Phillips 66 Partners LP (NYSE:PSXP) announced a quarterly dividend on Wednesday, January 22nd, Wall Street Journal reports. Stockholders of record on Friday, January 31st will be paid a dividend of 0.875 per share by the oil and gas company on Thursday, February 13th. This represents a $3.50 dividend on an annualized basis and a dividend yield of 5.73%. The ex-dividend date of this dividend is Thursday, January 30th. This is an increase from Phillips 66 Partners’s previous quarterly dividend of $0.87.
Phillips 66 Partners has raised its dividend by an average of 12.9% per year over the last three years and has raised its dividend annually for the last 6 consecutive years. Phillips 66 Partners has a payout ratio of 82.8% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Equities research analysts expect Phillips 66 Partners to earn $4.21 per share next year, which means the company should continue to be able to cover its $3.46 annual dividend with an expected future payout ratio of 82.2%.
Shares of PSXP stock opened at $61.05 on Friday. The company has a debt-to-equity ratio of 1.91, a current ratio of 1.51 and a quick ratio of 1.49. The stock has a market cap of $13.95 billion, a PE ratio of 14.96, a price-to-earnings-growth ratio of 3.65 and a beta of 0.95. The stock has a 50-day moving average of $61.11 and a 200-day moving average of $56.17. Phillips 66 Partners has a one year low of $47.34 and a one year high of $65.22.
A number of analysts recently issued reports on the company. ValuEngine raised Phillips 66 Partners from a “strong sell” rating to a “sell” rating in a research note on Monday, December 16th. Royal Bank of Canada increased their target price on Phillips 66 Partners from $62.00 to $65.00 and gave the stock an “outperform” rating in a research note on Friday, December 20th. Barclays set a $58.00 target price on Phillips 66 Partners and gave the stock a “hold” rating in a research note on Friday, October 25th. Zacks Investment Research raised Phillips 66 Partners from a “strong sell” rating to a “buy” rating and set a $61.00 target price for the company in a research note on Wednesday, October 30th. Finally, Mizuho increased their target price on Phillips 66 Partners from $58.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, October 28th. One research analyst has rated the stock with a sell rating, three have given a hold rating and seven have issued a buy rating to the company. Phillips 66 Partners currently has a consensus rating of “Buy” and a consensus target price of $59.56.
In related news, Director Mark Haney acquired 1,640 shares of the business’s stock in a transaction dated Wednesday, January 22nd. The stock was bought at an average price of $62.17 per share, with a total value of $101,958.80. Following the acquisition, the director now owns 30,990 shares in the company, valued at approximately $1,926,648.30. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website.
Phillips 66 Partners Company Profile
Phillips 66 Partners LP owns, operates, develops, and acquires crude oil, refined petroleum products, and natural gas liquids (NGL) pipelines, terminals, and other transportation and midstream assets. The company operates pipeline assets in Lake Charles, Sweeny, Wood River, Borger/Ponca City, Billings, and Borger; terminal, rail rack, and storage assets in Louisiana, Texas, New Mexico, Illinois, Missouri, Kansas, Oklahoma, New Jersey, Washington, Wyoming, and Montana; marine assets in Lake Charles, Bayway, and Wood River; and NGL assets in Texas and Louisiana.
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