Phillips 66 Earnings Are Proof That Wall Street Is Completely Wacky

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It's not very often a company beats earnings estimates by more than 20% and still sees its shares slide by the end of the day, but that's exactly what happened when Phillips 66 posted earnings on Jan. 29th. While some have pointed to a couple of disappointing numbers -- net income was lower than this time last year, and revenue slid slightly -- those who follow the refining space would have seen these things coming from a mile away.

What really capped the wackiness of the day was that Marathon Petroleum posted very similar results, with a strong earnings beat despite lower net income year over year, yet the company saw shares climb more than 4%. 

So what should you take away from Phillips 66's earnings release? Tune in to the following video to see some of the more promising signs in Phillips 66's earnings and what could be a big catalyst for it in the future. 

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The article Phillips 66 Earnings Are Proof That Wall Street Is Completely Wacky originally appeared on

Fool contributors Aimee Duffy and Tyler Crowe have no position in any stocks mentioned. You can follow them on Twitter, @TMFDuffy and @TylerCroweFool, respectively.  The Motley Fool recommends Chevron. Try any of our Foolish newsletter services free for 30 days. We Fools don't all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.

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