I couldn't resist ConocoPhillip's (COP) new yield, today I bought 24 additional shares. The shares were picked up at $53.07 which is a yield of 4.94% after transaction costs and will pay me $63.36 per year. This is a slightly better price than my initial (prorated for the spinoff) purchase. I always like to average down when I can. Oil stocks were hammered this week due to lower gasoline prices and sluggish job growth. I would welcome further market declines since I plan to make at least one more purchase in May.
Since the spinoff I have noticed investors sold PSX and seem to have a more favorable opinion of the new COP. PSX took a harsh beating in market price this week, I will hold it regardless. As I stated in a post about the spinoff, I plan to keep both companies. Right now I'll only consider adding shares of COP until I know more about Phillips 66.
Have a great weekend!