Simply

Billion

<ul class="list-ic vertical"> 
 <li> <span>1</span> <a>Phillips 66 will be dropping the Q2 earnings results on August 2, 2023.&nbsp;</a> </li> 
 <li> <span>2</span> <a>PSX stock price rallied 22% in over a month prior to the earnings and continues an uptrend.&nbsp;</a> </li> 
</ul> 
<p>The energy sector is among those with a high influence on geopolitical and macroeconomic conditions. The cost of most energy elements from crude to petroleum depends on and effects of these circumstances. Companies like Philips 66, however, set off performance losses given their diversification like midstream operations, etc.&nbsp;</p> 
<p>American multinational energy company, Phillips 66 (NYSE: PSX) will be releasing second-quarter earnings on August 2, 2023. Given the company’s performance as a crucial factor, the company’s earnings are expected to bring value to the table.&nbsp;</p> 
<p>Phillips 66 reported positive earnings for the previous quarter with revenue and earnings both beating the expectations. The energy company posted $35.09 Billion in revenue with earnings per share (EPS) of $4.21.&nbsp;</p> 
<p>For the second quarter of 2023, ending in June 2023, the company is expected to report revenue of $37.6 Billion and EPS of $3.56.&nbsp;</p> 
<h1 class="wp-block-heading" id="strong-numbers-in-favor-of-phillips-66-strong"><strong>Numbers in Favor of Phillips 66</strong></h1> 
<p>In terms of financials, the company stands in a considerable position. The current ratio is at 1.54, the quick ratio is 1.17, the debt-to-equity ratio is 0.51 and the price-to-equity (PE) ratio is at 4.14. The company is up to reimburse the dividend of $1.05 per share as well.&nbsp;</p> 
<p>Most of the Phillips 66 shareholdings belong to the institutions. A significant chunk of over 72% of stakes in the Texas-based company is held by institutional investors, according to the Simply Wall Street data. While the general public or retail investors have 27% of the shares to purchase.&nbsp;</p> 
<p>The involvement of institutions in a company equates to stability and less volatility in the stock price. PSX stock price has the capacity to capture the movement in volume.&nbsp;</p> 
<p><a href="https://www.thecoinrepublic.com/2023/07/26/jpm-stock-price-prediction-will-jp-morgan-stock-price-sustain/" rel="noopener noreferrer nofollow">JPMorgan Chase &amp; Co</a>. reported to increase the price target for Phillips 66 <a href="https://www.thecoinrepublic.com/2023/06/29/oxy-stock-stands-still-despite-berkshire-hathaways-25-stake/" rel="noopener noreferrer nofollow">stock</a> from $112 to $120 with an “overweight” stock rating. Morgan Stanely set the price target at $125 and an “equal weight” stock rating recently. However, the PSX stock price target witnessed a cut from the Goldman Sachs Group from $124 to $119.&nbsp;</p> 
<h2 class="wp-block-heading" id="strong-phillips-66-psx-stock-price-movement-strong"><strong>Phillips 66 (PSX) Stock Price Movement</strong></h2> 
<p>Currently, the PSX stock price is trading at $108.89 following the slight drop of 0.6% in the last intraday session on Thursday, July 27, 2023. For the most part of this year, the stock traded without setting a course but it changed in June end after an up move. The stock gained up to 20% in the previous month with over 11% in the last ten days.&nbsp;</p> 
<p>Phillips stock took support at $90 before it started moving upside and an immediate support stall at $98. A golden crossover between 50-day and 200-day moving averages was seen at this price level. For PSX stock, the next hurdle awaits at $113, the 52-week high of the stock price.&nbsp;</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large is-resized"> 
  <img decoding="async" loading="lazy" src="https://www.thecoinrepublic.com/wp-content/uploads/2023/07/image-196-1024x528.png" alt="Phillips 66 Stock En-Route to $113—52week High Expected for PSX" class="wp-image-154770" width="1120" height="578" srcset="https://www.thecoinrepublic.com/wp-content/uploads/2023/07/image-196-1024x528.png 1024w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/image-196-300x155.png 300w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/image-196-768x396.png 768w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/image-196-1536x793.png 1536w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/image-196-750x387.png 750w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/image-196-1140x588.png 1140w, https://www.thecoinrepublic.com/wp-content/uploads/2023/07/image-196.png 1564w" sizes="(max-width: 1120px) 100vw, 1120px"> 
  <figcaption class="wp-element-caption">
    source : Phillips 66 (NYSE: PSX) Stock Price Movement on <a href="https://www.tradingview.com/x/B3Vhk6ri/" target="_blank" rel="noopener noreferrer nofollow">TradingView</a> 
  </figcaption> 
 </figure> 
</div> 
<p>PSX stock is above both the moving averages as the 50-day EMA is at $99.5 and 200-day EMA is at $97.82. RSI is at 72 indicating the price to enter into an oversold zone and a short retracement could be seen down the line. The MACD curve is moving upside showcasing the continued uptrend in price.&nbsp;</p> 
<h5 class="wp-block-heading"><strong>Disclaimer</strong></h5> 
<p>The views and opinions stated by the author, or any people named in this article, are for informational purposes only and do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss.</p>

Phillips 66 Stock En-Route to $113—52week High Expected for PSX

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