Delek Logistics Partners, LP (NYSE:DKL) Raises Dividend to $1.10 Per Share

Delek Logistics Partners, LP (NYSE:DKL) announced a quarterly dividend on Tuesday, October 29th, NASDAQ reports. Stockholders of record on Friday, November 8th will be paid a dividend of 1.10 per share by the oil and gas producer on Thursday, November 14th. This represents a $4.40 dividend on an annualized basis and a dividend yield of 11.22%. The ex-dividend date is Friday, November 8th. This is a boost from Delek Logistics Partners’s previous quarterly dividend of $0.73.

Delek Logistics Partners has raised its dividend by an average of 4.8% per year over the last three years. Delek Logistics Partners has a dividend payout ratio of 109.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Delek Logistics Partners to earn $4.13 per share next year, which means the company may not be able to cover its $4.40 annual dividend with an expected future payout ratio of 106.5%.

Delek Logistics Partners Stock Performance

DKL stock opened at $39.22 on Thursday. Delek Logistics Partners has a fifty-two week low of $37.02 and a fifty-two week high of $53.80. The company has a market capitalization of $1.85 billion, a price-to-earnings ratio of 13.48, a price-to-earnings-growth ratio of 1.01 and a beta of 2.12. The business’s 50 day moving average price is $41.17 and its two-hundred day moving average price is $40.24.

Delek Logistics Partners (NYSE:DKL) last posted its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.81 by $0.06. Delek Logistics Partners had a negative return on equity of 147.45% and a net margin of 12.48%. The business had revenue of $264.63 million during the quarter, compared to the consensus estimate of $257.17 million. During the same quarter in the prior year, the company earned $0.73 earnings per share. Sell-side analysts forecast that Delek Logistics Partners will post 3.41 earnings per share for the current year.

Insider Activity at Delek Logistics Partners

In other Delek Logistics Partners news, CFO Reuven Spiegel bought 1,282 shares of the business’s stock in a transaction on Thursday, October 10th. The shares were acquired at an average cost of $39.00 per share, for a total transaction of $49,998.00. Following the purchase, the chief financial officer now owns 20,223 shares in the company, valued at approximately $788,697. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, President Avigal Soreq purchased 2,563 shares of Delek Logistics Partners stock in a transaction dated Thursday, October 10th. The stock was purchased at an average cost of $39.00 per share, for a total transaction of $99,957.00. Following the completion of the purchase, the president now directly owns 46,758 shares of the company’s stock, valued at $1,823,562. The trade was a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, CFO Reuven Spiegel acquired 1,282 shares of the stock in a transaction that occurred on Thursday, October 10th. The shares were bought at an average price of $39.00 per share, for a total transaction of $49,998.00. Following the transaction, the chief financial officer now owns 20,223 shares of the company’s stock, valued at $788,697. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last ninety days, insiders have bought 12,934 shares of company stock valued at $504,348. 1.00% of the stock is owned by insiders.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on DKL. Citigroup upgraded shares of Delek Logistics Partners from a “neutral” rating to a “buy” rating and increased their price target for the stock from $44.00 to $45.00 in a research note on Wednesday, August 28th. Bank of America started coverage on shares of Delek Logistics Partners in a research note on Thursday, October 17th. They set an “underperform” rating and a $36.00 target price for the company. Finally, StockNews.com downgraded Delek Logistics Partners from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, September 24th. One research analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to data from MarketBeat, Delek Logistics Partners currently has an average rating of “Moderate Buy” and a consensus price target of $43.00.

About Delek Logistics Partners

Delek Logistics Partners, LP provides gathering, pipeline, transportation, and other services for crude oil, intermediates, refined products, natural gas, storage, wholesale marketing, terminalling water disposal and recycling customers in the United States. The Gathering and Processing segment consists of pipelines, tanks, and offloading facilities that provide crude oil and natural gas gathering and processing, water disposal and recycling, and storage services, as well as crude oil transportation services to third parties.