Phillips 66 (NYSE:PSX) to Issue Quarterly Dividend of $1.15

Phillips 66 (NYSE:PSX) announced a quarterly dividend on Wednesday, July 10th, RTT News reports. Shareholders of record on Tuesday, August 20th will be given a dividend of 1.15 per share by the oil and gas company on Tuesday, September 3rd. This represents a $4.60 annualized dividend and a yield of 3.31%. The ex-dividend date of this dividend is Tuesday, August 20th.

Phillips 66 has raised its dividend payment by an average of 5.3% per year over the last three years and has raised its dividend every year for the last 13 years. Phillips 66 has a dividend payout ratio of 35.2% indicating that its dividend is sufficiently covered by earnings. Analysts expect Phillips 66 to earn $12.77 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 36.0%.

Phillips 66 Price Performance

Shares of NYSE:PSX opened at $138.92 on Friday. The business has a fifty day moving average price of $138.18 and a 200-day moving average price of $145.95. The company has a debt-to-equity ratio of 0.56, a current ratio of 1.14 and a quick ratio of 0.79. The company has a market capitalization of $58.90 billion, a PE ratio of 10.69, a PEG ratio of 2.37 and a beta of 1.34. Phillips 66 has a 1-year low of $107.85 and a 1-year high of $174.08.

Phillips 66 (NYSE:PSX) last announced its quarterly earnings data on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, beating the consensus estimate of $1.98 by $0.33. The company had revenue of $38.91 billion for the quarter, compared to the consensus estimate of $37.79 billion. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. Phillips 66’s revenue for the quarter was up 8.9% on a year-over-year basis. During the same period in the prior year, the firm posted $3.87 EPS. As a group, equities analysts expect that Phillips 66 will post 9.53 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

PSX has been the subject of several analyst reports. Wells Fargo & Company reduced their price target on shares of Phillips 66 from $180.00 to $176.00 and set an “overweight” rating for the company in a research report on Wednesday, July 31st. Piper Sandler decreased their price target on Phillips 66 from $170.00 to $151.00 and set an “overweight” rating for the company in a research note on Friday, June 14th. Scotiabank dropped their price objective on Phillips 66 from $156.00 to $145.00 and set a “sector outperform” rating on the stock in a research report on Friday, July 12th. StockNews.com lowered Phillips 66 from a “buy” rating to a “hold” rating in a research report on Monday, May 6th. Finally, Wolfe Research began coverage on shares of Phillips 66 in a report on Thursday, July 18th. They set a “peer perform” rating on the stock. Five equities research analysts have rated the stock with a hold rating and ten have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $157.38.

Phillips 66 Company Profile

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.