Phillips 66 (PSX) delivered earnings and revenue surprises of -7.83% and 19.26%, respectively, for the quarter ended December 2022. Do the numbers hold clues to what lies ahead for the stock?
HOUSTON, January 31, 2023--Phillips 66 (NYSE: PSX), a diversified energy company, announces fourth-quarter 2022 earnings of $1.9 billion, compared with earnings of $5.4 billion in the third quarter of 2022. Excluding special items of $15 million, the company had adjusted earnings of $1.9 billion in the fourth quarter, compared with third-quarter adjusted earnings of $3.1 billion.
Baker Hughes (NASDAQ: BKR), Phillips 66 (NYSE: PSX), and Deere (NYSE: DE) are three dividend stocks that beat the market last year but are still great buys today. Lee Samaha (Baker Hughes): Yes, the oil equipment and services company did outperform the market in 2022, but it also significantly underperformed its peers like Halliburton and Schlumberger. The reason comes from a combination of less-than-optimal execution, charges taken upon exiting Russia, and surging raw material and supply chain costs.