Phillips 66 Partners LP (NYSE:PSXP) to Issue Dividend Increase – $0.65 Per Share

Phillips 66 Partners LP (NYSE:PSXP) declared a quarterly dividend on Thursday, October 19th, Wall Street Journal reports. Investors of record on Tuesday, October 31st will be given a dividend of 0.646 per share by the oil and gas company on Monday, November 13th. This represents a $2.58 dividend on an annualized basis and a yield of 5.04%. The ex-dividend date of this dividend is Monday, October 30th. This is a boost from Phillips 66 Partners’s previous quarterly dividend of $0.62.

Phillips 66 Partners has raised its dividend payment by an average of 133.7% annually over the last three years and has increased its dividend every year for the last 3 years. Phillips 66 Partners has a payout ratio of 95.6% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Phillips 66 Partners to earn $3.25 per share next year, which means the company should continue to be able to cover its $2.58 annual dividend with an expected future payout ratio of 79.4%.

Phillips 66 Partners (NYSE PSXP) traded up 3.14% during mid-day trading on Friday, reaching $51.32. 388,388 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $50.96 and its 200 day moving average price is $49.93. The firm has a market cap of $5.67 billion, a price-to-earnings ratio of 21.16 and a beta of 1.54. Phillips 66 Partners has a one year low of $42.47 and a one year high of $58.00.

Phillips 66 Partners (NYSE:PSXP) last issued its quarterly earnings data on Friday, October 27th. The oil and gas company reported $0.51 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.08). The company had revenue of $245.00 million for the quarter, compared to analysts’ expectations of $236.18 million. Phillips 66 Partners had a return on equity of 23.01% and a net margin of 45.35%. The firm’s quarterly revenue was up 69.8% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.57 EPS. On average, equities analysts forecast that Phillips 66 Partners will post $2.66 EPS for the current year.

A number of equities analysts have recently commented on the stock. Scotiabank reaffirmed a “buy” rating and issued a $61.00 target price on shares of Phillips 66 Partners in a report on Wednesday. Citigroup Inc. boosted their price objective on shares of Phillips 66 Partners from $60.00 to $64.00 and gave the company a “buy” rating in a research note on Wednesday, October 18th. BidaskClub raised shares of Phillips 66 Partners from a “hold” rating to a “buy” rating in a research note on Thursday, September 28th. Jefferies Group LLC reissued a “hold” rating and issued a $51.00 price objective on shares of Phillips 66 Partners in a research note on Monday, October 16th. Finally, Stifel Nicolaus reissued a “buy” rating and issued a $60.00 price objective (down from $61.00) on shares of Phillips 66 Partners in a research note on Monday, September 25th. One research analyst has rated the stock with a sell rating, two have given a hold rating and seven have assigned a buy rating to the company’s stock. Phillips 66 Partners presently has an average rating of “Buy” and a consensus target price of $59.86.

An institutional investor recently raised its position in Phillips 66 Partners stock. The Manufacturers Life Insurance Company increased its holdings in Phillips 66 Partners LP (NYSE:PSXP) by 7.5% during the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 3,342 shares of the oil and gas company’s stock after buying an additional 234 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Phillips 66 Partners were worth $165,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 43.05% of the company’s stock.

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Phillips 66 Partners Company Profile

Dividend History for Phillips 66 Partners (NYSE:PSXP)

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