Phillips 66 (NYSE: PSX) said this week its Board of Directors had authorized a quarterly dividend of $1.15 per share on the company’s common stock.
The latter represents a 10% increase compared to the prior dividend payment.
The dividend will be paid on June 3rd to shareholders of record as of the close of business on May 20th 2024, the company said.
”The dividend increase reflects the confidence we have in our growing mid-cycle cash flow generation and disciplined approach to capital allocation, including a secure, competitive and growing dividend,” Mark Lashier, President and Chief Executive Officer of Phillips 66, said in a press release.
”Since our formation in 2012, we have steadily raised our dividend, resulting in a 16% compound annual growth rate. We are well-positioned to continue delivering significant shareholder value through the successful execution of our strategic priorities, including returning $13 billion to $15 billion to shareholders through dividends and share repurchases between July 2022 and year-end 2024.”
Stock Performance
The shares of Phillips 66 (PSX) closed 0.04% ($0.07) higher at $170.75 in New York on Friday, as they registered gains in three out of the past four market sessions.
The company’s total market cap now stands at $73.051 billion.
The shares of Phillips 66 (PSX) went up 27.92% in 2023, compared with a 24.23% gain for the benchmark index, S&P 500 (SPX).
The company’s shares have risen 28.25% so far this year.
Analyst stock price forecast and recommendation
According to TipRanks, at least 9 out of 14 surveyed investment analysts had rated Phillips 66’s stock as “Buy”, while 5 – as “Hold”. The median price target on the stock stands at $157.86, which translates into a 7.55% downside compared to the closing price on Friday.
The high point of the analyst forecast range stands at $180.00.
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