DCP - These High-Yield Energy Stocks Are Making a Needle-Moving Trade to Enhance Their Dividends
Oil pipeline giant Enbridge (NYSE: ENB) and refining and midstream company Phillips 66 (NYSE: PSX) each have a long history of paying attractive dividends to investors. Enbridge has increased its dividend for 27 straight years, making it Dividend Aristocrat , while Phillips 66 has given investors 11 raises since its formation in 2012. The energy companies currently offer attractive dividend yields, 4.3% at Phillips 66 and 6.3% for Enbridge.
The energy companies are taking a joint step to improve their abilities to maintain and grow their high-yielding payouts by consolidating two joint ventures. They are, in a sense, trading stakes in two assets to enhance their strategies. Here's a closer look at the deal and how it will benefit these energy stocks .
Enbridge and Phillips 66 recently completed a joint venture (JV) merger transaction. They now own a single JV holding their ownership interests in the Gray Oak Pipeline and DCP Midstream (NYSE: DCP) .
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These High-Yield Energy Stocks Are Making a Needle-Moving Trade to Enhance Their Dividends