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. Investors 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 yield of 10.33%. 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 96.0% indicating that its dividend is currently covered by earnings, but may not be in the future if the company’s earnings tumble. Research analysts expect Delek Logistics Partners to earn $4.04 per share next year, which means the company may not be able to cover its $4.10 annual dividend with an expected future payout ratio of 101.5%.

Delek Logistics Partners Price Performance

Shares of DKL stock opened at $39.70 on Monday. The company’s 50-day simple moving average is $40.46 and its two-hundred day simple moving average is $44.10. Delek Logistics Partners has a one year low of $36.50 and a one year high of $58.81. The company has a market capitalization of $1.73 billion, a P/E ratio of 13.69 and a beta of 2.07.

Delek Logistics Partners (NYSE:DKL) last released its quarterly earnings data on Tuesday, February 27th. The oil and gas producer reported $0.85 EPS for the quarter, hitting the consensus estimate of $0.85. The company 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%. On average, research analysts expect that Delek Logistics Partners will post 3.48 EPS for the current fiscal year.

Analysts Set New Price Targets

Several research firms recently weighed in on DKL. Truist Financial started coverage on Delek Logistics Partners in a report on Friday, April 19th. They issued a “buy” rating and a $46.00 price objective for the company. Raymond James upgraded shares of Delek Logistics Partners from a “market perform” rating to an “outperform” rating and set a $45.00 price objective on the stock in a research note on Tuesday, March 19th. Finally, StockNews.com downgraded shares of Delek Logistics Partners from a “buy” rating to a “hold” rating in a research note on Friday. Two research analysts have rated the stock with a hold rating and two have given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently 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.