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

by · The Cerbat Gem

Phillips 66 (NYSE:PSX – Get Free Report) declared a quarterly dividend on Friday, October 11th, RTT News reports. Investors of record on Monday, November 18th will be paid a dividend of 1.15 per share by the oil and gas company on Monday, December 2nd. This represents a $4.60 dividend on an annualized basis and a yield of 3.37%.

Phillips 66 has increased 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 13 years. Phillips 66 has a dividend payout ratio of 40.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Phillips 66 to earn $10.43 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 44.1%.

Phillips 66 Stock Performance

Shares of NYSE:PSX traded down $0.07 on Friday, reaching $136.35. 1,460,302 shares of the company’s stock were exchanged, compared to its average volume of 2,708,807. The company has a fifty day moving average of $133.19 and a 200-day moving average of $141.75. Phillips 66 has a twelve month low of $107.85 and a twelve month high of $174.08. The company has a market capitalization of $57.81 billion, a price-to-earnings ratio of 10.49, a PEG ratio of 5.48 and a beta of 1.33. The company has a current ratio of 1.14, a quick ratio of 0.79 and a debt-to-equity ratio of 0.56.

Phillips 66 (NYSE:PSX – Get Free Report) last announced its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The firm had revenue of $38.91 billion for the quarter, compared to analyst estimates of $37.79 billion. During the same quarter in the prior year, the business posted $3.87 EPS. The business’s revenue was up 8.9% compared to the same quarter last year. On average, research analysts predict that Phillips 66 will post 8.19 EPS for the current fiscal year.

Analysts Set New Price Targets

Several analysts recently issued reports on the stock. Wolfe Research assumed coverage on shares of Phillips 66 in a research report on Thursday, July 18th. They set a “peer perform” rating on the stock. Scotiabank dropped their price objective on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a research note on Thursday. Piper Sandler increased their price objective on shares of Phillips 66 from $136.00 to $144.00 and gave the company an “overweight” rating in a research note on Tuesday. Morgan Stanley dropped their price objective on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Finally, Barclays dropped their price objective on shares of Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating for the company in a research note on Tuesday. Six research 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 stock presently has a consensus rating of “Moderate Buy” and an average target price of $151.21.

View Our Latest Analysis on Phillips 66

Insiders Place Their Bets

In other news, CFO Kevin J. Mitchell sold 30,000 shares of Phillips 66 stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the transaction, the chief financial officer now directly owns 81,937 shares in the company, valued at $11,390,062.37. This trade represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Corporate insiders own 0.22% of the company’s stock.

About Phillips 66

(Get Free Report)

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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