NEW YORK (TheStreet) -- Shares of Phillips 66 (PSX) - Get Report  are increasing 0.33% to $76.50 in pre-market trading this morning after the energy producer posted better-than-expected earnings for the second quarter before today's opening bell. 

Phillips 66 reported adjusted earnings of 94 cents per share, beating analysts estimates by a penny. Revenue came in at $22.31 billion, falling short of analysts projected $25.52 billion.

The company's earnings fell about 50% year-over-year to $499 million from $1.002 million prior. 

In 2015, Phillips 66 reported earnings of $1.83 per share on revenue of $29.08 billion.

Midstream, a part of Phillips 66, also saw a nearly 50% decline in earnings for the second quarter, falling to $39 million from $65 million. The losses were a product of planned maintenance, timing of seasonal propane and butane storage and project expenses, the company noted. 

Separately, 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. TheStreet Ratings has this to say about the recommendation:

We rate PHILLIPS 66 as a Hold with a ratings score of C. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its reasonable valuation levels, largely solid financial position with reasonable debt levels by most measures and notable return on equity. However, as a counter to these strengths, we also find weaknesses including weak operating cash flow, poor profit margins and a generally disappointing performance in the stock itself.

You can view the full analysis from the report here: PSX

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