Phillips 66 (PSX) Stock Slides as Market Rises: Facts to Know Before You Trade

Phillips 66 dropped 4.17% on September 21, 2026, bucking broader market strength, yet the refiner holds a Zacks Rank #1 (Strong Buy) rating ahead of its October 28 earnings release. Analysts project earnings growth of 305.16% year-over-year for the quarter, a sharp reversal that underpins the bullish rating despite Monday's selloff.

The stock has climbed 12.46% over the past month, outpacing recent momentum even as it lagged on the day. PSX trades at a forward P/E of 9.66, modestly above the industry average of 8.92, suggesting the market is pricing in near-term upside tied to the refining margin recovery implied by the triple-digit earnings forecast.

The disconnect between single-session weakness and the forward outlook sets up a test at the October 28 report, when investors will see whether the 305% growth estimate holds.