Phillips 66 (PSX) shares are trading lower on Tuesday despite exceeding third-quarter earnings expectations. While the company saw strong performance in its Chemicals and Marketing & Specialties segments, weakness in refining due to lower market crack spreads weighed on overall results. This article delves into the key drivers behind the stock’s performance and highlights key investment opportunities for investors seeking exposure to the energy sector.
Phillips 66 (PSX) is set to release its quarterly earnings report on Tuesday, October 29th, 2024. Analysts anticipate an EPS of $1.72, but investors will be looking for both exceeding estimates and positive guidance for the next quarter. This article delves into Phillips 66’s past performance, analyst insights, and a comparison with its peers, highlighting key takeaways for investors.
Phillips 66 has announced the sale of its 49% stake in Coop Mineraloel AG (CMA) to its Swiss joint venture partner for $1.24 billion. The transaction, expected to close in Q1 2025, will support Phillips 66’s strategic priorities, including shareholder returns. The sale price is subject to adjustments based on the dividend amount. PSX shares are trading lower on Tuesday following the announcement.
The Pakistan Stock Exchange (PSX) reached a new milestone on Wednesday as it crossed the 72,000 mark. The KSE-100 index gained 1.37% to reach 72,335.89 points. The rally was attributed to improved economic metrics, particularly in foreign exchange reserves and inflation trajectory, which are giving rise to monetary easing expectations. Topline Securities CEO Muhammad Sohail noted that consumer inflation is expected to decrease after a record current account surplus, leading investors to believe in potential interest rate decreases in the coming months.
