Delek Logistics Partners (NYSE:DKL) Reaches New 12-Month High Following Dividend Announcement

Delek Logistics Partners, L.P. (NYSE:DKL) shares hit a new 52-week high during mid-day trading on Wednesday after the company announced a dividend. The company traded as high as $57.15 and last traded at $56.93, with a volume of 21023 shares. The stock had previously closed at $55.24.

The newly announced dividend which will be paid on Monday, August 10th. Investors of record on Monday, August 3rd will be paid a $1.135 dividend. This is an increase from Delek Logistics Partners’s previous quarterly dividend of $1.13. This represents a $4.54 dividend on an annualized basis and a yield of 7.8%. The ex-dividend date is Monday, August 3rd. Delek Logistics Partners’s payout ratio is presently 143.04%.

Analysts Set New Price Targets

A number of equities research analysts have commented on DKL shares. Weiss Ratings downgraded shares of Delek Logistics Partners from a “buy (b)” rating to a “buy (b-)” rating in a research report on Tuesday, May 12th. Zacks Research raised Delek Logistics Partners from a “strong sell” rating to a “hold” rating in a research report on Monday, June 22nd. Mizuho upped their price target on Delek Logistics Partners from $45.00 to $52.00 and gave the company a “neutral” rating in a report on Tuesday, April 21st. UBS Group began coverage on shares of Delek Logistics Partners in a report on Thursday, July 16th. They set a “neutral” rating and a $56.00 price objective on the stock. Finally, Raymond James Financial restated an “outperform” rating and issued a $60.00 target price on shares of Delek Logistics Partners in a report on Thursday, April 30th. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $55.40.

Delek Logistics Partners Stock Performance

The company has a market cap of $3.08 billion, a PE ratio of 18.30, a PEG ratio of 0.67 and a beta of 0.47. The stock has a 50 day simple moving average of $52.28 and a two-hundred day simple moving average of $51.55. The company has a debt-to-equity ratio of 386.77, a current ratio of 0.96 and a quick ratio of 0.92.

Delek Logistics Partners (NYSE:DKL) last announced its earnings results on Wednesday, April 29th. The oil and gas producer reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.80 by ($0.20). Delek Logistics Partners had a net margin of 16.00% and a return on equity of 1,917.10%. The business had revenue of $297.47 million during the quarter, compared to analyst estimates of $239.87 million. Equities analysts predict that Delek Logistics Partners, L.P. will post 3.86 EPS for the current year.

Institutional Trading of Delek Logistics Partners

A number of hedge funds have recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets acquired a new position in shares of Delek Logistics Partners in the second quarter valued at approximately $50,000. Jones Financial Companies Lllp lifted its holdings in shares of Delek Logistics Partners by 303.3% during the first quarter. Jones Financial Companies Lllp now owns 1,210 shares of the oil and gas producer’s stock worth $52,000 after purchasing an additional 910 shares during the period. State of Wyoming purchased a new position in Delek Logistics Partners in the 1st quarter valued at $67,000. Osaic Holdings Inc. grew its position in Delek Logistics Partners by 245.8% in the 2nd quarter. Osaic Holdings Inc. now owns 2,687 shares of the oil and gas producer’s stock valued at $115,000 after buying an additional 1,910 shares during the last quarter. Finally, Bank of America Corp DE increased its stake in Delek Logistics Partners by 1,186.5% in the 2nd quarter. Bank of America Corp DE now owns 4,194 shares of the oil and gas producer’s stock valued at $180,000 after buying an additional 3,868 shares during the period. 11.75% of the stock is owned by institutional investors and hedge funds.

Delek Logistics Partners Company Profile

Delek Logistics Partners L.P. (NYSE: DKL) is a master limited partnership formed in 2011 through contributions of pipeline, terminal and crude oil gathering assets by its sponsor, Delek US Holdings, Inc Headquartered in Brentwood, Tennessee, the partnership is managed by Delek Logistics GP, LLC, an affiliate of Delek US. Delek Logistics Partners owns and operates an integrated network of petroleum pipelines and terminals that support the movement, storage and throughput of crude oil and refined products.

The partnership’s core operations include crude oil gathering and processing systems, long-haul pipeline transportation and storage terminal services.