Phillips 66 Partners LP (NYSE:PSXP) Increases Dividend to $0.88 Per Share

Phillips 66 Partners LP (NYSE:PSXP) announced a dividend on Wednesday, April 21st, investing.com reports. Shareholders of record on Friday, April 30th will be given a dividend of 0.875 per share by the oil and gas company on Friday, May 14th. This represents a yield of 10.42%. The ex-dividend date is Thursday, April 29th. This is a positive change from Phillips 66 Partners’s previous dividend of $0.37.

Phillips 66 Partners has increased its dividend by 45.5% over the last three years and has raised its dividend annually for the last 1 consecutive years. Phillips 66 Partners has a payout ratio of 96.2% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings decline. Analysts expect Phillips 66 Partners to earn $3.75 per share next year, which means the company should continue to be able to cover its $3.50 annual dividend with an expected future payout ratio of 93.3%.

NYSE:PSXP traded up $1.05 during trading hours on Wednesday, reaching $34.63. The company had a trading volume of 1,310,968 shares, compared to its average volume of 1,129,366. The company has a current ratio of 0.20, a quick ratio of 0.18 and a debt-to-equity ratio of 1.40. Phillips 66 Partners has a 52 week low of $21.28 and a 52 week high of $48.51. The firm has a market cap of $7.91 billion, a price-to-earnings ratio of 8.63 and a beta of 1.13. The firm’s 50 day moving average price is $31.06 and its 200-day moving average price is $27.67.

Phillips 66 Partners (NYSE:PSXP) last posted its earnings results on Thursday, January 28th. The oil and gas company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.87 by ($0.47). Phillips 66 Partners had a return on equity of 41.31% and a net margin of 56.75%. The company had revenue of $390.00 million during the quarter, compared to the consensus estimate of $390.12 million. During the same period last year, the firm posted $1.06 EPS. On average, analysts forecast that Phillips 66 Partners will post 3.56 earnings per share for the current fiscal year.

PSXP has been the subject of a number of research analyst reports. Credit Suisse Group cut their target price on shares of Phillips 66 Partners from $39.00 to $33.00 and set an “outperform” rating for the company in a research report on Monday, March 8th. Scotiabank started coverage on shares of Phillips 66 Partners in a research report on Monday, February 1st. They set a “sector perform” rating for the company. Finally, Mizuho boosted their price objective on shares of Phillips 66 Partners from $27.00 to $30.00 and gave the company a “neutral” rating in a research report on Monday, April 12th. Seven analysts have rated the stock with a hold rating and five have given a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $36.45.

About Phillips 66 Partners

Phillips 66 Partners LP owns, operates, develops, and acquires midstream assets. It offers transportation, terminaling, processing, stevedoring, storage, and fractionation of crude oil, refined petroleum products, and natural gas liquids. The company was founded in 2013 and is headquartered in Houston, Texas.

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Dividend History for Phillips 66 Partners (NYSE:PSXP)

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