Phillips 66 (NYSE:PSX) Announces Quarterly Dividend of $1.33

Key Points

• Phillips 66 raised its quarterly dividend 4.7%, from $1.27 to $1.33 per share. The dividend is payable December 1 to shareholders of record November 17.
• The new dividend equals $5.32 annually per share, a yield of about 2.0%; the company has increased its dividend for 14 consecutive years.
• The dividend appears well covered: Phillips 66 reported quarterly EPS of $14.08, beating the $11.73 consensus estimate, and its current payout ratio is 51.5%.

Phillips 66 (NYSE:PSX - Get Free Report) declared a quarterly dividend on Friday, October 16th. Investors of record on Tuesday, November 17th will be given a dividend of $1.33 per share by the oil and gas company on Tuesday, December 1st. This represents a $5.32 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Tuesday, November 17th. This is a 4.7% increase from Phillips 66's previous quarterly dividend of $1.27.

Phillips 66 has increased its dividend by an average of 0.1% annually over the last three years and has raised its dividend every year for the last 14 years. Phillips 66 has a dividend payout ratio of 51.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Phillips 66 to earn $33.94 per share next year, which means the company should continue to be able to cover its $5.32 annual dividend with an expected future payout ratio of 15.7%.

Phillips 66 Price Performance

Shares of Phillips 66 stock traded up $1.69 during trading on Friday, hitting $264.60. 3,006,235 shares of the stock traded hands, compared to its average volume of 3,092,010. The company has a quick ratio of 1.04, a current ratio of 1.34 and a debt-to-equity ratio of 0.49. The stock has a market cap of $103.21 billion, a price-to-earnings ratio of 8.45, a PEG ratio of 0.14 and a beta of 0.69. The firm's fifty day moving average is $268.77 and its 200-day moving average is $204.44. Phillips 66 has a 52 week low of $127.16 and a 52 week high of $299.39.

Phillips 66 (NYSE:PSX - Get Free Report) last issued its earnings results on Wednesday, October 28th. The oil and gas company reported $14.08 earnings per share (EPS) for the quarter, topping the consensus estimate of $11.73 by $2.35. Phillips 66 had a return on equity of 33.12% and a net margin of 7.27%. The business had revenue of $50.54 billion during the quarter, compared to analyst estimates of $44.91 billion. During the same quarter in the prior year, the firm earned $2.52 earnings per share. Research analysts expect that Phillips 66 will post 33.79 EPS for the current fiscal year.

Insider Activity at Phillips 66

In other news, EVP Brian Mandell sold 23,400 shares of Phillips 66 stock in a transaction dated Wednesday, September 16th. The shares were sold at an average price of $265.06, for a total transaction of $6,202,404.00. Following the sale, the executive vice president owned 61,595 shares of the company's stock, valued at approximately $16,326,370.70. The trade was a 27.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.40% of the company's stock.

Institutional Trading of Phillips 66

Several institutional investors and hedge funds have recently bought and sold shares of PSX. BlackRock Inc. bought a new position in shares of Phillips 66 in the 2nd quarter worth approximately $5,766,779,000. State Street Corp raised its holdings in Phillips 66 by 1.1% in the second quarter. State Street Corp now owns 26,044,694 shares of the oil and gas company's stock worth $4,402,856,000 after purchasing an additional 271,841 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of Phillips 66 during the 2nd quarter valued at $1,093,206,000. Amundi grew its position in shares of Phillips 66 by 62.0% in the 1st quarter. Amundi now owns 3,667,451 shares of the oil and gas company's stock worth $668,137,000 after buying an additional 1,403,493 shares during the period. Finally, Bank of America Corp DE grew its position in shares of Phillips 66 by 1.2% in the 1st quarter. Bank of America Corp DE now owns 2,971,036 shares of the oil and gas company's stock worth $541,263,000 after buying an additional 35,167 shares during the period. 76.93% of the stock is currently owned by hedge funds and other institutional investors.

About Phillips 66

Phillips 66 NYSE: PSX is an integrated energy company with businesses spanning refining, midstream operations, chemicals, and marketing. It processes crude oil and other feedstocks into transportation fuels and other petroleum products, including gasoline, diesel, and jet fuel. The company's midstream operations include the transportation, processing, storage, and marketing of crude oil, natural gas, natural gas liquids, and refined products. Phillips 66 also markets fuels and related products through retail and wholesale channels, including under the Phillips 66, 76, and JET brands.

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