Phillips 66 Earnings Are Proof That Wall Street Is Completely Wacky

Despite blowing by all earnings estimates, shares of Phillips 66 ended the day down.

Jan 30, 2014 at 10:39AM

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 (NYSE:PSX) 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 (NYSE:MPC) 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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Fool contributors Aimee Duffy and Tyler Crowe have no position in any stocks mentioned. You can follow them on Twitter, @TMFDuffy and @TylerCroweFool, respectively. 

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