It has been about a month since the last earnings report for Phillips 66 (PSX). Shares have lost about 6.3% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Phillips 66 due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its most recent earnings report in order to get a better handle on the important catalysts. Phillips 66 Q2 Earnings Beat, Revenues Miss EstimatesPhillips 66 posted second-quarter 2019 adjusted earnings per share of $3.02, which surpassed the Zacks Consensus Estimate of $2.70. The bottom line also increased from the year-ago $2.80, courtesy of contributions from pipeline transportation businesses.Quarterly revenues totaled $28.5 billion, down from the year-ago quarter’s $29.7 billion. The top line also missed the Zacks Consensus Estimate of $29.9 billion owing to a decline in crude utilization rate.Segment ResultsMidstreamThe segment generated adjusted quarterly earnings of $423 million, up from $238 million in the year-ago quarter on increased contributions from pipeline transportation businesses and terminal volumes.ChemicalsThe segment reported adjusted earnings of $275 million, down from $324 million in the prior-year quarter.RefiningThe segment’s adjusted profit of $983 million declined from the year-ago quarter’s $1,191 million. The underperformance can be attributed to lower worldwide crude utilization rate. During the quarter, Phillips 66’s refining utilization was 97%.Marketing and Specialties (M&S)This segment’s earnings improved from $254 million in the year-ago quarter to $353 million.Financial ConditionIn the reported quarter, Phillips 66 generated $1,930 million of cash from operations. Through dividend payouts and share repurchases, the company returned capital worth $861 million to stockholders.As of Jun 30, 2019, cash and cash equivalents were $1,819 million along with debt of $11.4 billion. The company’s debt-to-capitalization ratio was 30%.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed a downward trend in fresh estimates.VGM ScoresCurrently, Phillips 66 has a strong Growth Score of A, though it is lagging a bit on the Momentum Score front with a B. Charting a somewhat similar path, the stock was allocated a grade of A on the value side, putting it in the top 20% for this investment strategy.Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookEstimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Notably, Phillips 66 has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.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