NEW YORK (TheStreet) -- Shares of Phillips 66 (PSX) - Get Report are falling 1.79% to $77.29 at the start of trading on Friday morning, as the oil and gas refining company reported its earnings results for the fiscal 2015 fourth quarter.
Phillips 66 reported a 43% year over year decline in quarterly profit.
The company posted adjusted earnings of $1.31 per share for the 2015 fourth quarter, below the $1.63 per share it reported for the same period last year.
Revenue tumbled by 38% to $22.03 billion when compared to the same quarter last year.
The company's latest financial results were mixed in regards to analysts' expectations. Earnings per share topped estimates, while revenue was slightly above forecasts.
Analysts surveyed by Thomson Reuters had been anticipating earnings of $1.25 per share on revenue of $22.75 billion for the most recent quarter.
"Our financial performance in 2015 demonstrates the resiliency of our diversified portfolio in a low commodity price environment. We create value by focusing on operating excellence, enhancing Refining returns, and delivering on our Midstream and Chemicals growth programs. Our balance sheet is strong, and we maintain a disciplined approach to capital allocation. We remain firmly focused on these core priorities in 2016," company CEO Greg Garland said.
Separately, TheStreet Ratings has set a "buy" rating and a score of B on Phillips 66 stock. This is driven by a number of strengths, which TheStreet Ratings believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, impressive record of earnings per share growth, increase in net income, largely solid financial position with reasonable debt levels by most measures and notable return on equity. TheStreet Ratings feels its strengths outweigh the fact that the company shows low profit margins.
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: PSX