The stock of Phillips 66 (NYSE:PSX) is now priced at $61.63 and the shares are -2.02 points down or -3.17% lower compared to its previous closing price of $63.65. The stock had 2.265 million contracts set over the past session. PSX shares’ daily volume is compared to its average trading volume at 3.284 million shares. However, it has a float of 435 million and although its performance was 0.52% over the week, it’s one to watch. Analysts have given the PSX stock a yearly average price target of $82.22 per share. It means the stock’s upside potential is 33.41% with the PSX share price recently placing at $61.4167 to $63.95.
The shorts are running away from the Phillips 66 stock, with the latest data on short interest released on July 31, 2020, showing that short interest numbers in the PSX shares have declined. Short interest in the stock represents just 1.36% of its float, but the volume has dropped by 0.
In the last trading session, Phillips 66 (NYSE:PSX) raised by $0.32 over the week and lost -$1.95 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $119.92. The stock recorded its established 52-week high on 11/08/19.
Since 03/18/20, the stock has traded to a low of $40.04 at 53.92%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 1.58. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Phillips 66’s two-week RSI is 44.8. This suggests that the stock is neutral at the moment and that PSX shares’ price movement remains stable. The stochastic readings are equally revealing at 26.59% meaning the PSX share price is currently in overbought territory.
The technical chart shows that the PSX stock will likely settle at between $63.25 and $64.87 per share. However, if the stock dips below $60.71, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $59.8.
Currently, the stock is trading in the green of MACD, with a reading of 0.02. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Jefferies raised their recommendation for PSX from Hold to Buy in July 20 review while maintain their target price of $73. Jefferies analysts downgraded their recommendation of the stock from Buy to Hold while keeping its target price at $78 in a flash note released to investors on June 23. Wolfe Research seeing the stock struggling downgraded it from Outperform to Peer Perform on May 13.
The average rating for the PSX equity is 1.9 and is currently gathering a bullish momentum. Of 20 analysts tracking Phillips 66 polled by Reuters, 1 rated PSX as a hold. The remaining 19 analysts were split evenly. However, the split wasn’t equal as a majority (19) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the PSX stock price is 11.3X ahead of its 12-month Consensus earnings per share estimates.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Phillips 66 (NYSE:PSX) will increase by about 63.44%, which will see them reach $18100 million. The company’s full-year revenues are, however, expected to diminish by about -37.48%, down from $110000 million to $68500 million. PSX’s expected adjusted earnings should drop almost -88.42% to end up at $0.36 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -86.58% to record $1.08/share.