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After seeing the S&P 500 from its March lows, investors should book gains from recent winners and redeploy them in stocks that did not participate in the melt-up. This operator, which processes, transports, stores, and markets petroleum products, fits the bill. Phillips 66 (PSX) is this week’s Long Idea.
Profits Were Rising Before the Dip
From 2016 to 2019, Phillips 66 grew revenue by 8% compounded annually and core earnings[1] by 31% compounded annually, per Figure 1. The firm increased its core earnings margin from 1.9% to 3.2% over the same time.