Phillips 66 (PSX) closed at $80.63 in the latest trading session, marking a -0.95% move from the prior day. This change was narrower than the S&P 500's 2.11% loss on the day. Meanwhile, the Dow lost 1.54%, and the Nasdaq, a tech-heavy index, lost 0.3%.Coming into today, shares of the oil refiner had lost 9.01% in the past month. In that same time, the Oils-Energy sector lost 11.61%, while the S&P 500 lost 8.19%.Wall Street will be looking for positivity from Phillips 66 as it approaches its next earnings report date. This is expected to be November 1, 2022. On that day, Phillips 66 is projected to report earnings of $4.91 per share, which would represent year-over-year growth of 54.4%. Our most recent consensus estimate is calling for quarterly revenue of $35.89 billion, up 14.05% from the year-ago period.PSX's full-year Zacks Consensus Estimates are calling for earnings of $16.19 per share and revenue of $155.03 billion. These results would represent year-over-year changes of +184.04% and +34.99%, respectively.Investors might also notice recent changes to analyst estimates for Phillips 66. These recent revisions tend to reflect the evolving nature of short-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook.Our research shows that these estimate changes are directly correlated with near-term stock prices. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate has moved 0.97% higher within the past month. Phillips 66 is currently a Zacks Rank #3 (Hold).Digging into valuation, Phillips 66 currently has a Forward P/E ratio of 5.03. This represents a no noticeable deviation compared to its industry's average Forward P/E of 5.03.Investors should also note that PSX has a PEG ratio of 0.41 right now. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. PSX's industry had an average PEG ratio of 0.41 as of yesterday's close.The Oil and Gas - Refining and Marketing industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 10, which puts it in the top 4% of all 250+ industries.The Zacks Industry Rank includes is listed in order from best to worst in terms of the average Zacks Rank of the individual companies within each of these sectors. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.You can find more information on all of these metrics, and much more, on Zacks.com. FREE Report: The Metaverse is Exploding! Don’t You Want to Cash In? Rising gas prices. The war in Ukraine. America's recession. Inflation. It's no wonder why the metaverse is so popular and growing every day. Becoming Spider Man and fighting Darth Vader is infinitely more appealing than spending over $5 per gallon at the pump. And that appeal is why the metaverse can provide such massive gains for investors. But do you know where to look? Do you know which metaverse stocks to buy and which to avoid? In a new FREE report from Zacks' leading stock specialist, we reveal how you could profit from the internet’s next evolution. Even though the popularity of the metaverse is spreading like wildfire, investors like you can still get in on the ground floor and cash in. Don't miss your chance to get your piece of this innovative $30 trillion opportunity - FREE.>>Yes, I want to know the top metaverse stocks for 2022>>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Phillips 66 (PSX): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research