PSXP - This 5.7%-Yielding Pipeline Stock Refuels Its Dividend Growth Engine
Phillips 66 Partners (NYSE: PSXP) has done an excellent job creating value for investors since its creation in 2013. The master limited partnership (MLP) has grown its distribution to investors for 25 consecutive quarters, which has helped push its yield up to an attractive 5.7%. That has given it the fuel to produce an impressive total return of 172%, easily outpacing the S&P 500's 125% total return during that timeframe.
The pipeline company currently has plenty of fuel to keep growing its payout for the next couple of years. However, that didn't stop it from recently signing a deal to add a new expansion project to its backlog, which will enhance its growth outlook and ability to keep increasing its payout.
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