Phillips 66 Gears Up For Q1 Print; These Most Accurate Analysts Revise Forecasts Ahead Of Earnings Call
Portfolio Pulse from Avi Kapoor
Phillips 66 (NYSE:PSX) is set to release its Q1 earnings on April 26, 2024, with analysts forecasting a decrease in earnings per share to $2.17 from $4.21 year-over-year and a revenue drop to $33.08 billion from $35.09 billion. The company recently raised its quarterly dividend from $1.05 to $1.15 per share. Shares fell 0.4% to $157.24 recently. Analysts from Barclays, Wells Fargo, Piper Sandler, JP Morgan, and Goldman Sachs have updated their ratings and price targets for PSX, reflecting a generally positive outlook.
April 26, 2024 | 6:48 am
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NEUTRAL IMPACT
Phillips 66 is anticipated to report lower Q1 earnings and revenue, but has increased its dividend. Analysts remain positive, adjusting price targets upwards.
The expected decrease in earnings and revenue for Phillips 66 might concern investors, but the increase in dividend and positive adjustments in analyst price targets suggest a balanced outlook. The mixed signals—lower earnings and revenue forecasts against a backdrop of dividend increase and optimistic analyst ratings—indicate a neutral short-term impact on the stock price. Analysts' high accuracy rates and the adjustments in price targets reflect confidence in the company's performance despite the forecasted dips.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100