Phillips 66 Rewards Shareholders With Stock Buyback Program
Zacks Investment Research | Oct 08, 2019 10:18PM ET
Phillips 66 (NYSE:PSX) announced an authorization by the board of directors for a new share repurchase program. With this move, the company has been permitted to repurchase up to $3 billion of common stock.
Following the latest approval, its share repurchase program authorized since 2012 aggregates $15 billion. Thus, Phillips 66 has been strongly committed in returning cash to its shareholders through both dividend payments and stock repurchases. The company stated that it has returned more than $24 billion of capital to its shareholders since 2012.
Phillips 66 has also revealed long-term capital allocation program. The company is planning to allocate roughly 60% of its operating cash flow for business investments. The remaining 40% is likely to be returned to its shareholders via share buybacks and dividend payments. This reflects the company’s overall strong operations and competitive strength in all the business segments that include midstream, chemicals and refining.
Investors should note that the company will be repurchasing shares over time, at its discretion, in the open market. Phillips 66 also stated that its board has approved a quarterly dividend of 90 cents per share. The dividend is expected to be paid on Dec 2, to its shareholders of record as of Nov 18.
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