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

Delek Logistics Partners, LP (NYSE:DKL) declared a quarterly dividend on Thursday, April 25th, Zacks reports. Shareholders 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 dividend yield of 10.21%. The ex-dividend date of this dividend is Tuesday, May 7th. This is a positive change 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% meaning its dividend is sufficiently covered by earnings. 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 Performance

Shares of NYSE 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 cap of $1.75 billion, a P/E ratio of 13.85 and a beta of 2.07. Delek Logistics Partners has a 52 week low of $36.50 and a 52 week high of $58.81. The business’s 50-day moving average is $41.06 and its 200 day moving average is $44.20.

Delek Logistics Partners (NYSE:DKL) last announced its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.85 earnings per share (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 company had revenue of $254.15 million for the quarter, compared to the consensus estimate of $272.51 million. On average, research analysts expect that Delek Logistics Partners will post 3.48 EPS for the current year.

Wall Street Analysts Forecast Growth

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

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.