Delek Logistics Partners, LP (NYSE:DKL) Declares Quarterly Dividend of $1.03

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 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 increased its dividend by an average of 4.8% per year 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 Price Performance

Delek Logistics Partners stock traded up $0.85 during midday trading 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 stock’s 50-day simple moving average is $41.06 and its 200-day simple moving average is $44.20. Delek Logistics Partners has a 52-week low of $36.50 and a 52-week high of $58.81. The stock has a market capitalization of $1.75 billion, a P/E ratio of 13.84 and a beta of 2.07.

Delek Logistics Partners (NYSE:DKL) last released its quarterly earnings results on Tuesday, February 27th. The oil and gas producer reported $0.85 EPS for the quarter, meeting analysts’ consensus estimates of $0.85. Delek Logistics Partners had a negative return on equity of 102.99% and a net margin of 12.37%. The company had revenue of $254.15 million during the quarter, compared to analysts’ expectations of $272.51 million. As a group, equities research analysts expect that Delek Logistics Partners will post 3.48 earnings per share for the current fiscal year.

Analysts Set New Price Targets

Several brokerages have recently issued reports on DKL. Truist Financial began coverage on Delek Logistics Partners in a research note on Friday, April 19th. They issued a “buy” rating and a $46.00 price objective for the company. Raymond James upgraded Delek Logistics Partners from a “market perform” rating to an “outperform” rating and set a $45.00 price objective for the company in a research note on Tuesday, March 19th. Finally, StockNews.com upgraded Delek Logistics Partners from a “hold” rating to a “buy” rating in a research note on Tuesday, April 9th. One analyst has rated the stock with a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat.com, Delek Logistics Partners currently 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.