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NEW YORK (TheStreet) -- Shares of Phillips 66 (PSX) - Get Phillips 66 Report  were down in early afternoon trading on Thursday as the company will post financial results for the 2016 third quarter before tomorrow's opening bell. 

Analysts surveyed by FactSet are looking for adjusted earnings of 89 cents per share and $22.9 billion in revenue. 

In 2015, the Houston-based energy manufacturing and logistics company reported earnings of $3.02 per diluted share on revenue of $26.4 billion.

Phillips 66 said the boost in 2015 third-quarter earnings was primarily due to outperformance in its refining and marketing units. 

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.

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The team rates Phillips 66 as a Buy with a ratings score of B. 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. The team feels its strengths outweigh the fact that the company shows low profit margins.

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

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