Phillips 66 (PSX) Dividend Announced
Phillips 66 (PSX), the spinoff from ConocoPhillips, announced it would be paying it's first ever dividend on September 4 to shareholders of record on July 23. The quarterly dividend will be $0.20 per share which is right where they had said it would be during talks of the spinoff. The dividend yield is 2.3% after the early runup and was 2.4% prior to the announcement. The yield is a little low for where I would like to get in but the company has announced a targeted 5% annual increase in it's dividend. I have a 2.68% YOC for my shares received during the spinoff. It's good to finally get confirmation on the dividend.
I'm glad we are getting the dividend they earlier stated. So far the spinoff worked to our advantage as income investors. COP has a great yield now and PSX is icing on the cake. My only fear is that COP will do smaller increases in the future.
ReplyDeleteIt is good to see the PSX dividend startup. I am also a little worried about possible smaller increases from COP. I wouldn't be surprised to see smaller increases for the next year or two and then back to normal. Of course that's subject to change on where oil sits at.
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