Phillips 66 (PSX): a coiled spring yielding 4.75.
- PSX has dropped $6 since my last Seeking Alpha article recommending investors HOLD the stock due to the pending DCP acquisition bid.
- That (dropping $6/share) does not appear to be rational given PSX could earn $16/share this year and the new 150,000 bpd Frac4 unit is expected to come online any day now.
- The stock is currently yielding 4.7% but the current annual dividend obligation of $3.88/share is only an estimated ~30% of mid-cycle FCF of $6 billion.
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Not recommending but for me? Overweight.
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