Delek Logistics Partners, LP (NYSE:DKL) Increases Dividend to $1.03 Per Share

Delek Logistics Partners, LP (NYSE:DKL) announced a quarterly dividend on Thursday, April 25th, Zacks reports. Investors of record on Wednesday, May 8th will be given a dividend of 1.025 per share by the oil and gas producer on Wednesday, May 15th. This represents a $4.10 annualized dividend and a yield of 10.21%. The ex-dividend date of this dividend is Tuesday, May 7th. This is a boost from Delek Logistics Partners’s previous quarterly dividend of $0.25.

Delek Logistics Partners has raised its dividend payment by an average of 4.8% annually over the last three years. Delek Logistics Partners has a payout ratio of 23.0% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Delek Logistics Partners to earn $4.04 per share next year, which means the company should continue to be able to cover its $0.98 annual dividend with an expected future payout ratio of 24.3%.

Delek Logistics Partners Stock Up 2.2 %

DKL traded up $0.85 during trading on Friday, hitting $40.17. The company had a trading volume of 148,962 shares, compared to its average volume of 73,744. The company has a market capitalization of $1.75 billion, a PE ratio of 13.85 and a beta of 2.07. Delek Logistics Partners has a one year low of $36.50 and a one year high of $58.81. The firm’s 50-day moving average price is $41.06 and its 200 day moving average price is $44.20.

Delek Logistics Partners (NYSE:DKL) last posted its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.85 EPS for the quarter, meeting the consensus estimate of $0.85. Delek Logistics Partners had a net margin of 12.37% and a negative return on equity of 102.99%. The business had revenue of $254.15 million for the quarter, compared to analysts’ expectations of $272.51 million. Sell-side analysts forecast that Delek Logistics Partners will post 3.48 earnings per share for the current year.

Analyst Upgrades and Downgrades

Several research analysts recently commented on DKL shares. Truist Financial began coverage on Delek Logistics Partners in a research report on Friday, April 19th. They set a “buy” rating and a $46.00 price target for the company. Raymond James raised Delek Logistics Partners from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a report on Tuesday, March 19th. Finally, StockNews.com raised shares of Delek Logistics Partners from a “hold” rating to a “buy” rating in a research note on Tuesday, April 9th. One analyst has rated the stock with a hold rating and three have assigned a buy rating to the company. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $45.33.

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.