Phillips 66 (NYSE:PSX) Plans Dividend Increase – $1.15 Per Share

Phillips 66 (NYSE:PSXGet Free Report) declared a quarterly dividend on Wednesday, April 3rd, RTT News reports. Shareholders of record on Monday, May 20th will be given a dividend of 1.15 per share by the oil and gas company on Monday, June 3rd. This represents a $4.60 dividend on an annualized basis and a yield of 2.68%. This is an increase from Phillips 66’s previous quarterly dividend of $1.05.

Phillips 66 has raised its dividend payment by an average of 5.3% per year over the last three years and has increased its dividend every year for the last 12 years. Phillips 66 has a payout ratio of 29.5% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Phillips 66 to earn $13.33 per share next year, which means the company should continue to be able to cover its $4.20 annual dividend with an expected future payout ratio of 31.5%.

Phillips 66 Stock Performance

Shares of NYSE:PSX traded up $2.47 during trading on Wednesday, hitting $171.96. 930,443 shares of the stock traded hands, compared to its average volume of 3,129,282. The company has a quick ratio of 1.02, a current ratio of 1.26 and a debt-to-equity ratio of 0.56. The company has a market cap of $73.57 billion, a price-to-earnings ratio of 11.02, a P/E/G ratio of 2.12 and a beta of 1.37. The company has a fifty day moving average price of $149.11 and a two-hundred day moving average price of $131.58. Phillips 66 has a 52-week low of $89.74 and a 52-week high of $172.30.

Phillips 66 (NYSE:PSXGet Free Report) last posted its earnings results on Wednesday, January 31st. The oil and gas company reported $3.09 earnings per share for the quarter, beating the consensus estimate of $2.37 by $0.72. The firm had revenue of $38.74 billion during the quarter, compared to analyst estimates of $34.30 billion. Phillips 66 had a net margin of 4.68% and a return on equity of 22.10%. As a group, equities analysts predict that Phillips 66 will post 12.85 EPS for the current year.

Analyst Upgrades and Downgrades

Several equities analysts have recently weighed in on PSX shares. Bank of America lifted their target price on shares of Phillips 66 from $150.00 to $180.00 and gave the company a “neutral” rating in a report on Friday, March 15th. Raymond James lifted their price target on shares of Phillips 66 from $140.00 to $155.00 and gave the company an “outperform” rating in a research note on Thursday, February 1st. Citigroup assumed coverage on shares of Phillips 66 in a research note on Wednesday, January 24th. They issued a “buy” rating on the stock. The Goldman Sachs Group lifted their price target on shares of Phillips 66 from $152.00 to $174.00 and gave the company a “buy” rating in a research note on Friday, March 22nd. Finally, StockNews.com raised shares of Phillips 66 from a “hold” rating to a “buy” rating in a research note on Saturday, February 10th. Four investment analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the stock. According to data from MarketBeat.com, Phillips 66 presently has an average rating of “Moderate Buy” and an average price target of $152.31.

Get Our Latest Stock Report on PSX

Insider Transactions at Phillips 66

In other news, VP Joseph Scott Pruitt sold 7,200 shares of Phillips 66 stock in a transaction on Wednesday, March 20th. The stock was sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the transaction, the vice president now owns 6,583 shares in the company, valued at approximately $1,035,242.58. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Richard G. Harbison sold 21,934 shares of the business’s stock in a transaction dated Monday, February 12th. The shares were sold at an average price of $146.27, for a total value of $3,208,286.18. Following the sale, the executive vice president now directly owns 24,941 shares in the company, valued at approximately $3,648,120.07. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, VP Joseph Scott Pruitt sold 7,200 shares of the business’s stock in a transaction dated Wednesday, March 20th. The shares were sold at an average price of $157.26, for a total transaction of $1,132,272.00. Following the completion of the sale, the vice president now owns 6,583 shares in the company, valued at $1,035,242.58. The disclosure for this sale can be found here. Insiders have sold a total of 35,056 shares of company stock worth $5,272,681 in the last quarter. Company insiders own 4.57% of the company’s stock.

Institutional Trading of Phillips 66

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Bornite Capital Management LP acquired a new position in Phillips 66 in the first quarter valued at approximately $8,639,000. Healthcare of Ontario Pension Plan Trust Fund boosted its holdings in Phillips 66 by 316.2% in the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 6,597 shares of the oil and gas company’s stock valued at $570,000 after purchasing an additional 5,012 shares in the last quarter. Synovus Financial Corp boosted its holdings in Phillips 66 by 5.1% in the first quarter. Synovus Financial Corp now owns 16,257 shares of the oil and gas company’s stock valued at $1,405,000 after purchasing an additional 788 shares in the last quarter. Cibc World Market Inc. boosted its holdings in Phillips 66 by 61.9% in the first quarter. Cibc World Market Inc. now owns 7,236 shares of the oil and gas company’s stock valued at $625,000 after purchasing an additional 2,766 shares in the last quarter. Finally, Blair William & Co. IL boosted its holdings in shares of Phillips 66 by 103.8% in the first quarter. Blair William & Co. IL now owns 53,538 shares of the oil and gas company’s stock valued at $4,625,000 after acquiring an additional 27,267 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

About Phillips 66

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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.

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Dividend History for Phillips 66 (NYSE:PSX)

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