Delek Logistics Partners, LP (NYSE:DKL) Declares Dividend Increase – $0.98 Per Share

Delek Logistics Partners, LP (NYSE:DKLGet Rating) declared a quarterly dividend on Monday, April 25th, Zacks reports. Investors of record on Thursday, May 5th will be paid a dividend of 0.98 per share by the oil and gas producer on Thursday, May 12th. This represents a $3.92 dividend on an annualized basis and a yield of 7.50%. The ex-dividend date of this dividend is Wednesday, May 4th. This is a positive change from Delek Logistics Partners’s previous quarterly dividend of $0.98.

Delek Logistics Partners has raised its dividend payment by an average of 7.0% annually over the last three years and has increased its dividend annually for the last 9 consecutive years. Delek Logistics Partners has a dividend payout ratio of 80.1% meaning its dividend is currently covered by earnings, but may not be in the future if the company’s earnings fall. Research analysts expect Delek Logistics Partners to earn $5.11 per share next year, which means the company should continue to be able to cover its $3.90 annual dividend with an expected future payout ratio of 76.3%.

Shares of NYSE:DKL opened at $52.26 on Tuesday. The firm has a market capitalization of $2.27 billion, a PE ratio of 13.79 and a beta of 2.73. Delek Logistics Partners has a 1 year low of $36.56 and a 1 year high of $54.58. The firm’s 50-day moving average is $44.30 and its two-hundred day moving average is $44.76.

Delek Logistics Partners (NYSE:DKLGet Rating) last announced its earnings results on Wednesday, February 23rd. The oil and gas producer reported $0.96 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.01). Delek Logistics Partners had a negative return on equity of 154.05% and a net margin of 23.52%. The business had revenue of $189.88 million for the quarter, compared to analysts’ expectations of $186.11 million. During the same period in the previous year, the company earned $0.94 earnings per share. As a group, equities analysts forecast that Delek Logistics Partners will post 4.38 earnings per share for the current fiscal year.

A number of institutional investors have recently bought and sold shares of DKL. BNP Paribas Arbitrage SA lifted its position in shares of Delek Logistics Partners by 2,937.7% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 1,610 shares of the oil and gas producer’s stock worth $46,000 after buying an additional 1,557 shares during the last quarter. Vident Investment Advisory LLC increased its position in shares of Delek Logistics Partners by 5.7% during the fourth quarter. Vident Investment Advisory LLC now owns 6,589 shares of the oil and gas producer’s stock worth $282,000 after purchasing an additional 355 shares in the last quarter. Wells Fargo & Company MN lifted its holdings in shares of Delek Logistics Partners by 18.6% in the 4th quarter. Wells Fargo & Company MN now owns 15,634 shares of the oil and gas producer’s stock valued at $668,000 after purchasing an additional 2,450 shares during the last quarter. Finally, Morgan Stanley boosted its position in shares of Delek Logistics Partners by 192.4% in the 1st quarter. Morgan Stanley now owns 240,976 shares of the oil and gas producer’s stock valued at $2,193,000 after purchasing an additional 158,557 shares during the period. Institutional investors own 10.77% of the company’s stock.

A number of research analysts recently issued reports on the company. Zacks Investment Research upgraded Delek Logistics Partners from a “hold” rating to a “buy” rating and set a $48.00 target price for the company in a report on Monday, March 28th. StockNews.com downgraded Delek Logistics Partners from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, April 5th.

Delek Logistics Partners Company Profile (Get Rating)

Delek Logistics Partners, LP owns and operates logistics and marketing assets for crude oil, and intermediate and refined products in the United States. It operates through three segments: Pipelines and Transportation, Wholesale Marketing and Terminalling, and Investment in Pipeline Joint Ventures. The Pipelines and Transportation segment includes pipelines, trucks, and ancillary assets that provide crude oil gathering, crude oil intermediate and refined products transportation, and storage services primarily in support of the Tyler, El Dorado, and Big Spring refineries, as well as offers crude oil and other products transportation services to third parties.

See Also

Dividend History for Delek Logistics Partners (NYSE:DKL)

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