Dividend payments in the first quarter
Marathon Petroleum (MPC), Valero Energy (VLO), and Phillips 66 (PSX) have paid dividends regularly for the past few years. Before we look at their dividend yields, let’s look at their dividend payments in the first quarter.
Marathon Petroleum has increased its dividend payment by 15.2% YoY (year-over-year) to $0.53 per share. MPC will pay the dividend on March 11, 2019. Similarly, Valero has increased its dividend by 12.5% YoY to $0.9 per share, which is payable on March 5, 2019. On March 1, 2019, Phillips 66 will pay a dividend of $0.8 per share, a rise of 14.3% over the dividend it paid in the first quarter of 2018.
Dividend yields have risen
Refining stocks’ dividend yields have risen since the first quarter of 2018. Valero’s dividend yield has risen the most compared to the yields of Marathon Petroleum and Phillips 66. Let’s start with Valero’s dividend yield trend.
Valero’s current dividend yield stands at 4.3%, up from 3.3% in the first quarter of 2018. Valero’s dividend yield has risen due to an increase in its dividend coupled with a fall in its stock price in the stated period. Its stock has fallen ~11% since the first quarter of 2018 driven by its plunge in the fourth quarter.
Similarly, Marathon Petroleum’s dividend yield has risen from 2.7% in the first quarter of 2018 to the current level of 3.4%. Phillips 66’s dividend yield has risen from 2.7% to 3.4% in the same period. Both companies have raised their dividends since the first quarter of 2018, but their stock prices have fallen. Marathon Petroleum and Phillips 66 have fallen ~15% and 2%, respectively, since the first quarter of 2018.
Move on to the next article to learn about these refining stocks’ forward valuations.