Phillips 66 – 3.96% Dividend Yield and Massive Buybacks Are Attracting Value Investors

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Phillips 66 (PSX) recently hiked its dividend by 8% to $4.20 per share annually, 2 days after announcing Q4 earnings. This now gives PSX stock, at $106.02 on March 3, an attractive 3.96% dividend yield. Moreover, Phillips 66 announced a huge increase in its buyback program by $5 billion. Both of these developments are pushing value investors to the stock. Granted, earnings for Q4 were lower than expected. They made just $4.00 in adjusted earnings per share (EPS), lower by 8% than the $4.30 that was projected by analysts. Nevertheless, its cash flow and free cash flow were very strong. From $10…

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