Why Phillips 66 Stock Popped 17% in January
Shares of Phillips 66 (NYSE: PSX) jumped 17% last month, according to data provided by S&P Global Market Intelligence. Energy was the top-performing sector of the stock market in 2021, advancing some 53% compared to the S&P 500's 27% increase as the economy began to reopen from early pandemic lockdowns. No such luck for Phillips 66, though, which was up less than 4% last year.
The pop finally came in January, though. Energy prices are on the rise from effects of inflation, as well as geopolitical tensions in Eastern Europe. The stock's advance was further reinforced after Phillips 66 reported better-than-expected revenue and earnings for the final quarter of 2021 at the tail end of January.
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Source Fool.com
