I'm a little late to the party on this one but I figured it was worth posting in case anyone else missed it like me. On October 3rd the board of directors for Phillips 66 (PSX) announced a $0.05 increase in their quarterly dividend from $0.20 to $0.25. This is a 25% increase which is great news for investors because they were targeting a 5% annual dividend increase when they were spun off from ConocoPhillips (COP). The new rate is payable to shareholders of record as of October 15th and payable on December 3rd.
The increase changed my YOC for the small PSX position from 2.68% to 3.35% and increased the YOC for my portfolio from 2.83% to 2.84%. My forward 12 month dividends increased from $6.44 to $8.04. Unfortunately my position is very small with PSX, I should have picked some more up right after the spinoff but didn't have any available funds before it's run up. It's the same reason that I didn't get a chance to add more to my COP position prior to the spinoff because once it was announced the share price went almost straight up.