Phillips 66 (PSX), headquartered in Houston, Texas, is a leading energy manufacturing and logistics company, providing a wide range of products and services, including refining, midstream, chemicals, and marketing and specialties. With a market cap of $53.30 billion, Phillips 66 is a key player in the energy sector, recognized for its extensive operational network and commitment to safe, reliable, and sustainable energy solutions that serve both businesses and consumers across the globe.
Companies valued at around $10 billion are typically classified as "large-cap stocks," and Phillips 66 is a prime example of this. Its expansive network of refining, midstream, and chemical operations positions it as a significant player in the energy sector, providing essential products and services that power industries and meet consumer needs.
PSX shares are trading 27.8% below their 52-week high of $174.08, which they hit on Apr. 5. The stock has declined 7.6% over the past three months, underperforming the broader Nasdaq Composite ($NASX), which has marginally declined over the same time frame.
In the longer term, PSX is down 5.6% on a YTD basis. However, the shares have gained 1.2% over the past 52 weeks. In comparison, the Nasdaq has gained 17% in 2024 and rallied 27.6% over the past year.
To confirm its recent bearish trend, PSX has been trading below its 200-day moving average since early August and the 50-day moving average since early September.
Phillips 66 fell over 1% on Sep. 10 due to a 3% decline in WTI crude oil prices, which reached a 16-month low and weighed down energy stocks. In addition, on Jul. 30, Phillips 66 closed up over 4% after reporting a Q2 adjusted EPS of $2.31, surpassing the consensus estimate of $1.98.
Highlighting the contrast in performance, PSX's competitor, Marathon Petroleum Corporation (MPC), has outperformed PSX on a YTD basis, gaining 8.9% during this period.
Analysts are moderately optimistic about PSX's prospects despite the weak price performance. The stock has a consensus rating of "Moderate Buy" from 18 analysts in coverage. The mean price target of $154.44 reflects a 22.8% premium over current levels.
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