cryptoTop Dividend Stock: Phillips 66 Races To Top With Hot Growth, Big...

Top Dividend Stock: Phillips 66 Races To Top With Hot Growth, Big Dividend

IBD’s Earnings Investor highlights high dividend shares. Phillips 66 (PSX) is in focus at this time, with sizzling progress and a powerful dividend.

Headquartered in Houston, Phillips 66 is a diversified vitality firm working by 4 segments: midstream, refineries, chemical substances and advertising and marketing.

The Oil Refiners/Advertising and marketing group is considered one of IBD’s top-performing subsectors in 2022. It at the moment ranks ninth out of 197 trade teams. Phillips 66 ranks second within the group, with a robust 98 Composite Ranking.

For income-seeking traders, Phillips 66 pays out a powerful 4.29% dividend yield, effectively above the S&P 500’s 1.7% common.

The vitality large has made this quarterly payout a high precedence, rising it yearly since 2012.

Dividend Shares: Power Market Earnings Soar

Phillips 66 has been rising at an unimaginable tempo, along with its spectacular yield.  Progress comes as vitality costs have soared amid tight world provide.

Robust outcomes have additionally improved the steadiness sheet. The corporate decreased debt by $1.5 billion in Q2 and resumed share repurchases that had been halted in March of 2020.

Income are forecast to just about triple to $16.10 in 2022, after 2021 earnings of $5.70 per share. As well as, analysts forecast a revenue of $4.68 per share when Phillips 66 stories third-quarter earnings on Nov. 1.

Nevertheless, the worldwide macro atmosphere may impression earnings in coming quarters. They could be pressured to decide on between the advantages of tight vitality markets and a recession that slows demand.

Fortuitously, world markets have already priced-in some slowing of vitality demand.

This dividend inventory has carried out effectively in current weeks, rallying above its 200-day transferring common.

It is now consolidating in a possible double-bottom, with a 94.85 purchase level.

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