Phillips 66 Partners LP (NYSE:PSXP) announced a quarterly dividend on Thursday, January 18th, Wall Street Journal reports. Shareholders of record on Wednesday, January 31st will be paid a dividend of 0.678 per share by the oil and gas company on Tuesday, February 13th. This represents a $2.71 annualized dividend and a yield of 5.00%. The ex-dividend date of this dividend is Tuesday, January 30th. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.65.
Phillips 66 Partners has increased its dividend by an average of 29.1% annually over the last three years and has raised its dividend every year for the last 4 years. Phillips 66 Partners has a dividend payout ratio of 99.6% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Analysts expect Phillips 66 Partners to earn $3.26 per share next year, which means the company should continue to be able to cover its $2.58 annual dividend with an expected future payout ratio of 79.1%.
Shares of Phillips 66 Partners (NYSE PSXP) opened at $54.20 on Friday. The company has a quick ratio of 0.56, a current ratio of 0.64 and a debt-to-equity ratio of 1.28. The firm has a market capitalization of $6,651.20, a PE ratio of 22.87, a price-to-earnings-growth ratio of 1.40 and a beta of 1.46. Phillips 66 Partners has a twelve month low of $44.40 and a twelve month high of $58.00.
A hedge fund recently raised its stake in Phillips 66 Partners stock. The Manufacturers Life Insurance Company lifted its position in Phillips 66 Partners LP (NYSE:PSXP) by 7.5% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 3,342 shares of the oil and gas company’s stock after acquiring an additional 234 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Phillips 66 Partners were worth $165,000 as of its most recent filing with the Securities and Exchange Commission (SEC). Institutional investors and hedge funds own 37.16% of the company’s stock.
PSXP has been the subject of several research analyst reports. Stifel Nicolaus restated a “buy” rating and issued a $60.00 price objective (down from $61.00) on shares of Phillips 66 Partners in a research note on Monday, September 25th. BidaskClub upgraded Phillips 66 Partners from a “hold” rating to a “buy” rating in a research note on Thursday, September 28th. Royal Bank of Canada restated a “buy” rating and issued a $63.00 price objective on shares of Phillips 66 Partners in a research note on Tuesday, October 3rd. Jefferies Group restated a “hold” rating and issued a $51.00 price objective on shares of Phillips 66 Partners in a research note on Monday, October 16th. Finally, Goldman Sachs Group upgraded Phillips 66 Partners from a “sell” rating to a “neutral” rating and set a $59.00 price objective for the company in a research note on Tuesday, October 17th. Six equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The stock currently has a consensus rating of “Buy” and a consensus target price of $58.30.
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About Phillips 66 Partners
Phillips 66 Partners LP (Phillips 66) owns, operates, develops and acquires fee-based crude oil, refined petroleum product and natural gas liquids (NGL) pipelines, terminals and other transportation and midstream assets. The Company’s assets consist of systems, such as Clifton Ridge Crude System, Eagle Ford Gathering System, Ponca Crude System, Billings Crude System, Borger Crude System, Sweeny to Pasadena Products System, Hartford Connector Products System, Gold Line Products System, Cross-Channel Connector Products System, Ponca Products System, Billings Products System, Bayway Products System, Standish Pipeline, Borger Products System, River Parish NGL System, Medford Spheres, Bayway Rail Rack, Ferndale Rail Rack, Sand Hills/Southern Hills Joint Ventures, Explorer Pipeline Joint Venture, Bakken Joint Ventures, Bayou Bridge Pipeline Joint Venture, STACK Pipeline Joint Venture, and Sweeny Fractionator and Clemens Caverns.
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