Phillips 66 (PSX) has risen sharply, recording gains of 3.53% in the past 4 weeks. However, the stock has corrected -0.96% in the past 1 week, providing a good buying opportunity on dips. On a relative basis, the stock has outperformed the S&P 500 by 3.13% in the past 4 weeks, but has underperformed the S&P 500 in the past 1 week.
Phillips 66 is up 1% in the last 3-month period. Year-to-Date the stock performance stands at -2.31%. The stock has recorded a 20-day Moving Average of 2.05% and the 50-Day Moving Average is 1.52%.
Phillips 66 (NYSE:PSX): During Fridays trading session, Bulls were in full control of the stock right from the opening. The stock opened at $77.63 and $77.51 proved to be the low of the day. Continuous buying at higher levels pushed the stock towards an intraday high of $78.69. The buying momentum continued till the end and the stock did not give up its gains. It closed at $78.05, notching a gain of 0.13% for the day. The total traded volume was 2,400,507 . The stock had closed at $77.95 on the previous day.
Also, Major Brokerage house, Cowen & Company upgrades its ratings on Phillips 66 (NYSE:PSX). According to the latest information available, the shares are now rated Outperform by the analysts at the agency. Previously, the analysts had a Market Perform rating on the shares. The rating by the firm was issued on August 3, 2016.
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining and marketing and specialties businesses. The Company operates its business through four segments: midstream, chemicals, refining and marketing and specialties. It gathers, processes, transports and markets natural gas, and transports, fractionates and markets natural gas liquids (NGL) in the United States. The Chemical segment manufactures and markets petrochemicals and plastics. The Chemicals segment consists of its 50% equity investment in Chevron Phillips Chemical Company LLC (CPChem). The refining segment buys, sells and refines crude oil and other feedstocks into petroleum products (such as gasolines, distillates and aviation fuels) at 14 refineries, mainly in the United States and Europe. The Marketing and Specialties segment purchases for resale and markets refined petroleum products (such as gasolines, distillates and aviation fuels), mainly in the United States and Europe.