Phillips 66 (NYSE:PSX) Announces $1.20 Quarterly Dividend

Key Points

• Phillips 66 announced a quarterly dividend of $1.20 per share, payable on December 1, 2023, to shareholders of record by November 17, 2023, reflecting an annual yield of 3.7%.
• The company reported earnings of $2.38 per share for the last quarter, surpassing expectations, with a revenue of $33.77 billion compared to forecasts of $32.11 billion.
• Phillips 66 maintains a payout ratio of 46.5%, indicating that its dividend is well-supported by earnings, and analysts project an earnings per share of $11.85 for the next year.

Phillips 66 (NYSE:PSX - Get Free Report) announced a quarterly dividend on Wednesday, October 8th, RTT News reports. Shareholders of record on Monday, November 17th will be given a dividend of 1.20 per share by the oil and gas company on Monday, December 1st. This represents a c) dividend on an annualized basis and a yield of 3.7%.

Phillips 66 has a payout ratio of 46.5% indicating that its dividend is sufficiently covered by earnings. Analysts expect Phillips 66 to earn $11.85 per share next year, which means the company should continue to be able to cover its $4.80 annual dividend with an expected future payout ratio of 40.5%.

Phillips 66 Stock Down 0.8%

PSX stock traded down $1.06 during midday trading on Wednesday, reaching $131.31. 1,763,584 shares of the company were exchanged, compared to its average volume of 3,212,361. The company has a debt-to-equity ratio of 0.60, a quick ratio of 0.79 and a current ratio of 1.07. Phillips 66 has a 1-year low of $91.01 and a 1-year high of $142.35. The stock's 50-day simple moving average is $129.07 and its 200 day simple moving average is $120.51. The company has a market cap of $53.06 billion, a price-to-earnings ratio of 31.56, a price-to-earnings-growth ratio of 1.91 and a beta of 1.11.

Phillips 66 (NYSE:PSX - Get Free Report) last released its quarterly earnings data on Friday, July 25th. The oil and gas company reported $2.38 earnings per share for the quarter, topping analysts' consensus estimates of $1.79 by $0.59. Phillips 66 had a net margin of 1.27% and a return on equity of 4.87%. The company had revenue of $33.77 billion for the quarter, compared to analysts' expectations of $32.11 billion. During the same quarter last year, the company earned $2.31 earnings per share. On average, equities analysts forecast that Phillips 66 will post 6.8 earnings per share for the current year.

Insider Transactions at Phillips 66

In other news, Director Sigmund L. Cornelius bought 500 shares of the business's stock in a transaction that occurred on Thursday, July 31st. The stock was purchased at an average price of $123.55 per share, with a total value of $61,775.00. Following the purchase, the director owned 21,543 shares of the company's stock, valued at $2,661,637.65. This trade represents a 2.38% increase in their position. The acquisition was disclosed in a legal filing with the SEC, which is available through this link. Also, EVP Vanessa Allen Sutherland sold 4,393 shares of the business's stock in a transaction dated Friday, September 26th. The shares were sold at an average price of $140.00, for a total transaction of $615,020.00. Following the completion of the transaction, the executive vice president directly owned 34,587 shares of the company's stock, valued at $4,842,180. The trade was a 11.27% decrease in their position. The disclosure for this sale can be found here. Over the last quarter, insiders acquired 9,850 shares of company stock worth $1,188,910. Corporate insiders own 0.22% of the company's stock.

Institutional Trading of Phillips 66

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the business. Evolution Wealth Management Inc. purchased a new position in Phillips 66 in the second quarter valued at approximately $25,000. Wolff Wiese Magana LLC lifted its position in Phillips 66 by 62.1% during the second quarter. Wolff Wiese Magana LLC now owns 214 shares of the oil and gas company's stock valued at $26,000 after buying an additional 82 shares in the last quarter. von Borstel & Associates Inc. acquired a new position in Phillips 66 during the first quarter valued at approximately $27,000. Olde Wealth Management LLC acquired a new position in Phillips 66 during the first quarter valued at approximately $28,000. Finally, Opal Wealth Advisors LLC acquired a new position in Phillips 66 during the first quarter valued at approximately $29,000. Hedge funds and other institutional investors own 76.93% of the company's stock.

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.

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