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Brace Yourself for Phillips 66’s 3Q17 Earnings

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Part 4
Brace Yourself for Phillips 66’s 3Q17 Earnings PART 4 OF 7

Where Phillips 66’s Moving Averages Stand before 3Q17 Earnings

Phillips 66’s moving averages

On July 3, 2017, Phillips 66’s (PSX) 50-day moving average was below its 200-day moving average. Its 50-day moving average broke below its 200-day moving average in 1Q17. The downtrend in Phillips 66 stock in the first quarter extended into the early days of 2Q17. That was likely in anticipation of the earnings. But as PSX announced its 1Q17 numbers, which surpassed the estimates, the stock rose. Its 50-day moving average stayed below its 200-day moving average but kept rising. That came on the back of an improving refining crack environment.

Where Phillips 66’s Moving Averages Stand before 3Q17 Earnings

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Phillips 66’s 50-day moving average crosses over its 200-day moving average

In 3Q17, Phillips 66’s 50-day moving average crossed over its 200-day moving average. Whenever a short-term moving average passes a long-term moving average, it’s considered a bullish sign, which could also accelerate a rise in the price of the stock. At the end of August, the refining environment strengthened as a result of Hurricane Harvey, which we looked at in the previous part of this series. Currently, Phillips 66’s 50-day moving average is 6.4% above its 200-day moving average.

The gap between its 50-day and 200-day moving averages could still widen if Phillips 66 posts better-than-expected 3Q17 numbers. It’s expected to post its 3Q17 earnings on October 27, 2017.

Peers’ moving averages

HollyFrontier’s (HFC) and PBF Energy’s (PBF) 50-day moving averages are 11.1% and 6.0% above their 200-day moving averages, respectively. Marathon Petroleum’s (MPC), Andeavor’s (ANDV), and Valero Energy’s (VLO) 50-day moving averages are 3.3%, 11.9%, and 5.4% above their 200-day moving averages, respectively.

The SPDR Dow Jones Industrial Average ETF’s (DIA) 50-day moving average is 4.8% above its 200-day moving average.

In the next part, we’ll look at estimates for Phillips 66 stock before its 3Q17 earnings.

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