Phillips 66 (PSX) has an average rating of overweight and mean price target of $206.72, according to analysts polled by FactSet.
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Price: $206.74, Change: $-0.03, Percent Change: -0.02%
Sabic Agri-Nutrients (SASE:2020) said Sunday that net profit and revenue for the first half decreased year over year.Net profit attributable to shareholders of the issuer for the six months ended June 30 was 1.61 billion Saudi riyals, compared with 2.04 billion riyals earlier. EPS moved to 3.37 riyals from 4.29 riyals.The Tadawul-listed petrochemical company's revenue was 5.29 billion riyals, compared with 6.36 billion riyals a year ago.Meanwhile, the board will distribute an unchanged dividend of 3.5 riyals per share for the first half, payable Aug. 10 to shareholders on record as of Thursday.
Kuwait Petroleum Corp.'s Kuwait Oil Co. entered into a $16 billion pipeline network lease-and-lease-back deal to form a joint venture with a consortium led by Blackstone, Brookfield and KKR.The state-owned oil and gas company said July 25 that the 20.5-year agreement will cover 13 of its pipelines and will grant the subsidiary the network's operational and maintenance rights in exchange for a volume-based tariff.As part of the deal, Kuwait Oil will own a 51% stake in the new entity, with the consortium holding the remaining interest. Additionally, Kuwait Oil will secure $7.85 billion after the deal's finalization.
The Standard & Poor's 500 index shed 0.6% this week amid mixed corporate earnings and continued worries about the US-Iran war.The S&P 500 ended the week at 7,411.98, posting a second consecutive weekly decline. The index is down 1.2% for the month but up 8.3% for the year.Pakistan is exploring a path toward a resumption of stalled talks between the US and Iran over ending the war, following a push initiated by China, Reuters reported, citing sources, on Friday. Axios a day earlier said in a report that US President Donald Trump was seriously considering a "massive attack" on Iran but didn't give a deadline for his decision.Earnings were mixed as Intel (INTC) reported a Q2 beat for adjusted earnings and its strongest revenue growth in 15 years, driven by a 59% surge in the data center and artificial intelligence unit. American Express (AXP) and Verizon Communications (VZ), however, both disappointed with weaker-than-expected Q2 revenue.The S&P 500's weekly loss came on declines in just three of its 11 sectors. Communication services had the largest percentage drop, falling 6.2%, followed by a 6.1% decline in consumer discretionary and a 1.4% slip in consumer staples.Google parent Alphabet (GOOG, GOOGL) weighed down communication services, falling 7.8%. The European Commission fined the company's Google 890 million euros ($1.04 billion) for violating the Digital Markets Act by self-preferencing in Google Search and anti-steering practices on Google Play.T-Mobile US (TMUS) was also among the hardest-hit stocks in communication services, falling 6.4%. The company's second-quarter earnings unexpectedly increased year over year, but revenue fell short of market estimates as the wireless network operator's postpaid net account additions declined annually.Tesla (TSLA) tumbled 17%, marking the largest weekly percentage loss in both the consumer discretionary sector and the overall S&P 500. The electric vehicle manufacturer reported a steeper-than-expected drop in Q2 adjusted earnings per share.On the upside, the energy sector rose 3.8% on the week, boosted by higher energy prices amid the turmoil in the Middle East. Utilities also rose, climbing 2.5%, followed by gains of more than 1% each in industrials, real estate and materials. Health care, technology and financials also eked out gains.SLB (SLB) was among the energy sector's top gainers, climbing 11%. The company reported Q2 adjusted earnings per share and revenue above analysts' mean estimates.Next week's earnings calendar features many large companies including Visa (V), Coca-Cola (KO), Boeing (BA), United Parcel Service (UPS), Microsoft (MSFT), Meta Platforms (META), Procter & Gamble (PG), Apple (AAPL), Amazon.com (AMZN), Mastercard (MA), Exxon Mobil (XOM), AbbVie (ABBV) and Chevron (CVX).Economic data will include reports on June wholesale and retail inventories, as well as June consumer spending and the June Personal Consumption Expenditures price index. The US Federal Open Market Committee will gather for a two-day meeting that concludes on Wednesday when members will announce a decision on interest rates.