CVX - Phillips 66: Your No. 1 Reopening Energy Stock Pick
- One year ago today, PSX was trading at over $100/share and the outlook for dividend growth was excellent.
- Then came the pandemic, the resultant drastic demand destruction for refined products like gasoline and jet-fuel. That drastically destructed PSX's stock price too.
- Friday, PSX closed at $72.55. The $3.60/share annual dividend equates to a very attractive 4.9% yield in a near zero-rate environment.
- Certainly, there are still some serious pandemic risks and challenges, but I will make the case that now is the time to buy Phillips 66.
- I predict PSX will pop strongly the day JNJ announces it has received an EUA for its one-shot COVID-19 vaccine and can ramp up to 100 million doses by March.
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Phillips 66: Your No. 1 Reopening Energy Stock Pick