Phillips 66 Announces $1.15 Per Share Dividend, Ex-Dividend Date May 17

Phillips 66 will go ex-dividend on May 17, 2024, paying $1.15 per share on June 3, 2024, to shareholders of record. The company reported earnings of $1.90 per share, slightly missing estimates, but revenue exceeded expectations at $36.44 billion.

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Phillips 66 Announces $1.15 Per Share Dividend, Ex-Dividend Date May 17

Phillips 66 Announces $1.15 Per Share Dividend, Ex-Dividend Date May 17

Phillips 66 (NYSE:PSX), a major player in the oil and gas industry, has announced that it will go ex-dividend on May 17, 2024. The company will pay a dividend of $1.15 per share on June 3, 2024, to shareholders of record. Based on the current share price of $145.60, this represents a trailing yield of 3.2% and a 4.60% annualized dividend.

Why this matters: This dividend announcement has implications for investors seeking stable income streams, particularly in theenergy sector. As the global economy continues to evolve, companies like Phillips 66 that offer attractive yields can play a critical role in shaping investment strategies and influencing market trends.

Phillips 66 operates as an energy manufacturing and logistics company, with business segments spanning midstream, chemicals, refining, and marketing and specialties. The company recently reported earnings of $1.90 per share for the quarter, slightly missing the consensus estimate of $2.05. However, revenue came in at $36.44 billion, exceeding expectations of $35.87 billion. Phillips 66 achieved a return on equity of 19.19% and a net margin of 3.84% for the period.

Looking ahead, analysts forecast that Phillips 66 will post earnings of $12.76 per share for the current fiscal year, with earnings expected to grow by 14.11% to $14.56 per share in the coming year. The stock currently trades at a P/E ratio of 11.20, below the market average of around 12.938, suggesting it may be undervalued relative to its earnings potential.

Wall Street analysts have a generally bullish outlook on Phillips 66, with the stock receiving a consensus rating of "Moderate Buy" based on 11 buy ratings, 4 hold ratings, and no sell ratings from 15 analysts covering the company. The 12-month average price target of $157.43 implies a potential upside of 8.1% from the current share price. Price targets range from a low of $125.00 to a high of $191.00.

In terms of insider activity, Phillips 66 executives and directors have sold a net $5,272,681.00 worth of stock in the past three months. Most recently, Executive Vice President Richard G. Harbison sold 21,934 shares at an average price of $146.27, for a total transaction value of $3,208,286.18. Director Robert W. Pease also purchased 682 shares at $146.58 per share. Despite the insider selling, institutions remain confident in Phillips 66, with 76.93% of the stock owned by institutional investors compared to just 0.22% insider ownership.

The upcoming $1.15 per share dividend from Phillips 66 marks another attractive payout for income-focused investors. With a solid yield, modest valuation, and positive analyst sentiment, Phillips 66 appears well-positioned to continue rewarding shareholders while navigating the evolving energy landscape.

Key Takeaways

  • Phillips 66 goes ex-dividend on May 17, 2024, with a $1.15/share payout on June 3, 2024.
  • The dividend represents a 3.2% trailing yield and 4.60% annualized dividend.
  • Phillips 66 reported Q1 earnings of $1.90/share, missing estimates, but beating revenue expectations.
  • Analysts forecast 14.11% earnings growth in the next year, with a P/E ratio of 11.20, suggesting undervaluation.
  • Wall Street analysts have a "Moderate Buy" consensus rating, with a 12-month average price target of $157.43.