Apologies in advance for the naive question, but I bought into $PSXP (Phillips 66) two years ago.
I've stuck with them ever since for their quarterly dividend.
However, I've noticed that my dividend this quarter has taken a significant dip (by about half of what I typically get).
Surprised, I've looked into it and it seems as if there was a recent merger with PSXP and another company to become PXP.
On paper, the quarterly dividend per share has actually increased (meaning my dividend should have also increased as opposed to decreased).
But it seems with the new ticker PXP has only allocated me half the share amount I previously owned….
Dollar-wise I have the same amount of PSXP that I always owned (so I didn't immediately notice this). But in terms of stock quantity I have half of what I initially had meaning I'm getting half the dividend I am accustomed to…
Is this a normal thing for companies to do?… I feel kind of cheated to be honest and it's put a sour taste in my mouth.
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