Phillips 66 ($PSX) Stock Forecast: Up 3.3% Today

What is Phillips 66?

Phillips 66 (PSX) is a diversified energy manufacturing and logistics company with operations in oil refining, midstream, chemicals, and marketing. The company is known for its stable business model and focus on midstream, renewables, and chemicals.

Why is Phillips 66 going up?

PSX stock is up 3.3% on Aug 30, 2024 15:02

• The bullish movement in PSX stock today could be attributed to the positive outlook on the company's diversified business segments, particularly in midstream, renewables, and chemicals.
• The anticipation of a potential rebound after a recent 7.2% dip following the last earnings report may have also contributed to the bullish sentiment.
• The projected growth in the Aviation Lubricants market, in which Phillips 66 is a key player, could have further boosted investor confidence in the company's future prospects.
• Overall, the combination of a stable business model, growth opportunities in key markets, and potential earnings rebound may have driven the strong bullish movement in PSX stock today.

PSX Price Chart

PSX News

Phillips 66 ( PSX ) Down 7.2% Since Last Earnings Report: Can It Rebound?

Phillips 66 (PSX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.

https://www.zacks.com/stock/news/2329056/phillips-66-psx-down-72-since-last-earnings-report-can-it-rebound

Here's Why Retain Strategy is Apt for Phillips 66 Stock Now

PSX focuses more on businesses like midstream, renewables and chemicals. This makes the company's business model more stable.

https://www.zacks.com/stock/news/2328326/heres-why-retain-strategy-is-apt-for-phillips-66-stock-now

Aviation Lubricants Market Is Set To Fly High Growth In Years To Come | ExxonMobil, Phillips 66, Centrica

The Aviation Lubricants market size is estimated to reach by USD 3.8 Billion at a CAGR of 6.4% by 2030. The Current market value is pegged at USD 1.04 Billion. PUNE, MAHARASHTRA, INDIA, August 27, 2024 /⁨EINPresswire.com⁩/ -- According to HTF …

https://airlines.einnews.com/pr_news/738647291/aviation-lubricants-market-is-set-to-fly-high-growth-in-years-to-come-exxonmobil-phillips-66-centrica

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Phillips 66 Price History

30.07.2024 - PSX Stock was up 3.3%

• The bullish movement in PSX stock today could be attributed to the positive outlook on the company's diversified business segments, particularly in midstream, renewables, and chemicals.
• The anticipation of a potential rebound after a recent 7.2% dip following the last earnings report may have also contributed to the bullish sentiment.
• The projected growth in the Aviation Lubricants market, in which Phillips 66 is a key player, could have further boosted investor confidence in the company's future prospects.
• Overall, the combination of a stable business model, growth opportunities in key markets, and potential earnings rebound may have driven the strong bullish movement in PSX stock today.

08.08.2023 - PSX Stock was up 4.8%

• Today, PSX experienced a strong bullish movement. Here's what might have caused the market movement:
• The appointment of Suresh Vaidyanathan, Vice President of Emerging Energy for Phillips 66, to the Board of Directors of NOVONIX, a battery materials and technology company. This news could have positively impacted investor confidence in the battery industry, leading to increased interest in related stocks like PSX.
• Yesterday, PSX witnessed a bearish trend, shedding 215.94 points. Today's bullish movement could be a result of a market correction following the previous day's decline. Investors might have seen an opportunity to buy stocks at a lower price, leading to increased buying activity and pushing the market higher.
• Overall positive market sentiment and investor optimism could have contributed to the bullish movement. Factors such as economic stability, favorable government policies, or positive corporate earnings reports might have influenced investors to be more optimistic about the market, leading to increased buying activity.
• It's important to note that the overall market movement can be influenced by various factors, including global economic conditions, political developments, and market speculation. Therefore, it's crucial to stay updated with the latest news and market trends to make informed investment decisions.

04.09.2023 - PSX Stock was down 5.1%

• The stock had a bearish movement despite the overall stock market gains.
• The reduction in stock holdings by Artemis Investment Management LLP during the 2nd quarter may have contributed to the bearish movement.
• The bleak Q3 performance of the energy sector, as mentioned in an article from Zacks Commentary, could have also impacted the stock negatively.
• It is possible that investors were not convinced by the latest trading session's move of +1.16% and decided to sell off their positions, leading to the bearish movement.

29.10.2023 - PSX Stock was up 5.5%

• The bullish movement of PSX can be attributed to the ongoing bull-run in the market, as the stock exchange continues to experience upward momentum.
• The sustained upward trajectory of PSX, marked by surpassing milestones like 59,000 and 60,000 points, indicates positive investor sentiment and confidence in the market.
• The focus of Phillips 66 (PSX) on businesses like midstream, renewables, and chemicals may have contributed to the stability of its business model, potentially influencing the bullish movement of PSX.
• The delay in the refill of the Strategic Petroleum Reserve, as mentioned in an article from Zero Hedge, may have indirectly impacted the market movement of PSX, as it is related to the energy sector. However, the direct correlation between the two is not explicitly mentioned in the provided articles.

07.06.2023 - PSX Stock was up 3.2%

• The stock was upgraded from a hold rating to a buy rating by StockNews.com, indicating positive sentiment and potential growth.
• Despite a slight decrease of -0.76% in the prior day, the stock rebounded and closed the most recent trading day with a gain of +0.9%.
• The company's stable business model, which includes a focus on midstream, renewables, and chemicals, may have contributed to the bullish movement.
• Overall, positive news and upgrades, along with the company's diversified business segments, likely drove the bullish market movement for Phillips 66 (PSX) today.

30.10.2023 - PSX Stock was up 5.2%

• The bullish movement in PSX today can be attributed to the following factors:
• 1. Positive outlook: The company has expressed optimism about a significant turnaround, as highlighted by Elliott Investment Management. This has likely boosted investor confidence and contributed to the bullish movement.
• 2. Constructive dialogue: Phillips 66 has emphasized its intention to engage in a "constructive dialogue" with Elliott Investment Management. This suggests a willingness to address any concerns raised by the activist investor, potentially leading to positive changes and increased shareholder value.
• 3. Board revamp: The request by Elliott Investment Management for a board revamp to improve the company's performance indicates a proactive approach towards addressing any shortcomings. This could be seen as a positive catalyst for the stock's upward movement.
• 4. Shareholder input: Phillips 66 has acknowledged the importance of shareholder perspectives and expressed a commitment to continuing a constructive dialogue. This focus on shareholder input and engagement may have instilled confidence among investors, contributing to the bullish market movement.

30.06.2024 - PSX Stock was up 5.8%

• Despite a decrease in Q2 profit, Phillips 66's stock demonstrated a significant bullish move, increasing by over 440 points.
• The company's ability to surpass market expectations in adjusted earnings likely played a role in the positive investor sentiment.
• Considerations about potential political changes that could benefit fossil fuel industries, including oil stocks like Phillips 66, might have impacted the upward trend.
• Factors such as refining turnaround expenses and elevated input costs affecting Q2 earnings may have been overshadowed by the general market confidence in the company's performance and industry prospects.

30.06.2024 - PSX Stock was up 5.2%

• The company's Q2 results surpassed revenue projections and outperformed consensus estimates for adjusted EPS, underscoring its strong financial performance.
• Strong earnings were driven by high NGL volumes and peak refining crude utilization, offsetting increased costs and expenses, which resonated positively with investors.
• Despite a year-over-year decline in Q2 profit, the company's ability to surpass adjusted earnings expectations was well-received by the market, leading to an increase in the stock price.
• Investor confidence in Phillips 66's operational efficiency and strategic positioning in the energy sector is evident from the optimistic earnings report and market response, contributing to the bullish trend in the stock price.

30.06.2024 - PSX Stock was up 5.2%

• Second-quarter earnings of Phillips 66 surpassed analyst expectations, with revenue and adjusted EPS outperforming projections.
• The company's robust midstream and chemicals earnings, along with high capacity utilization and record NGL volumes, contributed to the strong performance.
• Despite a decrease in profits compared to the previous year, investors found assurance in Phillips 66's ability to counterbalance weaker refining margins through other profitable segments.
• The market responded positively to Phillips 66's results, pushing the stock price up as investors displayed trust in the company's diversified business model and financial resilience.