Dividend Increase - Phillips 66 (PSX)
Money and Finance

Dividend Increase - Phillips 66 (PSX)


Earlier this week the Board of Directors of Phillips 66 (PSX) announced another increase in their dividend.  This was their second increase since being spun off from ConocoPhillips (COP) in the middle of last year.  The new rate is $0.3125 and is a 25% increase from the $0.25 quarterly dividend paid in December and a 56% increase from their first payout back in September.  It's great to see management increasing the dividend further.  I expect the dividend growth to slow down because management was originally targeting a 5% annual growth in the dividend once they were spun off.

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