My position in Phillips 66 was liquidated at $40.10. These were shares received from the ConocoPhillips spinoff a few months ago. I'd note that I will still receive the first ever PSX dividend since it went ex last month. Overall I managed about a 26% total return gain based on the adjusted cost basis from the spinoff. This includes the upcoming dividend payment (excludes past COP payments). This sale will reduce my annual income by $14.40 which isn't a big deal since Phillips 66 was by far my smallest holding and income producer.
Like I was saying in the previous post, PSX was cut loose because it's yield fell below 2% and management has stated they are targeting a low dividend growth rate of only 5%. When one of my stocks falls to a low current yield, I will always consider a sale. If I have reason to believe the future DGR will be high it could be a reason to continue holding. It will vary stock to stock and is subject to market conditions. In general I do not like yields less than 2% since it slows down the compounding process.
I do not have a replacement company in mind at the moment, but the proceeds will eventually be invested at a higher yield. I still think PSX has a bright future; it will be relegated to my watch list for now.