Delek Logistics Partners, LP (NYSE:DKL) Raises Dividend to $1.10 Per Share

Delek Logistics Partners, LP (NYSE:DKL) declared a dividend on Tuesday, October 29th, NASDAQ reports. Investors of record on Friday, November 8th will be paid a dividend of 1.10 per share by the oil and gas producer on Thursday, November 14th. The ex-dividend date of this dividend is Friday, November 8th. This is a boost from Delek Logistics Partners’s previous dividend of $0.73.

Delek Logistics Partners has increased its dividend by an average of 4.8% per year over the last three years. Delek Logistics Partners has a payout ratio of 108.2% 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 $4.25 per share next year, which means the company may not be able to cover its $4.36 annual dividend with an expected future payout ratio of 102.6%.

Delek Logistics Partners Stock Up 1.1 %

NYSE:DKL traded up $0.40 during mid-day trading on Wednesday, hitting $38.46. 121,913 shares of the stock traded hands, compared to its average volume of 102,128. The business’s 50-day moving average price is $41.17 and its 200 day moving average price is $40.21. The company has a market cap of $1.82 billion, a PE ratio of 13.85 and a beta of 2.11. Delek Logistics Partners has a 12-month low of $37.02 and a 12-month high of $53.80.

Delek Logistics Partners (NYSE:DKL) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.87 EPS for the quarter, topping analysts’ consensus estimates of $0.81 by $0.06. Delek Logistics Partners had a net margin of 12.48% and a negative return on equity of 147.45%. The business had revenue of $264.63 million during the quarter, compared to analysts’ expectations of $257.17 million. During the same quarter in the previous year, the company earned $0.73 EPS. Analysts anticipate that Delek Logistics Partners will post 3.41 earnings per share for the current fiscal year.

Insider Transactions at Delek Logistics Partners

In other news, CFO Reuven Spiegel purchased 1,282 shares of the stock in a transaction that occurred on Thursday, October 10th. The stock was bought at an average cost of $39.00 per share, for a total transaction of $49,998.00. Following the acquisition, the chief financial officer now directly owns 20,223 shares of the company’s stock, valued at $788,697. This represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In related news, CFO Reuven Spiegel acquired 1,282 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was acquired at an average cost of $39.00 per share, for a total transaction of $49,998.00. Following the acquisition, the chief financial officer now owns 20,223 shares of the company’s stock, valued at $788,697. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Joseph Israel acquired 3,076 shares of the firm’s stock in a transaction on Thursday, October 10th. The stock was bought at an average price of $39.00 per share, with a total value of $119,964.00. Following the completion of the acquisition, the executive vice president now directly owns 13,782 shares in the company, valued at approximately $537,498. This represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. In the last ninety days, insiders acquired 12,934 shares of company stock worth $504,348. 1.00% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on DKL shares. Citigroup raised shares of Delek Logistics Partners from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $44.00 to $45.00 in a research note on Wednesday, August 28th. StockNews.com cut shares of Delek Logistics Partners from a “strong-buy” rating to a “buy” rating in a research note on Tuesday, September 24th. Finally, Bank of America initiated coverage on shares of Delek Logistics Partners in a research note on Thursday, October 17th. They issued an “underperform” rating and a $36.00 price target for the company. One equities research analyst has rated the stock with a sell rating and four have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $43.00.

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.