Home
News
- 1 Phillips 66 stock price showed a bearish outlook after the company reported its second-quarter 2023 financial results.
- 2 According to the U.S. Energy Information Administration, Phillips 66 is the “fourth-largest refiner company in the U.S.”
Phillips 66 (NYSE: PSX) stock price experienced a bearish trend on its recent quarter report day while the stock was already following a bullish market trend. With more than 13% of price growth in one month, PSX stock price has plotted an upside-rising graph. Notably in the recent one month, PSX stock price rose from the trading price of nearly $95.00 to its recent closing price of $108.99.
Phillips 66 Stock Price Analysis
On August 2, 2023, Wednesday, when the independent U.S. refiner Phillips 66 reported its Q2 2023 financial results, the active bears in the market showed their dominance in the market. The stock traded in between the price range of $113.24 to $108.10 and dropped 2.78% in Wednesday’s trading session, as per the data sourced from TradingView, a web-based social network for traders.
The RSI of PSX stock was soaring upside while reaching the overbought zone. But due to the recent bearish market trend, the RSI also started falling down. Meanwhile, in the above price chart, the pre-market price of the stock also shows a slight decline in its trading price.
Moving towards the oil refining industry stocks, Phillips 66 stock noted nearly 4.88 Million of volume in one day. On the other hand, Marathon Petroleum Corp. (NYSE: MPC) which also reported its Q2 2023 financial results on August 1, 2023, Tuesday, is following Phillips 66 as MPC stock price showed nearly $4.47 Million of volume in a day.
Valero Energy Corporation (NYSE: VLO) and HF Sinclair Corp. (NYSE: DINO) further showed over 4 Million and 2 Million volumes in a day, respectively.
The Second Quarter 2023 Financial Results of Phillips 66
Phillips 66 (NYSE: PSX), an American multinational energy company, has a market cap of nearly $50.01 Billion. As per its recent Q2 2023 report, its net income is $1.70 Billion. PSX EPS for the quarter is $3.87 whereas the estimation was $3.60 which accounts for a 7.39% surprise.
The revenue for the same period amounts to $35.74 Billion despite the estimated figure of $37.66 Billion. The estimated EPS for the next quarter is $3.79, and revenue is expected to reach $38.87 Billion.
For 2022, the revenue of Phillips 66 amounted to $173.90 Billion, most of which — $112.17 Billion — came from its highest performing source at the moment, marketing and specialties.
According to Reuters, a U.K.-based multimedia news provider, the Chief Financial Officer of Phillips 66, Kevin Mitchell, said on Wednesday that “the company plans to run its refineries in the mid-90% range of their combined crude oil throughput capacity of 1.9 Million barrels per day (bpd) in the third quarter of 2023.”
Disclaimer
The views and opinions stated by the author, or any people named in this article, are for informational ideas only and do not establish financial, investment, or other advice. Investing in or trading crypto or stock comes with a risk of financial loss.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
