Phillips 66: Turnaround Still Very Much A Work In Progress [Seeking Alpha]
Phillips 66 (PSX)
Last phillips 66 earnings: 5/1 07:00 am
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Source: Seeking Alpha
It always seems to be something with PSX's Refining Segment. Despite running at a 92% utilization rate in Q1, refining once again severely underperformed with poor market capture. However, this time there were rational and understandable reasons, and PSX appears well positioned heading into the summer driving season. On the Q1 conference call, management said the company was on track to achieve its target to increase the refining margin by $1/bbl. Earlier in April, PSX raised its quarterly dividend by 10%. The company also announced the planned divestiture of its Jet-branded retail stations in Germany and Austria. After what was arguably an Elliot Management-fueled rally, Phillips 66 ( NYSE: PSX ) shareholders got a big dose of reality Friday after Q1 earnings disappointed, and the stock closed down $5.83/share, or 3.7% (see graphic below). Once again, it was Refining Segment results that came Recommended For You Recommended For You About PSX Stock More on PSX Relat
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News
- Permian student awarded Phillips 66 scholarship [Yahoo! Finance]Yahoo! Finance
- The Zacks Analyst Blog Highlights Murphy USA, Targa Resources, Cenovus Energy and Phillips 66 [Yahoo! Finance]Yahoo! Finance
- King Fuels Announces Strategic Expansion of Its Fuel Distribution Network in Texas, Colorado, Kansas, and Missouri [Yahoo! Finance]Yahoo! Finance
- Taxation, Subsidies Or Free Markets: How To Drive The Hydrogen Economy Forward? [Forbes]Forbes
- Phillips 66 (NYSE: PSX) had its price target lowered by analysts at Piper Sandler from $187.00 to $170.00. They now have an "overweight" rating on the stock.MarketBeat
PSX
Earnings
- 4/26/24 - Miss
PSX
Sec Filings
- 5/2/24 - Form 4
- 4/30/24 - Form 8-K
- 4/29/24 - Form 10-Q
- PSX's page on the SEC website