Price to Earnings (P/E)
since 2012
Calculation
Phillips 66, P/E, long-term trends, calculation
| P/E | = | Share price1, 2, 3 | ÷ | Earnings per share1 (EPS) | EPS1 | = | Net income attributable to Phillips 661 (in millions) |
÷ | No. shares of common stock outstanding2 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Feb 21, 2020 | 12.75 | = | 89.25 | ÷ | 7.00 | 7.00 | = | 3,076 | ÷ | 439,445,842 | |
| Feb 22, 2019 | 7.92 | = | 97.36 | ÷ | 12.30 | 12.30 | = | 5,595 | ÷ | 454,913,087 | |
| Feb 23, 2018 | 9.01 | = | 91.83 | ÷ | 10.19 | 10.19 | = | 5,106 | ÷ | 501,237,339 | |
| Feb 17, 2017 | 26.19 | = | 78.66 | ÷ | 3.00 | 3.00 | = | 1,555 | ÷ | 517,816,429 | |
| Feb 19, 2016 | 9.99 | = | 80.09 | ÷ | 8.01 | 8.01 | = | 4,227 | ÷ | 527,459,894 | |
| Feb 20, 2015 | 8.83 | = | 77.34 | ÷ | 8.76 | 8.76 | = | 4,762 | ÷ | 543,497,802 | |
| Feb 21, 2014 | 11.82 | = | 74.95 | ÷ | 6.34 | 6.34 | = | 3,726 | ÷ | 587,624,299 | |
| Feb 22, 2013 | 9.66 | = | 64.11 | ÷ | 6.64 | 6.64 | = | 4,124 | ÷ | 621,509,611 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
1 US$
2 Data adjusted for splits and stock dividends.
3 Closing price as at the filing date of Phillips 66 Annual Report.
The financial data over the examined period reveals several notable trends in the share price, earnings per share (EPS), and price-to-earnings (P/E) ratio.
- Share Price
- The share price exhibited a generally upward trajectory from February 2013 to February 2019, rising from $64.11 to a peak of $97.36. This growth indicates a steady increase in market valuation over these years. However, there was a decline in the final year under review, with the price falling to $89.25 in February 2020, signaling some market volatility or changing investor sentiment around that time.
- Earnings per Share (EPS)
- The EPS showed significant fluctuations across the periods. While starting at $6.64 in 2013, it experienced a slight dip in 2014 to $6.34 before a marked increase to $8.76 in 2015. The EPS then declined again in 2016 to $8.01 and sharply dropped to $3 in 2017, suggesting a challenging year in profitability. Subsequent years saw a rebound with EPS rising to $10.19 in 2018 and peaking at $12.30 in 2019, indicating improved earnings. In 2020, EPS decreased substantially to $7, reflecting a potential downturn in earnings performance.
- Price-to-Earnings (P/E) Ratio
- The P/E ratio varied considerably, starting at 9.66 in 2013 and rising to a peak of 26.19 in 2017, coinciding with the lowest EPS value. This elevated P/E suggests that share prices remained relatively high despite lower earnings, possibly indicating high market expectations or investor optimism. Afterwards, the P/E ratio declined to 7.92 in 2019 when EPS was at its highest, implying that earnings growth outpaced share price appreciation. By 2020, the P/E ratio rose to 12.75, reflecting both a decrease in share price and a drop in EPS.
Overall, the patterns suggest a cycle of earnings volatility impacting valuation measures, with a generally supportive share price trend until recent corrections. The interplay between EPS fluctuations and share price movements appears to drive significant variation in the P/E ratio, which is indicative of shifting investor perceptions and earnings conditions over the analyzed periods.
Comparison to Competitors
Phillips 66, P/E, long-term trends, comparison to competitors
| Phillips 66 | Chevron Corp. | ConocoPhillips | Exxon Mobil Corp. | Occidental Petroleum Corp. | |
|---|---|---|---|---|---|
| Feb 21, 2020 | 12.75 | 70.06 | 8.77 | 15.64 | — |
| Feb 22, 2019 | 7.92 | 15.30 | 12.60 | 16.15 | 12.08 |
| Feb 23, 2018 | 9.01 | 22.83 | — | 16.28 | 39.87 |
| Feb 17, 2017 | 26.19 | — | — | 42.80 | — |
| Feb 19, 2016 | 9.99 | 35.02 | — | 20.96 | — |
| Feb 20, 2015 | 8.83 | 10.61 | 12.03 | 11.56 | 99.82 |
| Feb 21, 2014 | 11.82 | 10.04 | 8.91 | 12.71 | 12.93 |
| Feb 22, 2013 | 9.66 | 8.61 | 8.49 | 8.94 | 14.33 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Sector (Oil, Gas & Consumable Fuels)
Phillips 66, P/E, long-term trends, comparison to sector (oil, gas & consumable fuels)
| Phillips 66 | Oil, Gas & Consumable Fuels | |
|---|---|---|
| Feb 21, 2020 | 12.75 | 22.22 |
| Feb 22, 2019 | 7.92 | 15.03 |
| Feb 23, 2018 | 9.01 | 22.05 |
| Feb 17, 2017 | 26.19 | 207.70 |
| Feb 19, 2016 | 9.99 | 69.95 |
| Feb 20, 2015 | 8.83 | 12.22 |
| Feb 21, 2014 | 11.82 | 11.39 |
| Feb 22, 2013 | 9.66 | 9.08 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).
Comparison to Industry (Energy)
Phillips 66, P/E, long-term trends, comparison to industry (energy)
| Phillips 66 | Energy | |
|---|---|---|
| Feb 21, 2020 | 12.75 | 42.93 |
| Feb 22, 2019 | 7.92 | 15.61 |
| Feb 23, 2018 | 9.01 | 27.13 |
| Feb 17, 2017 | 26.19 | 527.67 |
| Feb 19, 2016 | 9.99 | 64.02 |
| Feb 20, 2015 | 8.83 | 12.81 |
| Feb 21, 2014 | 11.82 | 11.89 |
| Feb 22, 2013 | 9.66 | 9.68 |
Based on: 10-K (reporting date: 2019-12-31), 10-K (reporting date: 2018-12-31), 10-K (reporting date: 2017-12-31), 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).