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Zacks' 7 Best Strong Buy Stocks (New Research Report)
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predicting the 7 stocks that will soar highest in the coming month.
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Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
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Phillips 66 (PSX) Stock Up 4.5% Post Quarterly Dividend Hike
Phillips 66(PSX - Free Report) , based in Houston, TX, recently announced that it has got an approval from the board of directors to hike dividend. Since the announcement on Feb 8, the stock has gained 4.5%.
The new quarterly dividend of $1.05 per share indicates an increase of 8.2% from the previous quarter’s 97 cents and a 14% hike from the year-ago quarter’s 92 cents. The record date is fixed at Feb 21, 2023. The dividend will be paid out on Mar 1, 2023 to holders of record at the close of business as on the record date. Since its inception in 2012, PSX has increased its dividend 12 times, resulting in a 17% compound annual growth rate (CAGR). This reflects Phillips 66’s strong business model and commitment to return capital back to shareholders.
Zacks Rank & Key Picks
Phillips 66 is among the most diversified refiners. Currently, PSX carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the energy space include Murphy USA Inc. (MUSA - Free Report) , CVR Energy (CVI - Free Report) and PBF Energy Inc. (PBF - Free Report) . While Murphy sports a Zacks Rank #1 (Strong Buy), CVR Energy and PBF Energy carry a Zacks Rank #2 (Buy).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Murphy USA is a low-cost, high-volume fuel seller. Over the past seven days, MUSA has witnessed upward earnings estimate revisions for 2023 and 2024.
CVR Energy is an independent refiner and marketer of high value transportation fuels, which has seen an upward revision in earnings estimates over the past 30 days.
PBF Energy has one of the most complex refining systems in the United States. Thus, the firm has the capacity to generate lighter and better grades of refined products. PBF’s daily processing capacity of 1,000,000 barrels of crude oil is higher than most peers. Over the past seven days, PBF has witnessed upward earnings estimate revisions for 2023.