Phillips 66 (PSX) Moves Lower on Volume Spike for January 22

Phillips 66 (PSX) Moves Lower on Volume Spike for January 22

Phillips 66 (PSX) traded on unusually high volume on Jan. 22, as the stock lost 2.41% to close at $93.00. On the day, Phillips 66 saw 4.67 million shares trade hands on 25,312 trades. Considering that the stock averages only a daily volume of 3.1 million shares a day over the last month, this represents a pretty significant bump in volume over the norm.

Generally speaking, when a stock experiences a sudden spike in trading volume, it may be seen as a bullish signal for investors. An increase in volume means more market awareness for the company, potentially setting up a more meaningful move in stock price. The added volume also provides a level of support and stability for price advances.

The stock has traded between $123.97 and $78.44 over the last 52-weeks, its 50-day SMA is now $91.64, and its 200-day SMA $106.50. Phillips 66 has a P/B ratio of 1.84. It also has a P/E ratio of 7.2.

Phillips 66 is an independent refiner with 13 refineries with a total throughput capacity of 2.1 million barrels per day. Its DCP Midstream joint venture holds 61 natural gas processing facilities, 12 NGL fractionation plants, and a natural gas pipeline system with 64,000 miles of pipeline. Its CPChem chemical joint venture operates facilities in the United States and the Middle East and primarily produces olefins and polyolefins.

Headquartered in Houston, TX, Phillips 66 has 14,600 employees and is currently under the leadership of CEO Greg Garland.

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