Phillips 66 (NYSE:PSX) announced a quarterly dividend on Thursday, May 9th, Wall Street Journal reports. Stockholders of record on Monday, May 20th will be given a dividend of 0.90 per share by the oil and gas company on Monday, June 3rd. This represents a $3.60 dividend on an annualized basis and a dividend yield of 4.20%. The ex-dividend date of this dividend is Friday, May 17th. This is a positive change from Phillips 66’s previous quarterly dividend of $0.80.
Phillips 66 has increased its dividend by an average of 12.5% per year over the last three years and has raised its dividend every year for the last 7 years. Phillips 66 has a dividend payout ratio of 41.0% meaning its dividend is sufficiently covered by earnings. Research analysts expect Phillips 66 to earn $11.21 per share next year, which means the company should continue to be able to cover its $3.20 annual dividend with an expected future payout ratio of 28.5%.
NYSE:PSX opened at $85.75 on Friday. The company has a debt-to-equity ratio of 0.42, a quick ratio of 0.84 and a current ratio of 1.31. Phillips 66 has a 52 week low of $78.44 and a 52 week high of $123.97. The stock has a market cap of $40.62 billion, a PE ratio of 7.32, a price-to-earnings-growth ratio of 1.41 and a beta of 0.91.
In other news, Chairman Greg C. Garland sold 42,728 shares of Phillips 66 stock in a transaction that occurred on Wednesday, February 20th. The shares were sold at an average price of $97.61, for a total transaction of $4,170,680.08. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.13% of the stock is currently owned by insiders.
PSX has been the topic of several research analyst reports. Bank of America upgraded Phillips 66 from a “neutral” rating to a “buy” rating and set a $126.00 price objective on the stock in a report on Monday, April 29th. They noted that the move was a valuation call. Tudor Pickering upgraded Phillips 66 from a “hold” rating to a “buy” rating in a report on Friday, February 8th. Citigroup boosted their target price on Phillips 66 from $100.00 to $102.00 and gave the stock a “neutral” rating in a report on Monday, March 4th. Piper Jaffray Companies restated an “overweight” rating on shares of Phillips 66 in a report on Thursday, January 10th. Finally, Argus lowered their target price on Phillips 66 to $116.00 and set a “buy” rating on the stock in a report on Thursday, February 14th. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating and seven have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $120.67.
About Phillips 66
Phillips 66 operates as an energy manufacturing and logistics company. It operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment transports crude oil and other feedstocks; delivers refined products to market; provides terminaling and storage services for crude oil and petroleum products; transports, stores, fractionates, exports, and markets natural gas liquids; provides other fee-based processing services; and gathers, processes, transports, and markets natural gas.
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