Delek Logistics Partners, LP (NYSE:DKL) Increases Dividend to $1.11 Per Share

Delek Logistics Partners, LP (NYSE:DKL) announced a quarterly dividend on Monday, January 27th,Wall Street Journal reports. Stockholders of record on Tuesday, February 4th will be paid 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 10.31%. The ex-dividend date 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 by an average of 7.0% annually over the last three years. Delek Logistics Partners has a payout ratio of 150.7% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Research 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

DKL opened at $42.89 on Wednesday. Delek Logistics Partners has a 12 month low of $37.02 and a 12 month high of $47.67. The stock has a market capitalization of $2.21 billion, a price-to-earnings ratio of 15.21, a PEG ratio of 1.40 and a beta of 2.10. The business has a fifty day moving average price of $41.38 and a 200 day moving average price of $40.80.

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

Analyst Ratings Changes

A number of research firms recently weighed in on DKL. Bank of America began coverage on Delek Logistics Partners in a report on Thursday, October 17th. They issued an “underperform” rating and a $36.00 price target on the stock. Truist Financial increased their target price on Delek Logistics Partners from $46.00 to $50.00 and gave the company a “buy” rating in a report on Monday, November 18th. StockNews.com cut Delek Logistics Partners from a “buy” rating to a “hold” rating in a report on Thursday, November 7th. Finally, Raymond James increased their price target on Delek Logistics Partners from $44.00 to $46.00 and gave the stock an “outperform” rating in a research note on Tuesday. 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 stock. According to data from MarketBeat.com, Delek Logistics Partners presently has an average rating of “Hold” and an average target price of $44.25.

Insider Buying and Selling

In related news, Chairman Ezra Uzi Yemin bought 710 shares of Delek Logistics Partners stock in a transaction that occurred on 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 purchase, the chairman now owns 54,851 shares in the company, valued at approximately $2,123,830.72. This represents a 1.31 % increase in their ownership of the stock. The acquisition was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 4,835 shares of company stock valued at $192,184 over the last quarter. Corporate 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.