Phillips 66 (NYSE:PSX) declared a quarterly dividend on Wednesday, February 7th, RTT News reports. Shareholders of record on Tuesday, February 20th will be given a dividend of 0.70 per share by the oil and gas company on Thursday, March 1st. This represents a $2.80 dividend on an annualized basis and a yield of 2.99%. The ex-dividend date of this dividend is Friday, February 16th.
Phillips 66 has raised its dividend payment by an average of 13.0% per year over the last three years and has increased its dividend annually for the last 6 consecutive years. Phillips 66 has a payout ratio of 63.2% meaning its dividend is sufficiently covered by earnings. Analysts expect Phillips 66 to earn $7.19 per share next year, which means the company should continue to be able to cover its $2.80 annual dividend with an expected future payout ratio of 38.9%.
Phillips 66 (PSX) opened at $93.73 on Thursday. The firm has a market capitalization of $47,067.52, a P/E ratio of 9.40, a price-to-earnings-growth ratio of 1.53 and a beta of 1.11. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.86 and a current ratio of 1.31. Phillips 66 has a 12-month low of $75.14 and a 12-month high of $107.47.
In related news, VP Chukwuemeka A. Oyolu sold 2,700 shares of the firm’s stock in a transaction on Friday, December 15th. The stock was sold at an average price of $100.25, for a total value of $270,675.00. Following the transaction, the vice president now owns 2,700 shares in the company, valued at $270,675. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.50% of the stock is currently owned by company insiders.
PSX has been the subject of several recent analyst reports. UBS Group increased their price objective on Phillips 66 from $85.00 to $92.00 and gave the company a “neutral” rating in a report on Wednesday, November 15th. Vetr raised Phillips 66 from a “hold” rating to a “buy” rating and set a $97.16 price objective for the company in a report on Monday, November 13th. JPMorgan Chase & Co. increased their price objective on Phillips 66 from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, October 30th. Goldman Sachs Group upgraded Phillips 66 to a “buy” rating in a research note on Monday, December 18th. Finally, Piper Jaffray Companies set a $93.00 price target on Phillips 66 and gave the company a “buy” rating in a research note on Monday, November 13th. Three research analysts have rated the stock with a sell rating, nine have assigned a hold rating and seven have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $103.89.
About Phillips 66
Phillips 66 is an energy manufacturing and logistics company with midstream, chemicals, refining, and marketing and specialties businesses. The Company operates through four segments: Midstream, Chemicals, Refining, and Marketing and Specialties (M&S). The Midstream segment gathers, processes, transports and markets natural gas, and transports, stores, fractionates and markets natural gas liquids (NGLs) in the United States.
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