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Fundamental data is updated weekly, as of the prior weekend. Please download the Full Report and Dividend Report for any changes.
Latest Valuentum Commentary

Oct 29, 2024
Phillips 66’s Dividend Well Covered with Free Cash Flow
Image Source: Phillips 66. In the quarter, Phillips 66 achieved its target of $1.4 billion in business transformation savings, including a $1 per barrel refining cost reduction. The firm is also optimizing its portfolio, with asset dispositions totaling $2.7 billion, approaching its $3 billion target. We like Phillips 66 free cash flow generation of $774 million in the third quarter, which easily outpaced its dividends paid in the quarter. The company has distributed $12.5 billion through share buybacks and dividends since July 2022, and it remains on pace to achieve its target of $13-$15 billion by year end. Our fair value estimate of Phillips 66 stands at $155 per share. Shares yield 3.6% at the time of this writing.
Aug 25, 2024
Latest Report Updates
Check out the latest report updates on the site.
Aug 9, 2024
Paper: Value and Momentum Within Stocks, Too
Abstract: This paper strives to advance the field of finance in four ways: 1) it extends the theory of the “The Arithmetic of Active Management” to the investor level; 2) it addresses certain data problems of factor-based methods, namely with respect to value and book-to-market ratios, while introducing price-to-fair-value ratios in a factor-based approach; 3) it may lay the foundation for academic literature regarding the Valuentum, the value-timing, and ultra-momentum factors; and 4) it walks through the potential relative outperformance that may be harvested at the intersection of relevant, unique and compensated factors within individual stocks.
Jul 30, 2024
Phillips 66 Records Strong Free Cash Flow in Second Quarter
Image Source: Phillips 66 Investor Update. We like Phillips 66’s investment prospects. The company recently raised its mid-cycle adjusted EBITDA target to $14 billion by 2025. It has a strong investment-grade credit rating of A3/BBB+, with a net debt-to-capital ratio target between 25%-30%. Maintaining capital discipline is par for the course for Phillips 66, as it has generated 12% average ROCE since 2012. The company targets returning more than 50% of operating cash to shareholders, too. Its shares yield 3.3% at the time of this writing.
Jun 14, 2024
Latest Report Updates
Check out the latest report updates on the website.
Jun 10, 2024
Update: Frequently Asked Questions About Valuentum Securities, Inc.
Valuentum (val∙u∙n∙tum) [val-yoo-en-tuh-m] Securities Inc. is an independent investment research publisher, offering premium equity reports and dividend reports, as well as commentary across all sectors/companies, a Best Ideas Newsletter (spanning market caps, asset classes), a Dividend Growth Newsletter, modeling tools/products, and more. Independence and integrity remain our core, and we strive to be a champion of the investor. Valuentum is based in the Chicagoland area. Valuentum is not a money manager, broker, or financial advisor. Valuentum is a publisher of financial information. We address a number of questions from both subscribers and visitors to our site.
Apr 7, 2024
Geopolitical Risks Driving Crude Oil Prices Higher
Image: Crude oil prices have staged a strong advance to start 2024. Geopolitical tensions continue to be elevated as concerns grow that the war in the Middle East could further escalate, and as the war in Ukraine continues to rage on. On April 1, Israel apparently staged an attack on an Iran embassy in Syria that killed several military officials, including three senior Iranian commanders. Iran has indicated that it would retaliate, and many are speculating that the possible attack may be on Israeli soil, which would further increase global tensions. Ukraine has also been actively targeting Russian energy infrastructure, cutting into Russia’s refining capacity.
Apr 5, 2024
Dividend Increases/Decreases for the Week of April 5
Let's take a look at firms raising/lowering their dividends this week.
Apr 3, 2024
Phillips 66 Raises Dividend 10%!
Refiner and High Yield Dividend Newsletter portfolio idea Phillips 66 declared on April 3 a quarterly dividend of $1.15 per share on its common stock, reflecting a 10% payout increase. We continue to like shares and will update our dividend report on the company soon.
Mar 20, 2024
Phillips 66 Hovering Near All-Time Highs, Shares Yield ~2.7%
Image: Phillips 66 continues to be very shareholder friendly returning cash in the form of share repurchases and dividends. Though crack spreads can be quite volatile at times, there’s a lot to like about Phillips 66. The company is targeting 2025 mid-cycle adjusted EBITDA of $14 billion, up from $10 billion in 2022. Cost savings should remain ongoing, with its target calling for a total of $1.4 billion in savings, implying the company has $200 million more in savings to go. We like its investment-grade (A3/BBB+) balance sheet and target for 2025 mid-cycle adjusted operating cash flow of $10+ billion, up from $7 billion in 2022, with expectations that it will return more than half of operating cash flow to shareholders. Phillips 66 is a quality income idea for investors seeking exposure to the energy space.


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The High Yield Dividend Newsletter, Best Ideas Newsletter, Dividend Growth Newsletter, Nelson Exclusive publication, and any reports, articles and content found on this website are for information purposes only and should not be considered a solicitation to buy or sell any security. The sources of the data used on this website are believed by Valuentum to be reliable, but the data’s accuracy, completeness or interpretation cannot be guaranteed. Valuentum is not responsible for any errors or omissions or for results obtained from the use of its newsletters, reports, commentary, or publications and accepts no liability for how readers may choose to utilize the content. Valuentum is not a money manager, is not a registered investment advisor and does not offer brokerage or investment banking services. Valuentum, its employees, and affiliates may have long, short or derivative positions in the stock or stocks mentioned on this site.