Markets
PSX

Why Phillips 66 (PSX) Stock Is Falling Today

A pen notebook and a calculator Credit: Shutterstock photo

April 29, 2016 — 03:40 am EDT

Written by InvestorPlace->

InvestorPlace InvestorPlace - Stock Market News, Stock Advice & Trading Tips

Phillips 66 (NYSE: PSX ) posted underwhelming first-quarter results Friday.

The 10 Best Dividend Stocks: Phillips 66 (PSX)

The energy giant's earnings came in at $1.79 per share, while its earnings on an adjusted basis were 67 cents a share. This figure was considerably lower than the 87 cents a share that analysts projected.

Revenue fell year-to-year about 24% to $17.76 billion. Phillips 66's refining segment also took a sizable dip compared to the year-ago period, falling 84%.

Crude oil prices are the main factor why earnings came in below expectations last quarter.

PSX stock is down 7.1% Friday.

More From InvestorPlace

The post Why Phillips 66 (PSX) Stock Is Falling Today appeared first on InvestorPlace .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Tags

MarketsStocks
InvestorPlace
InvestorPlace is one of America’s largest, longest-standing independent financial research firms. Started over 40 years ago by a business visionary named Tom Phillips, we publish detailed research and recommendations for self-directed investors, financial advisors and money managers.
More articles by this source->

Stocks mentioned

PSX

More Related Articles

Info icon

This data feed is not available at this time.

Data is currently not available

  • •

Sign up for the TradeTalks newsletter to receive your weekly dose of trading news, trends and education. Delivered Wednesdays.