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PSXP - This 6.2%-Yielding Dividend Stock Continues to Prove It's an Excellent Income Investment
Phillips 66 Partners LP representing limited partner interest in the Partnership
Phillips 66 Partners(NYSE: PSXP) has been an excellent dividend stock over the years. The master limited partnership (MLP) has increased its payout every quarter since its initial public offering (IPO) in 2013, recently notching its 23rd straight increase. With its latest raise -- which was 9% above the prior year's level -- the company pushed its yield up to 6.2%.
That dividend should head even higher over the next few years. One factor driving that view is the MLP's third-quarter results, which proves that it has the fuel to keep growing.