Phillips 66 (NYSE:PSX) to Issue $1.15 Quarterly Dividend

Phillips 66 (NYSE:PSX) announced a quarterly dividend on Wednesday, July 10th, RTT News reports. Investors of record on Tuesday, August 20th will be given a dividend of 1.15 per share by the oil and gas company on Tuesday, September 3rd. This represents a $4.60 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Tuesday, August 20th.

Phillips 66 has increased its dividend payment by an average of 5.3% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Phillips 66 has a payout ratio of 35.2% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Phillips 66 to earn $12.77 per share next year, which means the company should continue to be able to cover its $4.60 annual dividend with an expected future payout ratio of 36.0%.

Phillips 66 Trading Up 0.2 %

Shares of PSX opened at $138.92 on Monday. The firm has a fifty day simple moving average of $138.18 and a two-hundred day simple moving average of $145.96. Phillips 66 has a twelve month low of $107.85 and a twelve month high of $174.08. The stock has a market capitalization of $58.90 billion, a P/E ratio of 10.69, a PEG ratio of 2.41 and a beta of 1.34. The company has a quick ratio of 0.79, a current ratio of 1.14 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX) last posted its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.98 by $0.33. The company had revenue of $38.91 billion for the quarter, compared to analysts’ expectations of $37.79 billion. Phillips 66 had a return on equity of 16.77% and a net margin of 3.32%. Phillips 66’s quarterly revenue was up 8.9% on a year-over-year basis. During the same period last year, the firm earned $3.87 earnings per share. On average, research analysts anticipate that Phillips 66 will post 9.53 EPS for the current year.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on PSX. Raymond James lifted their price target on shares of Phillips 66 from $150.00 to $155.00 and gave the company an “outperform” rating in a report on Wednesday, July 31st. JPMorgan Chase & Co. decreased their price target on shares of Phillips 66 from $165.00 to $162.00 and set an “overweight” rating for the company in a research note on Tuesday, July 2nd. Barclays raised their price objective on shares of Phillips 66 from $136.00 to $138.00 and gave the stock an “equal weight” rating in a report on Monday, August 5th. Mizuho reduced their target price on Phillips 66 from $162.00 to $160.00 and set a “neutral” rating on the stock in a report on Thursday, June 20th. Finally, Scotiabank decreased their target price on Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating for the company in a research report on Friday, July 12th. Five investment analysts have rated the stock with a hold rating and ten have assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $157.38.

About Phillips 66

Phillips 66 operates as an energy manufacturing and logistics company in the United States, the United Kingdom, Germany, and internationally. 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 petroleum products to market; provides terminaling and storage services for crude oil and refined 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.