Benzinga - by Avi Kapoor, Benzinga Staff Writer.
Phillips 66 (NYSE: PSX) reported better-than-expected fourth-quarter financial results on Wednesday.
Revenue of $38.74 billion exceeded the consensus of $36.50 billion. Adjusted EPS of $3.09 beat the consensus of $2.35, according to data from Benzinga Pro.
Midstream segment adjusted pre-tax income stood at $754 million, vs. $569 million in the third quarter of fiscal 2023. The Chemicals segment adjusted pre-tax income was $106 million vs. $104 million in prior quarter. Global olefins and polyolefins utilization was at 94% for the quarter.
The Refining segment adjusted pre-tax income stood at $797 million (vs. $1.74 billion in Q3), reflecting lower realized margins. Marketing and Specialties segment adjusted pre-tax income declined to $432 million from $633 million prior quarter, owing to seasonally lower domestic wholesale fuel margins.
"In the fourth quarter, our team’s operating and commercial excellence allowed us to capture value across our diversified and integrated portfolio and deliver strong earnings," said Mark Lashier, president and CEO of Phillips 66. "As we look forward, we will continue to execute our strategic priorities to deliver significant shareholder value. During 2023, we distributed well over 50% of our operating cash flow to shareholders through dividends and share repurchases. We have distributed $8.3 billion to shareholders since July 2022, on pace to achieve our $13 billion to $15 billion target by year-end 2024."
Phillips 66 shares gained 1.3% to close at $144.31 on Wednesday.
These analysts made changes to their price targets on Phillips 66 after the company reported quarterly results.
- Raymond James increased the price target on Phillips 66 from $140 to $155. Raymond James analyst Justin Jenkins maintained an Outperform rating.
- Wells Fargo increased Phillips 66 price target from $151 to $163. Wells Fargo analyst Roger Read maintained an Overweight rating.
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Latest Ratings for PSX
| Feb 2022 | RBC Capital | Maintains | Outperform | |
| Jan 2022 | Raymond James | Maintains | Outperform | |
| Jan 2022 | Raymond James | Maintains | Outperform |
View the Latest Analyst Ratings
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