Phillips 66’s dividend per share
In this part, we’ll discuss Phillips 66’s dividend yield before its first-quarter earnings. We’ll review the company’s dividend payment in the first quarter.
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In the first quarter, Phillips 66 paid $0.8 per share on March 1. The dividend was announced on February 6. Phillips 66’s first-quarter dividend payment was 27% higher than the dividends paid in the first quarter of 2017.
Phillips 66’s dividend yield
Currently, Phillips 66’s dividend yield is 3.3%. The company has consistently provided returns to shareholders through dividends and share repurchases. The company paid $1.4 billion of dividends and repurchased ~$4.6 billion worth of shares in 2018. Since 2012, Phillips 66’s dividends have grown by a compound annual growth rate of 30%.
Phillips 66 expects the growth in shareholders’ returns to continue in 2019. Greg Garland, Phillips 66’s chairman and CEO, in its fourth-quarter earnings call, said, “As we look to 2019, we expect to deliver another double-digit dividend increase. Through our ongoing share repurchase program, we continue to buy shares when they trade below intrinsic value, as demonstrated by our fourth quarter pace of repurchases.”
Peers’ dividend yield
Phillips 66 has the third-highest dividend yield among its US peers. Valero Energy (VLO) and PBF Energy (PBF) have higher dividend yields at 4.2% and 3.8%, respectively. Delek US Holdings (DK) and HollyFrontier (HFC) have relatively lower yields at 2.8% and 2.6%, respectively. Marathon Petroleum’s (MPC) dividend yield is equivalent to Phillips 66 at 3.3%