Phillips 66 Posts Strong Q3 Results With Marketing, Chemicals Driving Gains
Portfolio Pulse from Lekha Gupta
Phillips 66 reported strong Q3 FY24 results with significant gains in its Marketing and Chemicals segments, despite a decline in its Midstream and Refining segments. The company's adjusted EPS exceeded expectations, and it continues to make progress on its share repurchase and dividend distribution targets. Investors can gain exposure to Phillips 66 through ETFs like iShares U.S. Oil & Gas Exploration & Production ETF and VanEck Oil Refiners ETF.
October 29, 2024 | 2:40 pm
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NEUTRAL IMPACT
VanEck Oil Refiners ETF, which includes Phillips 66, may see neutral impact as Phillips 66's strong Q3 results are offset by weaker Midstream and Refining segments.
Phillips 66 is a component of CRAK, and its mixed results may lead to a neutral impact on the ETF. The strong performance in some segments is balanced by weaker results in others.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
iShares U.S. Oil & Gas Exploration & Production ETF, which includes Phillips 66, may experience a neutral impact due to mixed results from Phillips 66's Q3 performance.
Phillips 66's mixed Q3 results, with strong Marketing and Chemicals but weaker Midstream and Refining, may lead to a neutral impact on IEO, which includes Phillips 66.
CONFIDENCE 80
IMPORTANCE 60
RELEVANCE 50
NEUTRAL IMPACT
Phillips 66 reported strong Q3 results with notable performance in Marketing and Chemicals segments, but shares are down 1.75% due to weaker Midstream and Refining results.
Despite strong overall Q3 results and beating EPS expectations, the decline in Midstream and Refining segments likely contributed to the share price drop. The market may have already priced in the positive aspects, focusing instead on the weaker segments.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100