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PSXP - Phillips 66 Partners: My Favorite Mistake Is A Buy
Phillips 66 Partners LP representing limited partner interest in the Partnership
I bought units of PSXP for tax-advantaged MLP income and what appeared to be an excellent dividend growth platform.
The income came as expected, and the growth came as expected, but the depreciation of the unit price has been, well, a disaster.
That said, the dividend was not cut in Q2 (it was increased), the worst of COVID-19's impact is behind it, and the new Gray Oak pipeline is now in service.
PSXP is grossly undervalued and the 14.4% yield is very attractive. PSXP is a Buy and could easily trade up to $40 - 60% higher than Tuesday's close.