Phillips 66 Tops Q2 Estimates, Expects To Deliver $10B To $12B Shareholder Distribution By End Of 2024
Portfolio Pulse from Lekha Gupta
Phillips 66 (PSX) reported Q2 adjusted EPS of $3.87, beating the consensus of $3.54. Revenue of $35.74 billion also exceeded the consensus of $34.55 billion. The company returned $1.8 billion to shareholders through dividends and share repurchases in Q2. Since July 2022, the company has returned $5.4 billion to shareholders, with a target of $10 billion to $12 billion by year-end 2024. The company closed the $3.8 billion acquisition of DCP Midstream, LP in Q2. PSX shares are trading lower by 1.48% at $110.45 premarket.
August 04, 2023 | 11:19 am
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Phillips 66 reported strong Q2 results, beating estimates. The company also returned significant capital to shareholders and completed a major acquisition. Despite this, PSX shares are trading lower.
Phillips 66 reported strong Q2 results, beating estimates, and returned significant capital to shareholders. It also completed a major acquisition. However, despite these positive developments, the company's shares are trading lower, which could indicate market expectations were even higher or other market factors are at play.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100