I sold my PSX; used the proceeds to buy COP, based on the dividend rate - c. 5%, and I think COP will earn enough to SUSTAIN that dividend rate. I have been purchasing add'l COP, at the 5+% dividend rate - I consider COP an 'investment quality' stock and view price movement potential to be upside. I will take another look at PSX if & when I see it trading at a range to yield a c. 5% dividend payout .
Thanks for all the replies.
That's what i like about PSX, its not just another boring refiner, it has more UNF to it you know. Such a hard decision...Also been looking at using the PSX money to pick up NuStar - NS. Still have to throw some numbers around.
I sold my cop before the spin and used proceeds to buy cop.wi so basically I sold all psx prior to spinoff and bought cop with it. Have been very happy with that decision, it made my dividend income much larger and have made some on the trade as well.
I kept all of mine and have been buying more.
Part of the problem is that it really must establish a price point which in most cases is not the agreed starting point. this will probably bounce around until PSX makes its first dividend payment of .20 a share and the market settles down a bit. Short term maybe disappointing, long term I believe it will be good. Since this is part of my retirement I do not need the cash to sustain me. This may be different for others. I got 65 shares of COP on the dividend reinvest.
Good luck all.