Delek Logistics Partners, LP (NYSE:DKL) Announces Dividend Increase – $1.11 Per Share

Delek Logistics Partners, LP (NYSE:DKL) declared a quarterly dividend on Monday, January 27th,Wall Street Journal reports. Stockholders of record on Tuesday, February 4th will be given a dividend of 1.105 per share by the oil and gas producer on Tuesday, February 11th. This represents a $4.42 dividend on an annualized basis and a dividend yield of 10.17%. The ex-dividend date of this dividend is Tuesday, February 4th. This is a positive change from Delek Logistics Partners’s previous quarterly dividend of $1.10.

Delek Logistics Partners has raised its dividend payment by an average of 7.0% annually over the last three years. Delek Logistics Partners has a dividend payout ratio of 150.7% indicating that 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 $2.80 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 157.1%.

Delek Logistics Partners Price Performance

Shares of DKL stock opened at $43.44 on Tuesday. The company’s fifty day moving average price is $41.22 and its two-hundred day moving average price is $40.77. The firm has a market capitalization of $2.24 billion, a P/E ratio of 15.40, a P/E/G ratio of 1.40 and a beta of 2.10. Delek Logistics Partners has a 12 month low of $37.02 and a 12 month high of $47.67.

Delek Logistics Partners (NYSE:DKL) last released its quarterly earnings results on Wednesday, November 6th. The oil and gas producer reported $0.71 EPS for the quarter, missing the consensus estimate of $0.90 by ($0.19). Delek Logistics Partners had a negative return on equity of 155.77% and a net margin of 13.15%. The business had revenue of $214.07 million during the quarter, compared to analyst estimates of $270.98 million. During the same quarter last year, the firm posted $0.80 EPS. On average, sell-side analysts anticipate that Delek Logistics Partners will post 3.05 EPS for the current year.

Analyst Ratings Changes

Several analysts recently issued reports on DKL shares. Truist Financial upped their price target on shares of Delek Logistics Partners from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, November 18th. Bank of America started coverage on Delek Logistics Partners in a research note on Thursday, October 17th. They set an “underperform” rating and a $36.00 price objective on the stock. Finally, StockNews.com downgraded shares of Delek Logistics Partners from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, one has assigned a hold rating and three have assigned a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and a consensus target price of $44.00.

Insiders Place Their Bets

In other news, Chairman Ezra Uzi Yemin purchased 710 shares of the stock in a transaction dated Thursday, November 14th. The stock was acquired at an average price of $38.72 per share, for a total transaction of $27,491.20. Following the completion of the transaction, the chairman now owns 54,851 shares of the company’s stock, valued at approximately $2,123,830.72. The trade was a 1.31 % increase in their ownership of the stock. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have purchased 4,835 shares of company stock valued at $192,184 over the last three months. Company insiders own 1.00% of the company’s stock.

Delek Logistics Partners Company Profile

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.