Phillips 66 Q2 adjusted EPS and net income beat estimates

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 12 "strong buy" or "buy", 9 "hold" and 1 "sell" or "strong sell".
• The average consensus recommendation for the oil & gas refining and marketing peer group is "buy".
• Wall Street's median 12-month price target for Phillips 66 is $205.50, about 0.2% below its August 4 closing price of $205.89.
• The stock recently traded at 11 times the next 12-month earnings vs. a P/E of 12 three months ago.

• MIDSTREAM RECOVERY - Higher margins and volumes, largely due to the absence of prior quarter's winter storm impacts, drove Midstream segment income.
• REFINING MARGINS - Refining segment income rose due to higher realized margins, driven by increased market crack spreads and favorable mark-to-market impacts.
• RENEWABLE FUELS CREDITS - Higher regulatory credits from improved pricing and renewable fuels production, as well as favorable mark-to-market impacts, boosted Renewable Fuels segment income.

The company said it reduced total debt by $6.6 billion to $20.6 billion in the quarter.

Phillips 66 did not provide specific guidance or forecasts for the current or future periods in its press release.