Phillips 66 (NYSE:PSX) Declares $1.15 Quarterly Dividend

Phillips 66 (NYSE:PSX) declared a quarterly dividend on Friday, October 11th,RTT News reports. Shareholders 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 dividend on an annualized basis and a yield of 3.51%. The ex-dividend date is Monday, November 18th.

Phillips 66 has raised its dividend by an average of 5.3% annually over the last three years and has increased its dividend annually for the last 13 consecutive years. Phillips 66 has a payout ratio of 47.6% indicating that its dividend is sufficiently covered by earnings. Research analysts expect Phillips 66 to earn $9.48 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 48.5%.

Phillips 66 Stock Up 0.9 %

Shares of PSX opened at $130.91 on Friday. The stock’s 50-day moving average price is $129.75 and its 200-day moving average price is $135.76. The company has a quick ratio of 0.83, a current ratio of 1.21 and a debt-to-equity ratio of 0.62. The company has a market capitalization of $54.06 billion, a price-to-earnings ratio of 16.80, a PEG ratio of 4.29 and a beta of 1.33. Phillips 66 has a 52 week low of $111.90 and a 52 week high of $174.08.

Phillips 66 (NYSE:PSX) last issued its quarterly earnings data on Tuesday, October 29th. The oil and gas company reported $2.04 EPS for the quarter, topping analysts’ consensus estimates of $1.63 by $0.41. Phillips 66 had a net margin of 2.24% and a return on equity of 13.12%. The business had revenue of $36.16 billion for the quarter, compared to analysts’ expectations of $36.31 billion. During the same quarter last year, the company earned $4.63 EPS. The business’s revenue was down 10.3% on a year-over-year basis. On average, sell-side analysts predict that Phillips 66 will post 7.63 EPS for the current year.

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on PSX. Wells Fargo & Company lowered their target price on shares of Phillips 66 from $182.00 to $167.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 9th. Scotiabank lowered their price target on shares of Phillips 66 from $145.00 to $136.00 and set a “sector outperform” rating on the stock in a research report on Thursday, October 10th. Bank of America started coverage on shares of Phillips 66 in a report on Thursday, October 17th. They issued a “buy” rating and a $156.00 price objective for the company. UBS Group dropped their price target on Phillips 66 from $150.00 to $138.00 and set a “buy” rating for the company in a research report on Monday, November 4th. Finally, Piper Sandler set a $144.00 price objective on Phillips 66 in a research report on Thursday, October 17th. Five equities research analysts have rated the stock with a hold rating and eleven have assigned a buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and an average price target of $149.69.

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.