Before the stock market kicked off in the United States today (Wednesday) energy and logistics manufacturing company Phillips 66 (NYSE:PSX) announced its results for its third quarter earnings. The revenue for Phillips 66 (NYSE:PSX) missed estimates of $48.36 and was recorded at $41.05 billion with Earnings per Share or EPS of $2.02, which beat analysts’ estimates of $1.75 EPS. This year’s revenue was less than last year’s third quarter figure of $44.20; whereas this year’s EPS was more than last year’s third quarter EPS of $0.87.

Phillips 66 (NYSE:PSX) hopes to make the most of North America’s increased production by holding on to any growth opportunity it finds. To achieve its objectives the company teamed up with North Dakota production area of Three Forks, Bakken Energy Transfer Crude Oil Pipeline and Dakota Access Pipeline. Commercial operation of these joint ventures will commence in 2016’s fourth quarter.

Phillips 66 (NYSE:PSX) also purchased 500 more rail cars for the Ferndale Refinery and Bayway Refinery. The company has chose North Dakota for constructing its facility for rail-load; this facility will give Phillips 66 (NYSE:PSX) a capacity of 200,000 barrels/day. This will allow the company to have more Bakken crude oil access.

According to Chief Executive Officer and Chairman of Phillips 66 (NYSE:PSX) company’s operations during its third quarter did well with strong marketing and refining businesses margins. Even though there was an uncertain downtime, but Phillips 66’s (NYSE:PSX) earnings were good enough and did not suffer much. He further said that with recently announced Energy Trasnfer Crude Oil Pipeline and Dakota Access Pipeline the company will have more integration with its Beaumont Terminal. He also said that company’s strategy for midstream growth was being executed with great pace.

Here is a snapshot of Phillips 66’s (NYSE:PSX) third quarter results;

Adjusted earnings for the quarter as compared to last year’s third quarter were reported as follows;

• 22% dip in midstream, which came to $115 million this year
• 14% jump in chemicals, which was recorded to be $299 million
• From last year’s $30 million loss, refining was recorded at $558 million this year
• 1.5% jump up in Specialties and Marketing, which was recorded to be $259 million

 

On the 13^th of October Barclays retreated the Overweight rating of the Phillips 66 (NYSE:PSX) stock with a price target between $109 and $100. On the 8^th of October Deutsche Bank started to cover the company’s stock and gave it a rating of Hold with a $99 price target. Phillips 66’s (NYSE:PSX) stock’s current consensus price target stands at $93.36.

Phillips 66 (NYSE:PSX) opened its today’s trading session with a 1% dip as compared to yesterday’s value of $78.56; after almost three hours into the trading session the stock took a dip by -0.61% and landed at a value of $77.06. The stock’s range over 52 weeks has been between 63.05 and 87.98; whereas its total market cap is 43.08B. Phillips 66’s (NYSE:PSX) inst. ownership is 72%. The stock closed at a value of $77.53 on Tuesday (yesterday).

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