Phillips 66 (PSX) recently held an earnings conference for Q3 2024 leaving investors with a mixed outlook. Despite a decrease in YoY profit and a rough market performance stretching into different days, Phillips 66 managed to surpass its quarterly earnings per share (EPS) expectations by $0.36. This was supported by their ongoing plans to exceed $3 billion in asset sales, indicating a strategic shift in the company's operational focus.
Mutual Advisors and New York State Teachers Retirement System reduced their positions, with the New York State Common Retirement Fund selling 54,600 shares. On the other hand, Elliot Management has put activist pressure on the company.
The mismatch between the company's strong financial performance and its stock performance has caused investors to postulate that the market might have Phillips 66 undervalued by up to 44%. The company's intention to cease operations at its Los Angeles-area refinery amid some policy changes may also be a factor in this scenario.
Facing a Q3 profit fall due to weak fuel demand, a global refining shortage projected by the CEO next year could potentially turn the tables. With a consistent dividend growth and a 3.4% yield, Phillips 66 remains attractive to investors.
Phillips 66 PSX News Analytics from Wed, 01 May 2024 07:00:00 GMT to Sat, 02 Nov 2024 10:52:36 GMT - Rating 0 - Innovation 2 - Information 7 - Rumor -3
