I'll start by saying I believe Phillips 66 has a bright future. I listened to the recent conference call which helped me better understand what the company is doing. PSX is committed to growing the business and returning cash to shareholders. Management is targeting a 5% dividend growth rate and intends to make annual increases for many years to come. I'm going to take management's word on the dividend policy.
With the recent price run up, PSX is now yielding 2.02%. I will sell pretty much anything if the yield goes below 2%, especially something with a low expected dividend growth rate. It's nothing against PSX, but I should be able to make better use of the cash in something else with a higher yield.
Sell limit order placed @ $40.10