Delek Logistics Partners LP (NYSE:DKL) announced a quarterly dividend on Thursday, January 24th, Fidelity reports. Stockholders of record on Monday, February 4th will be given a dividend of 0.81 per share by the oil and gas producer on Tuesday, February 12th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 10.84%. The ex-dividend date of this dividend is Friday, February 1st. This is a boost from Delek Logistics Partners’s previous quarterly dividend of $0.73.
Delek Logistics Partners has raised its dividend by an average of 12.0% annually over the last three years and has increased its dividend annually for the last 5 consecutive years. Delek Logistics Partners has a payout ratio of 109.1% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Delek Logistics Partners to earn $3.07 per share next year, which means the company may not be able to cover its $3.24 annual dividend with an expected future payout ratio of 105.5%.
NYSE DKL opened at $29.90 on Thursday. Delek Logistics Partners has a 12-month low of $26.50 and a 12-month high of $35.50. The company has a market capitalization of $738.30 million, a PE ratio of 14.31 and a beta of 1.09.
A number of brokerages recently weighed in on DKL. ValuEngine downgraded shares of Delek Logistics Partners from a “hold” rating to a “sell” rating in a report on Friday, November 23rd. Zacks Investment Research downgraded shares of Delek Logistics Partners from a “hold” rating to a “sell” rating in a report on Tuesday, November 13th. Finally, Credit Suisse Group boosted their target price on shares of Delek Logistics Partners from $31.00 to $33.00 and gave the stock a “sell” rating in a report on Wednesday, November 14th.
In other news, CEO Ezra Uzi Yemin bought 3,500 shares of the stock in a transaction that occurred on Monday, November 26th. The shares were acquired at an average cost of $29.76 per share, for a total transaction of $104,160.00. Following the completion of the acquisition, the chief executive officer now owns 109,900 shares in the company, valued at $3,270,624. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link.
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Delek Logistics Partners Company Profile
Delek Logistics Partners, LP owns and operates logistics and marketing assets for crude oil, and intermediate and refined products in the United States. It operates in two segments, Pipelines and Transportation, and Wholesale Marketing and Terminalling. The Pipelines and Transportation segment consists of assets, including pipelines and trucks, and ancillary assets that provide crude oil gathering and crude oil, intermediate and finished products transportation, and storage services primarily in support of the Tyler and El Dorado refineries, as well as offers crude oil and other products transportation services to third parties.
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