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Phillips 66 (PSX) operates as an energy manufacturing and logistics company.
It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S).
The Midstream segment transports crude oil and other feedstocks to its refineries and other locations; and delivers refined and specialty products, as well as provides storage services for crude oil and petroleum products. This segment also gathers, processes, transports, and markets natural gas; and transports, fractionates, and markets natural gas liquids in the United States.
The Chemicals segment manufactures and markets ethylene and other olefin products; aromatics products, such as benzene, styrene, paraxylene, and cyclohexane, as well as polystyrene and styrene-butadiene copolymers; and various specialty chemical products, including organosulfur chemicals, solvents, catalysts, drilling chemicals, and mining chemicals.
The Refining segment buys, sells, and refines crude oil and other feedstocks into petroleum products comprising gasolines, distillates, and aviation fuels at 14 refineries primarily in the United States and Europe.
The M&S segment purchases for resale and markets refined petroleum products consisting of gasolines, distillates, and aviation fuels in the United States and Europe. It also manufactures and sells specialty products, such as petroleum coke, waxes, solvents, and polypropylene.In addition, this segment is involved in the generation of electricity.
Shares are trading above their 200-day moving average after it was diclosed that Warren Buffett's Berkshire has purchased additional shares of the company. A Form 4 filed with the U.S. Securities and Exchange Commission disclosed Berkshire Hathaway’s acquisition of 3.51 million shares at an average price of $79.37 per share, lifting the holding company’s stake to nearly 61.49 million shares. The stake represents roughly 11.44% of Phillips 66’s outstanding common stock. We expect that the firm will be bought by Buffett all together. Higher share prices are expected.
52-Weeks Trading Range: $57.33 - $86.39
Entry Point: $79.00
Stop Loss: $75.00
Target Price: $86.90
PSX closed at $82.50 after its 30 days expired.
