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Zacks' 7 Best Strong Buy Stocks (New Research Report)
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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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 Partners Rewards Investors With Distribution Hike
Phillips 66 Partners LP recently announced an approval from the board of directors to increase quarterly cash distribution.
The third-quarter 2019 cash distribution has been recorded at 86.5 cents per common unit, reflecting a sequential increase of 1.2% and a year-over-year hike of 9%. The increased distribution is likely be paid on Nov 13, to unitholders of record as of Oct 31.
With the latest hike, the partnership has managed to raise distributions for 24 quarters in a row since the initial public offering in 2013. This reflects Phillips 66 Partners’ diversified and stable business model, generating steady fee-based revenues. The partnership’s diversified midstream assets comprise pipeline networks that transport crude oil, refined petroleum products and natural gas liquids.
Importantly, Phillips 66 Partners is well placed to continue to hike quarterly distributions since it has a solid backlog of organic midstream growth projects.
The partnership, formed by Phillips 66 (PSX - Free Report) , is scheduled to report third-quarter 2019 earnings on Oct 25. Notably, the Zacks Consensus Estimate for the partnership’s earnings for the September quarter is pegged at $1.02 per unit.
Headquartered in Houston, TX, Phillips 66 Partners currently carries a Zacks Rank #3 (Hold). Meanwhile, better-ranked players in the energy space include Crescent Point Energy Corp. and Matrix Service Company (MTRX - Free Report) . Both the stocks sport a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Crescent beat the Zacks Consensus Estimate in three of the prior four quarters, the average positive earnings surprise being 235.1%.
Matrix Service has managed to beat the Zacks Consensus Estimate for earnings in three of the past four quarters.
7 Best Stocks for the Next 30 Days
Just released: Experts distill 7 elite stocks from the current list of 220 Zacks Rank #1 Strong Buys. They deem these tickers “Most Likely for Early Price Pops.”
Since 1988, the full list has beaten the market more than 2X over with an average gain of +24.50% per year. So be sure to give these hand-picked 7 your immediate attention.
See them now >>