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

Phillips 66 (NYSE:PSX) declared a quarterly dividend on Friday, October 11th, RTT News reports. Investors of record on Monday, November 18th will be given a dividend of 1.15 per share by the oil and gas company on Monday, December 2nd. This represents a $4.60 annualized dividend and a dividend yield of 3.37%.

Phillips 66 has raised its dividend by an average of 5.3% annually over the last three years and has increased its dividend every year for the last 13 years. Phillips 66 has a dividend payout ratio of 40.5% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Phillips 66 to earn $10.43 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 44.1%.

Phillips 66 Trading Down 0.1 %

PSX traded down $0.07 during trading on Friday, hitting $136.35. 1,460,302 shares of the stock traded hands, compared to its average volume of 2,708,807. The firm has a market capitalization of $57.81 billion, a P/E ratio of 10.49, a price-to-earnings-growth ratio of 5.48 and a beta of 1.33. 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 firm has a 50-day moving average of $133.19 and a 200 day moving average of $141.75. Phillips 66 has a 12-month low of $107.85 and a 12-month high of $174.08.

Phillips 66 (NYSE:PSX) last posted its earnings results on Tuesday, July 30th. The oil and gas company reported $2.31 EPS for the quarter, topping the consensus estimate of $1.98 by $0.33. Phillips 66 had a net margin of 3.32% and a return on equity of 16.77%. The firm had revenue of $38.91 billion during the quarter, compared to analysts’ expectations of $37.79 billion. During the same period last year, the company posted $3.87 EPS. The company’s quarterly revenue was up 8.9% compared to the same quarter last year. Equities research analysts anticipate that Phillips 66 will post 8.19 EPS for the current year.

Analyst Upgrades and Downgrades

A number of analysts have weighed in on PSX shares. Scotiabank reduced their price objective on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating for the company in a research note on Thursday. Wolfe Research initiated coverage on shares of Phillips 66 in a research note on Thursday, July 18th. They issued a “peer perform” rating for the company. Morgan Stanley reduced their price target on shares of Phillips 66 from $150.00 to $144.00 and set an “equal weight” rating for the company in a research note on Monday, September 16th. Piper Sandler lifted their price target on shares of Phillips 66 from $136.00 to $144.00 and gave the stock an “overweight” rating in a research note on Tuesday. Finally, Barclays reduced their price target on shares of Phillips 66 from $138.00 to $133.00 and set an “equal weight” rating for the company in a research note on Tuesday. Six research analysts have rated the stock with a hold rating and ten have given a buy rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average price target of $151.21.

Insider Buying and Selling at Phillips 66

In other Phillips 66 news, CFO Kevin J. Mitchell sold 30,000 shares of the stock in a transaction dated Thursday, August 15th. The shares were sold at an average price of $139.01, for a total transaction of $4,170,300.00. Following the completion of the sale, the chief financial officer now directly owns 81,937 shares of the company’s stock, valued at approximately $11,390,062.37. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Insiders own 0.22% of the company’s stock.

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.