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

Delek Logistics Partners, LP (NYSE:DKL) announced 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 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 a boost 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% 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 Stock Up 2.2 %

Shares of Delek Logistics Partners stock traded up $0.85 on Friday, reaching $40.17. The company’s stock had a trading volume of 148,962 shares, compared to its average volume of 73,744. The company has a market capitalization of $1.75 billion, a price-to-earnings 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 firm’s fifty day simple moving average is $41.06 and its two-hundred day simple moving average is $44.20.

Delek Logistics Partners (NYSE:DKL) last released its quarterly 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 firm had revenue of $254.15 million for 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, research analysts predict that Delek Logistics Partners will post 3.48 EPS for the current year.

Wall Street Analysts Forecast Growth

DKL has been the topic of a number of research reports. Raymond James upgraded Delek Logistics Partners from a “market perform” rating to an “outperform” rating and set a $45.00 price target on the stock in a research note on Tuesday, March 19th. StockNews.com upgraded Delek Logistics Partners from a “hold” rating to a “buy” rating in a research report on Tuesday, April 9th. Finally, Truist Financial began coverage on Delek Logistics Partners in a report on Friday, April 19th. They set a “buy” rating and a $46.00 price target for the company. One analyst has rated the stock with a hold rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average price target of $45.33.

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.