Delek Logistics Partners, L.P. (NYSE:DKL) to Issue Dividend Increase – $0.71 Per Share
Delek Logistics Partners, L.P. (NYSE:DKL) declared a quarterly dividend on Tuesday, July 25th, Wall Street Journal reports. Stockholders of record on Friday, August 4th will be given a dividend of 0.705 per share by the oil and gas producer on Friday, August 11th. This represents a $2.82 annualized dividend and a dividend yield of 8.09%. The ex-dividend date is Wednesday, August 2nd. This is a boost from Delek Logistics Partners, L.P.’s previous quarterly dividend of $0.69.
Delek Logistics Partners, L.P. has raised its dividend by an average of 20.8% annually over the last three years and has increased its dividend annually for the last 3 consecutive years. Delek Logistics Partners, L.P. has a payout ratio of 112.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Delek Logistics Partners, L.P. to earn $3.02 per share next year, which means the company should continue to be able to cover its $2.76 annual dividend with an expected future payout ratio of 91.4%.
Delek Logistics Partners, L.P. (NYSE DKL) traded up 0.43% on Tuesday, hitting $34.85. The stock had a trading volume of 19,576 shares. The company’s 50-day moving average is $32.37 and its 200-day moving average is $32.03. Delek Logistics Partners, L.P. has a one year low of $21.30 and a one year high of $36.05. The stock has a market cap of $847.83 million, a P/E ratio of 17.73 and a beta of 1.28.
Delek Logistics Partners, L.P. (NYSE:DKL) last posted its quarterly earnings results on Monday, May 8th. The oil and gas producer reported $0.43 EPS for the quarter, missing the Zacks’ consensus estimate of $0.50 by $0.07. The firm had revenue of $129.50 million during the quarter, compared to analyst estimates of $128.42 million. Delek Logistics Partners, L.P. had a negative return on equity of 446.17% and a net margin of 13.08%. The firm’s revenue for the quarter was up 24.0% on a year-over-year basis. During the same quarter last year, the business posted $0.54 earnings per share. On average, analysts anticipate that Delek Logistics Partners, L.P. will post $2.44 earnings per share for the current fiscal year.
DKL has been the subject of a number of research reports. Zacks Investment Research upgraded Delek Logistics Partners, L.P. from a “hold” rating to a “buy” rating and set a $38.00 price target for the company in a research note on Tuesday, May 2nd. BidaskClub upgraded Delek Logistics Partners, L.P. from a “hold” rating to a “buy” rating in a research note on Thursday, July 13th. Barclays PLC reiterated an “equal weight” rating and issued a $33.00 price target on shares of Delek Logistics Partners, L.P. in a research note on Wednesday, July 5th. Finally, Scotiabank set a $33.00 price target on Delek Logistics Partners, L.P. and gave the stock a “hold” rating in a research note on Saturday. Three investment analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. Delek Logistics Partners, L.P. presently has a consensus rating of “Hold” and an average price target of $33.67.
In related news, major shareholder Delek Us Holdings, Inc. bought 10,248 shares of the firm’s stock in a transaction on Friday, May 5th. The stock was bought at an average cost of $29.74 per share, for a total transaction of $304,775.52. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last 90 days, insiders acquired 73,702 shares of company stock valued at $2,303,720.
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About Delek Logistics Partners, L.P.
Delek Logistics Partners, LP owns and operates logistics and marketing assets for crude oil, and intermediate and refined products. The Company’s business primarily consists of certain crude oil, intermediate and refined products pipelines and transportation, storage, wholesale marketing, terminaling and offloading assets, which were previously owned, operated or held by Delek US Holdings, Inc (Delek), and assets acquired from unrelated third parties.
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