Phillips 66 (PSX) to Issue Quarterly Dividend of $1.20 on June 2nd

Phillips 66 (NYSE:PSX) declared a quarterly dividend on Monday, April 21st, RTT News reports. Stockholders of record on Monday, May 19th will be given a dividend of 1.20 per share by the oil and gas company on Monday, June 2nd. This represents a $4.80 dividend on an annualized basis and a dividend yield of 4.76%. The ex-dividend date of this dividend is Monday, May 19th. This is a 4.3% increase from Phillips 66’s previous quarterly dividend of $1.15.

Phillips 66 has raised its dividend by an average of 7.5% per year over the last three years and has increased its dividend annually for the last 13 consecutive years. Phillips 66 has a dividend payout ratio of 42.0% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Phillips 66 to earn $11.85 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 38.8%.

Phillips 66 Stock Performance

NYSE PSX opened at $100.83 on Wednesday. The firm has a market cap of $41.08 billion, a P/E ratio of 20.41, a P/E/G ratio of 4.84 and a beta of 1.17. Phillips 66 has a 52-week low of $91.01 and a 52-week high of $159.25. The business’s 50-day moving average price is $117.31 and its 200 day moving average price is $121.80. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62.

Phillips 66 (NYSE:PSX) last released its quarterly earnings data on Friday, January 31st. The oil and gas company reported ($0.15) EPS for the quarter, missing the consensus estimate of $1.23 by ($1.38). Phillips 66 had a return on equity of 8.58% and a net margin of 1.46%. During the same quarter in the previous year, the business earned $3.09 earnings per share. On average, equities research analysts expect that Phillips 66 will post 6.8 earnings per share for the current year.

Institutional Inflows and Outflows

An institutional investor recently raised its position in Phillips 66 stock. Brighton Jones LLC boosted its holdings in Phillips 66 (NYSE:PSX) by 238.5% during the 4th quarter, according to the company in its most recent disclosure with the SEC. The fund owned 10,239 shares of the oil and gas company’s stock after buying an additional 7,214 shares during the quarter. Brighton Jones LLC’s holdings in Phillips 66 were worth $1,166,000 as of its most recent SEC filing. 76.93% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on the stock. Piper Sandler downgraded shares of Phillips 66 from a “strong-buy” rating to a “hold” rating in a research note on Friday, January 10th. StockNews.com downgraded shares of Phillips 66 from a “hold” rating to a “sell” rating in a research note on Sunday, March 2nd. Raymond James dropped their price objective on Phillips 66 from $150.00 to $140.00 and set an “outperform” rating for the company in a report on Wednesday, April 9th. The Goldman Sachs Group lowered Phillips 66 from a “buy” rating to a “neutral” rating and set a $132.00 price target for the company. in a research note on Thursday, March 27th. Finally, Scotiabank reduced their price objective on Phillips 66 from $136.00 to $133.00 and set a “sector outperform” rating on the stock in a research note on Friday, April 11th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and nine have assigned a buy rating to the stock. Based on data from MarketBeat.com, Phillips 66 has a consensus rating of “Moderate Buy” and a consensus target price of $142.00.

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.