Phillips 66 (NYSE: PSX ) has announced a raise in its quarterly dividend. The company is to pay $0.3125 per share of its common stock on March 1 to shareholders of record as of the end of Feb. 21, changing this from the previously announced Feb. 18. That payout represents an increase of 25% over the previous dividend of $0.25 paid in October.
The company's only previous dividend prior to that was $0.20, disbursed last July following the establishment of the company earlier that year (it was spun off from oil and gas major ConocoPhillips.
The new dividend annualizes to $1.25, which represents a yield of 1.9% on the current share price.