Phillips 66 said on Monday that its first-quarter results were hit by nearly $900 million in pre-tax mark-to-market losses, as a sharp rise in commodity prices weighed on the refiner.
Phillips 66 (PSX) is upgraded to Strong Buy, benefiting from surging diesel and chemical margins due to the war-on-Iran and Strait of Hormuz closure. PSX's heavy crude refining capacity and recent WRB Refining acquisition position it to capitalize on high diesel prices and discounted Canadian heavy feedstock. Asian chemical supply disruptions are boosting CPChem's U.S. operations, with polypropylene prices up 35% since March, supporting PSX's chemicals recovery.
Phillips 66 (PSX) has an impressive earnings surprise history and currently possesses the right combination of the two key ingredients for a likely beat in its next quarterly report.
In the most recent trading session, Phillips 66 (PSX) closed at $175.64, indicating a -3.59% shift from the previous trading day.
Phillips 66 (PSX) concluded the recent trading session at $184.01, signifying a +1.5% move from its prior day's close.
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Phillips 66 (PSX) closed at $175.47 in the latest trading session, marking a -1.61% move from the prior day.
Phillips 66 (PSX) saw its shares surge in the last session with trading volume being higher than average. The latest trend in earnings estimate revisions could translate into further price increase in the near term.
Aquatic Capital Management LLC acquired a new stake in Phillips 66 (NYSE: PSX) during the third quarter, according to its most recent filing with the Securities and Exchange Commission. The firm acquired 73,971 shares of the oil and gas company's stock, valued at approximately $10,062,000. Several other large investors have also added to
Phillips 66 (PSX) concluded the recent trading session at $174.09, signifying a +2.71% move from its prior day's close.