Why 2020 Should Be a Big Year for This 6.3%-Yielding Dividend Stock

Phillips 66 Partners' (NYSE: PSXP) growth engine continued humming along during the third quarter. Overall, the master limited partnership's (MLP's) earnings increased by 6% year over year; cash flow surged 17% thanks to higher volumes on its pipeline and storage assets, fueled in part by recently completed expansion projects. That has given it the fuel to increase its dividend by 9% over the past year, pushing the yield up past 6%.

The company's dividend growth engine will get even more fuel next year after the MLP and its partners finish up two major expansion projects. So 2020 could be a big year for Phillips 66 Partners and its investors, which was one of the takeaways from the third-quarter conference call of its parent, refiner Phillips 66 (NYSE: PSX).

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Source Fool.com