Delek Logistics Partners, LP (NYSE:DKL) Raises Dividend to $1.10 Per Share

Delek Logistics Partners, LP (NYSE:DKL) declared a quarterly dividend on Tuesday, October 29th, NASDAQ reports. Stockholders of record on Friday, November 8th will be given a dividend of 1.10 per share by the oil and gas producer on Thursday, November 14th. This represents a $4.40 annualized dividend and a dividend yield of 11.44%. The ex-dividend date is Friday, November 8th. This is a positive change from Delek Logistics Partners’s previous quarterly dividend of $0.73.

Delek Logistics Partners has increased its dividend payment by an average of 4.8% per year over the last three years. Delek Logistics Partners has a dividend payout ratio of 108.2% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Delek Logistics Partners to earn $4.25 per share next year, which means the company may not be able to cover its $4.36 annual dividend with an expected future payout ratio of 102.6%.

Delek Logistics Partners Stock Up 1.1 %

DKL opened at $38.46 on Thursday. The business has a 50 day moving average of $41.16 and a 200-day moving average of $40.20. Delek Logistics Partners has a 12-month low of $37.02 and a 12-month high of $53.80. The stock has a market cap of $1.82 billion, a price-to-earnings ratio of 13.88 and a beta of 2.11.

Delek Logistics Partners (NYSE:DKL) last issued its quarterly earnings data on Tuesday, August 6th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.06. The firm had revenue of $264.63 million during the quarter, compared to the consensus estimate of $257.17 million. Delek Logistics Partners had a net margin of 12.48% and a negative return on equity of 147.45%. During the same period last year, the business posted $0.73 earnings per share. As a group, analysts expect that Delek Logistics Partners will post 3.41 earnings per share for the current year.

Insider Buying and Selling

In other news, Director Sherri Anne Brillon acquired 2,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The stock was acquired at an average price of $39.00 per share, with a total value of $78,000.00. Following the completion of the transaction, the director now directly owns 11,433 shares of the company’s stock, valued at $445,887. This trade represents a 0.00 % increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other Delek Logistics Partners news, Director Sherri Anne Brillon purchased 2,000 shares of the stock in a transaction dated Monday, August 19th. The stock was bought at an average price of $39.00 per share, with a total value of $78,000.00. Following the acquisition, the director now owns 11,433 shares of the company’s stock, valued at approximately $445,887. This represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Joseph Israel acquired 3,076 shares of the company’s stock in a transaction that occurred on Thursday, October 10th. The shares were acquired at an average price of $39.00 per share, with a total value of $119,964.00. Following the completion of the transaction, the executive vice president now owns 13,782 shares in the company, valued at $537,498. The trade was a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last quarter, insiders have purchased 12,934 shares of company stock worth $504,348. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts recently commented on the stock. StockNews.com lowered shares of Delek Logistics Partners from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 24th. Citigroup upgraded shares of Delek Logistics Partners from a “neutral” rating to a “buy” rating and increased their target price for the stock from $44.00 to $45.00 in a research report on Wednesday, August 28th. Finally, Bank of America started coverage on shares of Delek Logistics Partners in a research report on Thursday, October 17th. They issued an “underperform” rating and a $36.00 price target for the company. One analyst has rated the stock with a sell rating and four have given a buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $43.00.

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.