Delek Logistics Partners, L.P. (DKL) to Issue Quarterly Dividend of $0.72 on November 14th
Delek Logistics Partners, L.P. (NYSE:DKL) declared a quarterly dividend on Friday, October 27th, Wall Street Journal reports. Shareholders of record on Tuesday, November 7th will be given a dividend of 0.715 per share by the oil and gas producer on Tuesday, November 14th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 9.33%. The ex-dividend date is Monday, November 6th. This is a positive change from Delek Logistics Partners, L.P.’s previous quarterly dividend of $0.71.
Delek Logistics Partners, L.P. has raised its dividend payment by an average of 20.8% per year over the last three years and has increased its dividend every year for the last 3 years. Delek Logistics Partners, L.P. has a payout ratio of 134.9% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Analysts expect Delek Logistics Partners, L.P. to earn $2.56 per share next year, which means the company may not be able to cover its $2.86 annual dividend with an expected future payout ratio of 111.7%.
Delek Logistics Partners, L.P. (NYSE DKL) opened at $30.65 on Friday. Delek Logistics Partners, L.P. has a 1-year low of $21.30 and a 1-year high of $36.05. The company has a debt-to-equity ratio of -18.84, a current ratio of 1.66 and a quick ratio of 1.35. The company has a market cap of $761.90, a price-to-earnings ratio of 16.13, a PEG ratio of 2.89 and a beta of 1.29.
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In related news, CEO Ezra Uzi Yemin bought 7,000 shares of the stock in a transaction dated Friday, September 15th. The shares were purchased at an average price of $29.70 per share, with a total value of $207,900.00. Following the completion of the acquisition, the chief executive officer now owns 219,418 shares of the company’s stock, valued at $6,516,714.60. The purchase was disclosed in a filing with the SEC, which is available through this hyperlink.
DKL has been the topic of several research analyst reports. ValuEngine raised shares of Delek Logistics Partners, L.P. from a “hold” rating to a “buy” rating in a report on Friday, October 6th. BidaskClub raised shares of Delek Logistics Partners, L.P. from a “hold” rating to a “buy” rating in a report on Thursday, July 13th. Barclays PLC reissued an “equal weight” rating and issued a $34.00 target price (down previously from $35.00) on shares of Delek Logistics Partners, L.P. in a report on Friday, August 4th. Zacks Investment Research downgraded shares of Delek Logistics Partners, L.P. from a “buy” rating to a “hold” rating in a report on Monday, July 24th. Finally, Scotiabank set a $33.00 target price on shares of Delek Logistics Partners, L.P. and gave the stock a “hold” rating in a report on Saturday, July 22nd. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average target price of $33.50.
About Delek Logistics Partners, L.P.
Delek Logistics Partners, LP owns and operates logistics and marketing assets for crude oil, and intermediate and refined products. The Company’s business primarily consists of certain crude oil, intermediate and refined products pipelines and transportation, storage, wholesale marketing, terminaling and offloading assets, which were previously owned, operated or held by Delek US Holdings, Inc (Delek), and assets acquired from unrelated third parties.
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