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

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

Delek Logistics Partners has raised its dividend by an average of 4.8% annually over the last three years. Delek Logistics Partners has a dividend 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 Price Performance

Shares of DKL stock traded up $0.85 during trading hours on Friday, reaching $40.17. 148,962 shares of the company’s stock were exchanged, compared to its average volume of 73,744. The company has a market cap of $1.75 billion, a P/E ratio of 13.84 and a beta of 2.07. The company’s 50 day moving average is $41.06 and its two-hundred day moving average is $44.20. Delek Logistics Partners has a 1 year low of $36.50 and a 1 year high of $58.81.

Delek Logistics Partners (NYSE:DKL) last issued its earnings results on Tuesday, February 27th. The oil and gas producer reported $0.85 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.85. The business had revenue of $254.15 million during the quarter, compared to the consensus estimate of $272.51 million. Delek Logistics Partners had a negative return on equity of 102.99% and a net margin of 12.37%. As a group, analysts predict that Delek Logistics Partners will post 3.48 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

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