In its upcoming report, Phillips 66 (PSX) is predicted by Wall Street analysts to post quarterly earnings of $2.07 per share, reflecting an increase of 1.5% compared to the same period last year. Revenues are forecasted to be $29.92 billion, representing a year-over-year decrease of 17.3%.
Over the last 30 days, there has been an upward revision of 20% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Prior to a company's earnings announcement, it is crucial to consider revisions to earnings estimates. This serves as a significant indicator for predicting potential investor actions regarding the stock. Empirical research has consistently demonstrated a robust correlation between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
That said, let's delve into the average estimates of some Phillips 66 metrics that Wall Street analysts commonly model and monitor.
The consensus estimate for 'Sales and other operating revenues' stands at $31.24 billion. The estimate indicates a change of -12.1% from the prior-year quarter.
According to the collective judgment of analysts, 'Equity in earnings of affiliates' should come in at $315.92 million. The estimate indicates a year-over-year change of -42.5%.
The collective assessment of analysts points to an estimated 'Revenues and Other Income- Other income' of $40.03 million. The estimate suggests a change of -52.4% year over year.
The average prediction of analysts places 'Revenues- Total Refining' at $16.40 billion. The estimate points to a change of +86.6% from the year-ago quarter.
It is projected by analysts that the 'Refining operations- Gulf Coast - Crude oil capacity' will reach 529.00 thousands of barrels of oil per day. Compared to the current estimate, the company reported 529.00 thousands of barrels of oil per day in the same quarter of the previous year.
The consensus among analysts is that 'Refining operations- Atlantic Basin/Europe - Crude oil capacity' will reach 537.00 thousands of barrels of oil per day. Compared to the present estimate, the company reported 537.00 thousands of barrels of oil per day in the same quarter last year.
Analysts predict that the 'Refining operations- Atlantic Basin/Europe - Capacity utilization (percent)' will reach 92.5%. The estimate compares to the year-ago value of 93.0%.
Analysts forecast 'Refining operations- Atlantic Basin/Europe - Crude oil processed' to reach 496.72 thousands of barrels of oil per day. The estimate compares to the year-ago value of 498.00 thousands of barrels of oil per day.
Based on the collective assessment of analysts, 'Total Petroleum products sales volumes' should arrive at 2,255.45 thousands of barrels of oil per day. Compared to the current estimate, the company reported 2,294.00 thousands of barrels of oil per day in the same quarter of the previous year.
Analysts' assessment points toward 'Refining operations- West Coast - Crude oil processed' reaching 211.74 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 230.00 thousands of barrels of oil per day.
Analysts expect 'Refining operations- West Coast - Crude oil capacity' to come in at 244.00 thousands of barrels of oil per day. The estimate is in contrast to the year-ago figure of 244.00 thousands of barrels of oil per day.
The combined assessment of analysts suggests that 'Refining operations- Central Corridor - Capacity utilization (percent)' will likely reach 97.4%. Compared to the present estimate, the company reported 100.0% in the same quarter last year.
View all Key Company Metrics for Phillips 66 here>>>
Over the past month, shares of Phillips 66 have returned -2.4% versus the Zacks S&P 500 composite's +1.3% change. Currently, PSX carries a Zacks Rank #2 (Buy), suggesting that it may outperform. the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Phillips 66 (PSX): Free Stock Analysis ReportThis article originally published on Zacks Investment Research (zacks.com).
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