Why Phillips 66 (PSX) Could Be Positioned for a Surge
Phillips 66 PSX is a diversified energy manufacturing and logistics company that could be an interesting play for investors. That is because, not only does the stock have decent short-term momentum, but it is seeing solid activity on the earnings estimate revision front as well.
These positive earnings estimate revisions suggest that analysts are becoming more optimistic on PSX’s earnings for the coming quarter and year. In fact, consensus estimates have moved sharply higher for both of these time frames over the past four weeks, suggesting that Phillips 66 could be a solid choice for investors.
Current Quarter Estimates for PSX
In the past 30 days, six estimates have gone higher for Phillips 66 while none has gone lower in the same time period. The trend has been pretty favorable too, with estimates increasing from $1.78 a share 30 days ago, to $2.21 today, a move of 19.5%.
Current Year Estimates for PSX
Meanwhile, Phillips 66’s current year figures are also looking quite promising, with nine estimates moving higher in the past month, compared to none lower. The consensus estimate trend has also seen a boost for this time frame, increasing from $7.63 per share 30 days ago to $8.72 per share today, an increase of 14.3%.
Phillips 66 Price and Consensus
The stock has also started to move higher lately, adding 12.3% over the past four weeks, suggesting that investors are starting to take note of this impressive story. So, investors may want to consider this Zacks Rank #2 (Buy) stock to profit in the near future. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
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