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Phillips 66 Hikes Dividend By 2%; Shares Rise 3.6%

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Diversified energy manufacturing and logistics company Phillips 66 (PSX) recently announced a quarterly dividend of 92 cents per share, an increase of about 2% from the previous dividend of 90 cents.

Following the news, shares of the company appreciated 3.6% to close at $82.13 on Friday.

The dividend will be paid on December 1, 2021 to shareholders of record as of November 17, 2021.

The company’s annual dividend of $3.68 per share now reflects a dividend yield of 4.6% based on Friday’s closing price.

Notably, the company has been raising its quarterly dividend consistently over the past eight years, making it an attractive choice for investors.

The CEO of Phillips 66, Greg Garland, said, “We are increasing our dividend this quarter, demonstrating our commitment to shareholder returns and reflecting our confidence in the company’s strategy and cash flow recovery. We have increased the dividend 10 times since our inception in 2012, resulting in an 18% compound annual growth rate. We also have reduced our debt balance by $1 billion this year and will continue prioritizing debt repayment to return to pre-pandemic levels.” (See Phillips 66 stock chart on TipRanks)

See Top Smart Score Stocks on TipRanks >>

Recently, Cowen & Co. analyst Jason Gabelman reiterated a Hold rating on the stock. The analyst, however, raised the price target to $79 from $73, which implies downside potential of 3.8% from current levels.

The Wall Street community is cautiously optimistic about the stock and has a Moderate Buy consensus rating based on 6 Buys and 4 Holds. The average Phillips 66 price target of $85.20 implies that the stock has upside potential of 3.7% from current levels. Shares have gained about 53.6% over the past year.

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