Energy and logistics company Phillips 66 (NYSE:PSX) has announced plans to up its quarterly dividend payout 25%, from $0.3125 per share of common stock to $0.39.

The latest quarterly amount will be payable on Dec. 2 to shareholders of record as of Nov. 14.

Annualized, Phillips 66's dividend adds to $1.56 per share. As of the market's close on Oct. 2, the company had a stock price of $59.18, which means Phillips 66 currently has a dividend yield of 2.6%.

In February, the company increased its payout by 25%.

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