that exceeded expectations, with adjusted earnings per share of $6.29 supported by higher revenue and growth across its medicine portfolio. SolarEdge Technologies shares dropped after the solar technology company issued a weaker-than-expected third-quarter outlook, with revenue guidance below analyst estimates amid continued uncertainty in US residential solar demand. Wynn Resorts Ltd (NASDAQ:WYNN) shares gained after the casino operator delivered second-quarter results above Wall Street expectations, with adjusted earnings of $1.24 per share driven by higher revenue and improved profitability. Booking Holdings Inc (NASDAQ:BKNG, XETRA:PCE1) shares advanced after the online travel company reported second-quarter results that beat forecasts, with adjusted earnings per share of $2.54, revenue of $7.35 billion, and stronger-than-expected gross bookings and room nights sold. CVS Health Corp (NYSE:CVS) reported second-quarter results that surpassed expectations, with revenue rising 7.3% year over year to $106.1 billion and adjusted earnings per share reaching $2.58, while raising its full-year earnings outlook. Ocean Power Technologies Inc (NYSE-A:OPTT) secured a potential award under a $40 million multiple-award contract supporting the Naval Oceanographic Office with high-resolution ocean-floor mapping using long-endurance unmanned surface vehicles. Shopify Inc (TSX:SH., NYSE:SHOP) shares surged after the e-commerce platform posted second-quarter revenue of $3.58 billion, up 34% year over year and above estimates, while forecasting continued double-digit growth. Custom Health Holdings Inc (TSX:CHLT) agreed to acquire Spencer Health Solutions for up to US$25 million, bringing the maker of the spencer smart medication dispenser and in-home monitoring platform under its ownership to expand its medication management capabilities. Walt Disney Co (NYSE:DIS, XETRA:WDP) reported fiscal third-quarter results that beat expectations, driven by doubled streaming profitability and record domestic theme park revenue, with adjusted earnings per share rising 28% year over year to $2.06. Uber Technologies Inc (NYSE:UBER, XETRA:UT8) shares fell after the ride-hailing company issued a third-quarter earnings outlook below some Wall Street expectations despite stronger-than-expected second-quarter gross bookings and adjusted EBITDA. Eli Lilly and Co (NYSE:LLY) shares rose after the drugmaker reported second-quarter revenue of $22.97 billion, up 48% year over year and above estimates, as strong demand for Mounjaro and Zepbound boosted sales and led the company to raise its full-year outlook. 1:20pm: Job growth cools Private-sector hiring slowed more than expected in July, with employers adding 44,000 jobs, according to ADP, missing economists' forecasts for 65,000 and marking the weakest monthly gain since January. Payroll growth also slowed from revised gains of 95,000 in June and 122,000 in May.
Despite the softer headline figure, Bill Adams, Chief US Economist at Fifth Third Commercial Bank, said broader labor market indicators remain resilient.
"While job growth was cooler in July, other data out this week mostly point to firm labor demand that can sustain decent payrolls growth in the second half of the year,” Adams said, noting job openings in the last three months registered their highest levels since January 2025. “If job growth continues at its recent pace, the unemployment rate will likely edge lower in coming months and close 2026 around 4%."
12:20pm: New highs Chris Beauchamp, Chief Market Analyst at IG, said the August rally in equities is gathering momentum, with the S&P 500 and Dow Jones Industrial Average both reaching record highs for a second straight session alongside gains in precious metals.
"The tech worries of the past month seem to have vanished in a puff of smoke, while the rest of the market takes heart from hopes of a deal to re-open Hormuz," Beauchamp commented.
"Whatever the damage to the US’ standing internationally, markets only care for now about the beneficial effect of lower oil prices, which are likely to help cool inflation and ease back the chances of Fed hikes in 2026.”
Meanwhile, gold and silver equities are seeing their best day in weeks.
"A dramatic reversal over the last week paves the way for a continued recovery in precious metals, though much depends on how Fed commentary evolves ahead of Jackson Hole later in the month," Beauchamp added.
11:10am: SpaceX has a problem SpaceX Corp (NASDAQ:SPCX) (SpaceX Corp (NASDAQ:SPCX)) did almost everything investors had asked of it in its first quarterly report as a public company, and the shares fell anyway.
Revenue of $7.8 billion for the April to June quarter came in ahead of the $6.81 billion analysts had pencilled in, and adjusted earnings before interest, tax, depreciation and amortisation of $3.5 billion beat a $2 billion consensus.
The net loss of $541 million was a fraction of the $1.9 billion forecast and a marked improvement on the $4.3 billion lost in the first quarter.
The figure that unsettled investors was capital expenditure. SpaceX spent $18.4 billion in the quarter against forecasts of roughly $13 billion, with close to $16 billion of it directed at xAI, the artificial intelligence business Elon Musk folded into the group before listing.
That follows more than $10 billion in the first quarter, and analysts now expect the full-year total to pass $45 billion.
The problem is that the spending is running well ahead of the returns, and investors want evidence that the gap eventually closes.
10am: Dow surges to new high The Dow Jones has jumped 650 points or 1.2% to 54,740 and the S&P 500 is up 0.7% to 7,790, with both indexes hitting new all-time highs.
Tech stocks are slouching a little, with the Nasdaq adding 0.35%.
Part of that is SpaceX bucking the rally, plunging 10% and wiping about $170 billion from its market value following its first results since listing.
Top risers on the S&P include Wynn Resorts, up 10%, Assurant, Newmont and Eli Lilly.
Meanwhile, reports are coming through that Iran and Oman have finalised a draft agreement aimed at resolving the dispute over shipping through the Strait of Hormuz.
The proposed deal is described as a temporary solution and remains subject to final approval from Iran's supreme leader.
Officials said it was linked to the June agreement intended to halt fighting between the US and Iran.
An agreement could also clear the way for Washington and Tehran to resume negotiations over Iran's nuclear programme.
Oil prices gave a mixed response. Brent crude remains 0.7% higher at just under $80 a barrel, while US WTI is down 0.2% at $75.60, wiping out a small earlier gain.
8.30am: ADP jobs softens US private-sector hiring slowed to 44,000 jobs in July from 98,000 in June, missing the 65,000 forecast and pointing to cooling labour demand.
The softer reading could give the Federal Reserve more scope to cut rates, weighing on Treasury yields and the dollar while supporting rate-sensitive technology and growth stocks.
Meanwhile, Dow and S&P futures have picked up a little, both up around 0.5% now.
8.10am: Dow and S&P tipped to extend highs US stock indexes are expected to climb to new record highs on Wednesday as oil prices consolidate after a sharp recent fall and investors prepare for another packed round of corporate earnings, including Eli Lilly, Disney, Uber, SanDisk and Western Digital.
Dow Jones and S&P 500 futures both were pointing 0.4% higher, extending all-time highs, while Nasdaq futures were up 0.2% as SpaceX and AMD shares fell sharply in pre-market trading.
The prior session saw record closes for the S&P and Dow as lower energy prices eased inflation concerns and revived appetite for risk.
West Texas Intermediate crude has edged up 0.4% to $76.09 a barrel in early trading, with the US oil price having fallen sharply from around $85 at the end of last week to a three-week low below $75 overnight, as hopes grow for an agreement to restore shipping through the Strait of Hormuz.
Technology sentiment cooled slightly, with AMD shares down 8.8% in pre-market trading despite forecasting third-quarter revenue ahead of consensus.
SpaceX is down 10.8% following the release of earnings overnight, the first since listing, more than reversing the previous day's gain.
As NASA confirmed that a discarded part of one of the company's rockets has crashed into the moon, market analyst Russ Mould at AJ Bell says "as visual metaphors go [just] hours after it had delivered its debut quarterly earnings feels almost too on the nose".
He said the shares fell as investors fretted about the "heavy AI spending revealed in the results", with the "significant difference between SpaceX and some of the other free spending participants in the AI arms race is that it does not yet generate meaningful levels of cash flow"
On the earnings call, CEO Elon Musk suggested Starlink could build a terrestrial mobile network to compete with the likes of T-Mobile, AT&T and Verizon.
Musk said he wants to increase computing capacity from 2GW at the end of this year to "closer to 10GW [than 5GW]" by the end of 2027, which as the FT points out would be consuming as much power as New York city in summer.
This sparked some nervousness for investors in US telecoms companies, with Verizon and AT&T down 2-3% in pre-market trading.
Musk also announced that all of SpaceX’s future AI infrastructure buildout will be fueled by Nvidia chips exclusively.
"This suggests that Musk has secured these key components for SpaceX’s AI data centres at the same time as there is a supply crunch," said Kathleen Brooks at XTB.
"Thus, a shortage of chips should not impact SpaceX, or limit its ambitions to provide AI compute for the market."
This news is good for Nvidia’s share price, which is 1.9% higher pre-market.
Thursday brings the next key test of SpaceX investor confidence as the first stock lockup expiry lands, with more than 900 million shares potentially up for sale by insiders.
Wednesday's earnings diary, however, is dominated before the bell by Eli Lilly, Disney, Shopify, Uber, CVS Health, Phillips 66 (NYSE:PSX) and Brookfield Asset Management (TSX:BAM, NYSE:BAM).
After the close, results are due from Sandisk, Western Digital, AppLovin, McKesson, MercadoLibre, DoorDash, Manulife, Motorola Solutions, Allstate, Honeywell Aerospace and MetLife.
Investors will also be chew over the ADP private payrolls report, with economists looking for employment growth of around 60,000 after 98,000 previously.
The ISM services survey will provide another reading on the resilience of the US economy as falling oil prices and inflation expectations support hopes that growth can continue without renewed price pressures.
ToplinePhillips 66 stated in its earnings call Wednesday that it has become the world's third-largest buyer of Venezuelan crude, doing so through a fleet expansion and Jones Act waivers as President Donald Trump has pressured Exxon and Chevron over increased profits fueled by the Iran war.
A general view of a Phillips 66 gas station on August 23, 2024 in Oceanside, New York.
Photo by Bruce Bennett/Getty Images
Key FactsPhillips 66 marketing chief Brian Mandell said the company’s increased purchases of Venezuelan crude is part of a strategy to build a leading position in discounted heavy grades.
The company’s surge in Venezuelan purchases has been bolstered by the Trump administration issuing waivers suspending rules around the Jones Act, a law requiring maritime goods transported between American ports to be carried on ships built and operated by Americans, with Phillips 66 receiving around 20% of all exemptions granted.
The White House is expected to extend the waiver this month, according to Reuters, as Trump has targeted Phillips 66 rivals Exxon and Chevron, saying they are “making too much money” as the Iran war has driven up crude oil prices.
Mandell also said Phillips 66’s time-charter fleet has grown fourfold in the last two years, supporting about 40% of the company’s asset-backed crude and product demand.
TangentPhillips 66 shares fell 1.7% to $202.39 on Wednesday, its lowest point in three weeks. However, the company’s stock has risen 57% since the start of the year, when it traded around $130 per share.
Key BackgroundTrump’s criticism of Exxon and Chevron comes as both companies have posted massive profits in their respective second quarters, with Chevron reporting $12 billion in quarterly net profit and Exxon reporting $14.5 billion—more than double what it posted in the same quarter last year. “They’re going to give some of that back to the public and they better cut the retail price, the consumer price,” Trump said. Gas prices in the U.S. jumped to a five-year high in May, and though the average cost for a gallon of gas has fallen to a little over $4, prices are still at levels last recorded before this year in 2022, according to GasBuddy. Phillips 66 has joined in the profits. The company reported $3.8 billion in net income in its latest quarter, an $887 million increase from the same period last year. The benchmark is also the highest quarterly profit Phillips 66 has posted since 2022, when Russia’s invasion of Ukraine sent gas prices soaring.
3:45pm: Proactive news headlines First Phosphate Corp. (CSE:PHOS, OTCQX:FRSPF, FRA:KD0, OTC:FPHOY) secured $4.84 million in non-repayable funding from the Government of Canada to support infrastructure development for its Bégin-Lamarche phosphate deposit in Quebec, including clean energy infrastructure studies and transmission line planning. Ocean Power Technologies Inc (NYSE-A:OPTT) was selected as one of six potential awardees under a $40 million Naval Oceanographic Office contract supporting high-resolution ocean-floor mapping with long-endurance unmanned surface vehicles. Custom Health Holdings Inc (TSX:CHLT) agreed to acquire Spencer Health Solutions for up to US$25 million, bringing the spencer smart medication dispenser and in-home monitoring platform in-house to strengthen its medication management solutions. Nextech3D.AI (CSE:NTAR, OTCQX:NEXCF, FRA:1SS) partnered with F2B Services to expand revenue opportunities through LED display solutions, event technology services and AI-powered software offerings combining Nextech’s technology with F2B’s event and experiential marketing reach. Standard Uranium Ltd (TSX-V:STND, OTCQB:STTDF, FRA:9SU0) closed the final tranche of its private placement, raising total gross proceeds of $964,700 to support the company’s ongoing uranium exploration activities. Miivo AI (TSX-V:MIVO) reported growth in users, recurring revenue and product offerings in the first half of 2026 after launching three AI products focused on financial analysis, lead generation and customer insights. 2:40pm: Market movers Amgen Inc (NASDAQ:AMGN, XETRA:AMG) shares climbed after the biotechnology company reported second-quarter results that exceeded expectations, with adjusted earnings per share of $6.29 supported by higher revenue and growth across its medicine portfolio. SolarEdge Technologies shares dropped after the solar technology company issued a weaker-than-expected third-quarter outlook, with revenue guidance below analyst estimates amid continued uncertainty in US residential solar demand. Wynn Resorts Ltd (NASDAQ:WYNN) shares gained after the casino operator delivered second-quarter results above Wall Street expectations, with adjusted earnings of $1.24 per share driven by higher revenue and improved profitability. Booking Holdings Inc (NASDAQ:BKNG, XETRA:PCE1) shares advanced after the online travel company reported second-quarter results that beat forecasts, with adjusted earnings per share of $2.54, revenue of $7.35 billion, and stronger-than-expected gross bookings and room nights sold. CVS Health Corp (NYSE:CVS) reported second-quarter results that surpassed expectations, with revenue rising 7.3% year over year to $106.1 billion and adjusted earnings per share reaching $2.58, while raising its full-year earnings outlook. Ocean Power Technologies Inc (NYSE-A:OPTT) secured a potential award under a $40 million multiple-award contract supporting the Naval Oceanographic Office with high-resolution ocean-floor mapping using long-endurance unmanned surface vehicles. Shopify Inc (TSX:SH., NYSE:SHOP) shares surged after the e-commerce platform posted second-quarter revenue of $3.58 billion, up 34% year over year and above estimates, while forecasting continued double-digit growth. Custom Health Holdings Inc (TSX:CHLT) agreed to acquire Spencer Health Solutions for up to US$25 million, bringing the maker of the spencer smart medication dispenser and in-home monitoring platform under its ownership to expand its medication management capabilities. Walt Disney Co (NYSE:DIS, XETRA:WDP) reported fiscal third-quarter results that beat expectations, driven by doubled streaming profitability and record domestic theme park revenue, with adjusted earnings per share rising 28% year over year to $2.06. Uber Technologies Inc (NYSE:UBER, XETRA:UT8) shares fell after the ride-hailing company issued a third-quarter earnings outlook below some Wall Street expectations despite stronger-than-expected second-quarter gross bookings and adjusted EBITDA. Eli Lilly and Co (NYSE:LLY) shares rose after the drugmaker reported second-quarter revenue of $22.97 billion, up 48% year over year and above estimates, as strong demand for Mounjaro and Zepbound boosted sales and led the company to raise its full-year outlook. 1:20pm: Job growth cools Private-sector hiring slowed more than expected in July, with employers adding 44,000 jobs, according to ADP, missing economists' forecasts for 65,000 and marking the weakest monthly gain since January. Payroll growth also slowed from revised gains of 95,000 in June and 122,000 in May.
Despite the softer headline figure, Bill Adams, Chief US Economist at Fifth Third Commercial Bank, said broader labor market indicators remain resilient.
"While job growth was cooler in July, other data out this week mostly point to firm labor demand that can sustain decent payrolls growth in the second half of the year,” Adams said, noting job openings in the last three months registered their highest levels since January 2025. “If job growth continues at its recent pace, the unemployment rate will likely edge lower in coming months and close 2026 around 4%."
12:20pm: New highs Chris Beauchamp, Chief Market Analyst at IG, said the August rally in equities is gathering momentum, with the S&P 500 and Dow Jones Industrial Average both reaching record highs for a second straight session alongside gains in precious metals.
"The tech worries of the past month seem to have vanished in a puff of smoke, while the rest of the market takes heart from hopes of a deal to re-open Hormuz," Beauchamp commented.
"Whatever the damage to the US’ standing internationally, markets only care for now about the beneficial effect of lower oil prices, which are likely to help cool inflation and ease back the chances of Fed hikes in 2026.”
Meanwhile, gold and silver equities are seeing their best day in weeks.
"A dramatic reversal over the last week paves the way for a continued recovery in precious metals, though much depends on how Fed commentary evolves ahead of Jackson Hole later in the month," Beauchamp added.
11:10am: SpaceX has a problem SpaceX Corp (NASDAQ:SPCX) (SpaceX Corp (NASDAQ:SPCX)) did almost everything investors had asked of it in its first quarterly report as a public company, and the shares fell anyway.
Revenue of $7.8 billion for the April to June quarter came in ahead of the $6.81 billion analysts had pencilled in, and adjusted earnings before interest, tax, depreciation and amortisation of $3.5 billion beat a $2 billion consensus.
The net loss of $541 million was a fraction of the $1.9 billion forecast and a marked improvement on the $4.3 billion lost in the first quarter.
The figure that unsettled investors was capital expenditure. SpaceX spent $18.4 billion in the quarter against forecasts of roughly $13 billion, with close to $16 billion of it directed at xAI, the artificial intelligence business Elon Musk folded into the group before listing.
That follows more than $10 billion in the first quarter, and analysts now expect the full-year total to pass $45 billion.
The problem is that the spending is running well ahead of the returns, and investors want evidence that the gap eventually closes.
10am: Dow surges to new high The Dow Jones has jumped 650 points or 1.2% to 54,740 and the S&P 500 is up 0.7% to 7,790, with both indexes hitting new all-time highs.
Tech stocks are slouching a little, with the Nasdaq adding 0.35%.
Part of that is SpaceX bucking the rally, plunging 10% and wiping about $170 billion from its market value following its first results since listing.
Top risers on the S&P include Wynn Resorts, up 10%, Assurant, Newmont and Eli Lilly.
Meanwhile, reports are coming through that Iran and Oman have finalised a draft agreement aimed at resolving the dispute over shipping through the Strait of Hormuz.
The proposed deal is described as a temporary solution and remains subject to final approval from Iran's supreme leader.
Officials said it was linked to the June agreement intended to halt fighting between the US and Iran.
An agreement could also clear the way for Washington and Tehran to resume negotiations over Iran's nuclear programme.
Oil prices gave a mixed response. Brent crude remains 0.7% higher at just under $80 a barrel, while US WTI is down 0.2% at $75.60, wiping out a small earlier gain.
8.30am: ADP jobs softens US private-sector hiring slowed to 44,000 jobs in July from 98,000 in June, missing the 65,000 forecast and pointing to cooling labour demand.
The softer reading could give the Federal Reserve more scope to cut rates, weighing on Treasury yields and the dollar while supporting rate-sensitive technology and growth stocks.
Meanwhile, Dow and S&P futures have picked up a little, both up around 0.5% now.
8.10am: Dow and S&P tipped to extend highs US stock indexes are expected to climb to new record highs on Wednesday as oil prices consolidate after a sharp recent fall and investors prepare for another packed round of corporate earnings, including Eli Lilly, Disney, Uber, SanDisk and Western Digital.
Dow Jones and S&P 500 futures both were pointing 0.4% higher, extending all-time highs, while Nasdaq futures were up 0.2% as SpaceX and AMD shares fell sharply in pre-market trading.
The prior session saw record closes for the S&P and Dow as lower energy prices eased inflation concerns and revived appetite for risk.
West Texas Intermediate crude has edged up 0.4% to $76.09 a barrel in early trading, with the US oil price having fallen sharply from around $85 at the end of last week to a three-week low below $75 overnight, as hopes grow for an agreement to restore shipping through the Strait of Hormuz.
Technology sentiment cooled slightly, with AMD shares down 8.8% in pre-market trading despite forecasting third-quarter revenue ahead of consensus.
SpaceX is down 10.8% following the release of earnings overnight, the first since listing, more than reversing the previous day's gain.
As NASA confirmed that a discarded part of one of the company's rockets has crashed into the moon, market analyst Russ Mould at AJ Bell says "as visual metaphors go [just] hours after it had delivered its debut quarterly earnings feels almost too on the nose".
He said the shares fell as investors fretted about the "heavy AI spending revealed in the results", with the "significant difference between SpaceX and some of the other free spending participants in the AI arms race is that it does not yet generate meaningful levels of cash flow"
On the earnings call, CEO Elon Musk suggested Starlink could build a terrestrial mobile network to compete with the likes of T-Mobile, AT&T and Verizon.
Musk said he wants to increase computing capacity from 2GW at the end of this year to "closer to 10GW [than 5GW]" by the end of 2027, which as the FT points out would be consuming as much power as New York city in summer.
This sparked some nervousness for investors in US telecoms companies, with Verizon and AT&T down 2-3% in pre-market trading.
Musk also announced that all of SpaceX’s future AI infrastructure buildout will be fueled by Nvidia chips exclusively.
"This suggests that Musk has secured these key components for SpaceX’s AI data centres at the same time as there is a supply crunch," said Kathleen Brooks at XTB.
"Thus, a shortage of chips should not impact SpaceX, or limit its ambitions to provide AI compute for the market."
This news is good for Nvidia’s share price, which is 1.9% higher pre-market.
Thursday brings the next key test of SpaceX investor confidence as the first stock lockup expiry lands, with more than 900 million shares potentially up for sale by insiders.
Wednesday's earnings diary, however, is dominated before the bell by Eli Lilly, Disney, Shopify, Uber, CVS Health, Phillips 66 (NYSE:PSX) and Brookfield Asset Management (TSX:BAM, NYSE:BAM).
After the close, results are due from Sandisk, Western Digital, AppLovin, McKesson, MercadoLibre, DoorDash, Manulife, Motorola Solutions, Allstate, Honeywell Aerospace and MetLife.
Investors will also be chew over the ADP private payrolls report, with economists looking for employment growth of around 60,000 after 98,000 previously.
The ISM services survey will provide another reading on the resilience of the US economy as falling oil prices and inflation expectations support hopes that growth can continue without renewed price pressures.
Sean Maher - VP of Investor Relations & Chief Economist
Mark Lashier - CEO & Chairman
Kevin Mitchell - Executive VP & CFO
Brian Mandell - Executive Vice President of Marketing & Commercial
Donald Baldridge - Executive Vice President of Midstream & Chemicals
Richard Harbison - Executive Vice President of Refining
Conference Call Participants
Stephen Richardson - Evercore ISI Institutional Equities, Research Division
Douglas George Blyth Leggate - Wolfe Research, LLC
Manav Gupta - UBS Investment Bank, Research Division
Justin Jenkins - Raymond James & Associates, Inc., Research Division
Arun Jayaram - JPMorgan Chase & Co, Research Division
Theresa Chen - Barclays Bank PLC, Research Division
Neil Mehta - Goldman Sachs Group, Inc., Research Division
Matthew Lovseth Blair
Joseph Laetsch - Morgan Stanley, Research Division
Jason Gabelman - TD Cowen, Research Division
Phillip Jungwirth - BMO Capital Markets Equity Research
Presentation
Operator
Welcome to the Second Quarter 2026 Phillips 66 Earnings Conference Call. My name is Hillary, and I will be your operator for today's call. [Operator Instructions] Please note that this conference is being recorded.
I will now turn the call over to Sean Maher, Vice President, Investor Relations and Chief Economist. Sean, you may begin.
Sean Maher
VP of Investor Relations & Chief Economist
Hello, everyone. Good morning, and thank you for joining Phillips 66 Second Quarter 2026 Earnings Conference Call. Participants on today's call will include Mark Lashier, Chairman and CEO; Kevin Mitchell, CFO; Don Baldridge, Midstream and Chemicals; Rich Harbison, Refining; and Brian Mandell, Marketing, Commercial and Renewable fuels. Today's presentation can be found on the Investor Relations section of the Phillips 66 website, along with supplemental financial and operating information.
Slide 2 contains our safe harbor statement. We will be making forward-looking statements during today's call. Actual results may differ materially from today's comments. Factors that
On August 5, 2026, Phillips 66 (PSX) released its 8-K filing, showcasing a robust second-quarter performance with reported earnings of $3.8 billion, or $9.55 pe
A drone view shows the Phillips 66 Partners Pasadena Terminal in Pasadena, outside of Houston, Texas, U.S., May 12, 2026. REUTERS/Shahrzad Rasekh Purchase Licensing Rights, opens new tab
CompaniesHOUSTON, Aug 5 (Reuters) - U.S. independent refiner Phillips 66 (PSX.N), opens new tab plans to operate refineries in the mid-90% range of their combined capacity in the third quarter of 2026, the company said on Wednesday during a conference call to discuss second-quarter results.
The company's refineries ran above their faceplate capacity during the second quarter, Chief Executive Mark Lashier said during the call with Wall Street analysts.
The Reuters Power Up newsletter provides everything you need to know about the global energy industry. Sign up here.
Reporting by Erwin Seba; Editing by Mark Porter
Our Standards: The Thomson Reuters Trust Principles., opens new tab
Key Takeaways Phillips 66's Q2 2026 earnings beat estimates as refining margins more than doubled to $24.08 per barrel.PSX's Midstream achieved record fractionation volumes and LPG exports, while the Dos Picos II plant ramped.Phillips 66 generated $7.26 billion in operating cash flow and returned $887 million to shareholders. Phillips 66 (PSX - Free Report) reported second-quarter 2026 adjusted earnings of $9.41 per share, up 295.4% from $2.38 per share a year ago. The bottom line beat the Zacks Consensus Estimate of $7.68 by 22.5%.
Total revenues and other income increased 56.2% to $52.04 billion from $35.52 billion a year earlier. The top line surpassed the consensus estimate of $36.17 billion by 43.9%.
The strong quarterly results were driven by higher refining margins.
The refining system achieved 96% crude capacity utilization and a clean product yield of 86%.
PSX's Refining Profit Surges on Wider MarginsRefining adjusted pre-tax income jumped to $3.09 billion from $392 million in the year-ago quarter. The segment benefited from stronger market crack spreads, favorable mark-to-market impacts and solid operating performance across the refining system.
Worldwide realized refining margins increased to $24.08 per barrel from $11.25 per barrel a year earlier. Total processed inputs averaged 2.05 million barrels per day (MMBbl/d), while turnaround expenses increased to $123 million from $53 million in the prior-year quarter. Refining adjusted EBITDA totaled $3.31 billion.
Phillips 66 Midstream Sets Volume RecordsMidstream adjusted pre-tax income increased 7.4% to $785 million. The segment’s adjusted EBITDA reached $1.05 billion, driven by higher margins and volumes following the absence of disruptions caused by Winter Storm Fern in the prior quarter.
Natural gas liquids (NGL) pipeline throughput to market averaged 943,000 barrels per day (Bbl/d), while fractionation volumes reached a record 1.02 MMBbl/d. Phillips 66 achieved record liquefied petroleum gas export volumes and brought the 220-million-cubic-feet-per-day (MMcf/d) Dos Picos II gas plant to full production.
PSX's Chemicals Results Improve on PricingChemicals adjusted pre-tax income rose sharply to $404 million from $20 million in the prior-year quarter. The improvement primarily reflected stronger margins across Chevron Phillips Chemical Company’s olefins and polyolefins operations.
Global olefins and polyolefins capacity utilization was 91% compared with 92% a year ago. The ethylene-to-high-density-polyethylene chain cash margin increased to 43.6 cents per pound from 7.4 cents per pound, providing a significant earnings tailwind despite slightly lower utilization. Chemicals adjusted EBITDA was $528 million.
Phillips 66 Marketing and Renewables ReboundMarketing and Specialties generated adjusted pre-tax income of $514 million compared with $660 million a year earlier.
Renewable Fuels posted pre-tax income of $544 million, reversing a loss of $133 million in the year-ago period. Higher regulatory-credit pricing, increased production and favorable mark-to-market impacts supported the turnaround. Renewable fuel production increased to 53,000 Bbl/d from 40,000 Bbl/d a year ago.
PSX's Cash Flow Strengthens the Balance SheetPhillips 66 generated $7.26 billion of operating cash flow. Excluding working-capital movements, operating cash flow totaled $4.32 billion. Adjusted EBITDA increased to $5.89 billion from $2.50 billion a year earlier.
As of June 30, 2026, Phillips 66 had total debt of $6.56 billion and net debt of $16.47 billion. Quarter-end liquidity included $4.10 billion of cash and $6.40 billion of committed credit capacity.
Phillips 66 Advances Growth & Shareholder ReturnsPSX returned $887 million to shareholders during the quarter. This included $508 million in dividends and $379 million in share repurchases. Capital expenditures and investments totaled $726 million, comprising $469 million of growth spending and $257 million of sustaining capital.
The company announced plans to construct the 300 MMcf/d Zeus Gas Plant in the Permian Basin and a 100,000 Bbl/d Coastal Bend NGL fractionator in Corpus Christi. CPChem also continued advancing the Golden Triangle Polymers and Ras Laffan Polymers projects, with full operations expected in 2027.
PSX’s Zacks Rank & Key PicksPhillips 66 currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks from the energy sector are PBF Energy Inc. (PBF - Free Report) , HF Sinclair Corporation (DINO - Free Report) and Cactus, Inc. (WHD - Free Report) . PBF sports a Zacks Rank #1 (Strong Buy), while DINO and WHD carry a Zacks Rank #2 (Buy) each at present. You can see the complete list of today’s Zacks Rank #1 stocks here.
PBF reported second-quarter 2026 adjusted earnings of $6.22 per share, surpassing the Zacks Consensus Estimate of $4.05 per share.
As of June 30, 2026, PBF had total debt of $1.75 billion, and cash and cash equivalents of $894.1 million.
HF Sinclair reported second-quarter 2026 adjusted earnings of $5.31 per share, topping the Zacks Consensus Estimate of $4.39 per share.
As of June 30, 2026, DINO had total debt of $2.77 billion, and cash and cash equivalents of $2.26 billion.
Cactus reported second-quarter 2026 adjusted earnings of 93 cents per share, surpassing the Zacks Consensus Estimate of 71 cents per share.
Phillips 66 (PSX - Free Report) came out with quarterly earnings of $9.41 per share, beating the Zacks Consensus Estimate of $7.68 per share. This compares to earnings of $2.38 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of +22.53%. A quarter ago, it was expected that this oil refiner would post a loss of $0.55 per share when it actually produced earnings of $0.49, delivering a surprise of +189.09%.
Over the last four quarters, the company has surpassed consensus EPS estimates four times.
Phillips 66, which belongs to the Zacks Oil and Gas - Refining and Marketing industry, posted revenues of $52.04 billion for the quarter ended June 2026, surpassing the Zacks Consensus Estimate by 43.88%. This compares to year-ago revenues of $33.52 billion. The company has topped consensus revenue estimates four times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Phillips 66 shares have added about 59.6% since the beginning of the year versus the S&P 500's gain of 13%.
What's Next for Phillips 66?While Phillips 66 has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Phillips 66 was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $7.90 on $37.11 billion in revenues for the coming quarter and $22.43 on $146.24 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Oil and Gas - Refining and Marketing is currently in the top 7% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
NextNRG Inc. (NXXT - Free Report) , another stock in the broader Zacks Oils-Energy sector, has yet to report results for the quarter ended June 2026.
This company is expected to post quarterly loss of $0.06 per share in its upcoming report, which represents a year-over-year change of +80%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
NextNRG Inc.'s revenues are expected to be $23.5 million, up 19.4% from the year-ago quarter.
For the quarter ended June 2026, Phillips 66 (PSX - Free Report) reported revenue of $52.04 billion, up 55.3% over the same period last year. EPS came in at $9.41, compared to $2.38 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $36.17 billion, representing a surprise of +43.88%. The company delivered an EPS surprise of +22.53%, with the consensus EPS estimate being $7.68.
While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Phillips 66 performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
Refining Margins - Worldwide (Per Barrel): $24.08 compared to the $23.15 average estimate based on four analysts.Refining Margins - Western/Pacific (Per Barrel): $29.65 versus $19.93 estimated by four analysts on average.Refining Margins - Central Corridor (Per Barrel): $29.56 versus $26.35 estimated by four analysts on average.Refining Margins - Gulf Coast (Per Barrel): $24.25 versus the four-analyst average estimate of $22.42.Refining Margins - Atlantic Basin/Europe (Per Barrel): $14.44 versus the four-analyst average estimate of $19.77.Refined Petroleum Products Sales - U.S. Marketing - Total - Barrels Per Day: 2115 thousands of barrels of oil per day compared to the 2027.08 thousands of barrels of oil per day average estimate based on three analysts.Total Petroleum products sales volumes: 2329 thousands of barrels of oil compared to the 2299.3 thousands of barrels of oil average estimate based on three analysts.Refined Petroleum Products Production - Gulf Coast: 596 millions of barrels of oil versus 571.67 millions of barrels of oil estimated by two analysts on average.Refined Petroleum Products Production - Central Corridor: 832 millions of barrels of oil versus the two-analyst average estimate of 779.61 millions of barrels of oil.Refined Petroleum Products Production - West Coast: 93 millions of barrels of oil versus 106.56 millions of barrels of oil estimated by two analysts on average.Revenues and Other Income- Sales and other operating revenues: $51 billion versus $35.95 billion estimated by four analysts on average. Compared to the year-ago quarter, this number represents a +53.1% change.Revenues and Other Income- Equity in earnings of affiliates: $635 million versus $386.78 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a +315% change.View all Key Company Metrics for Phillips 66 here>>>
Shares of Phillips 66 have returned +15.1% over the past month versus the Zacks S&P 500 composite's +3.5% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
