Delek Logistics Partners, LP (NYSE:DKL) Increases Dividend to $1.02 Per Share

Delek Logistics Partners, LP (NYSE:DKLGet Rating) announced a quarterly dividend on Monday, January 23rd, Zacks reports. Shareholders of record on Thursday, February 2nd will be given a dividend of 1.02 per share by the oil and gas producer on Thursday, February 9th. This represents a $4.08 annualized dividend and a yield of 8.15%. The ex-dividend date of this dividend is Wednesday, February 1st. This is a positive change from Delek Logistics Partners’s previous quarterly dividend of $0.99.

Delek Logistics Partners has increased its dividend by an average of 5.4% per year 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 72.7% meaning its dividend is sufficiently covered by earnings. Equities analysts expect Delek Logistics Partners to earn $5.54 per share next year, which means the company should continue to be able to cover its $3.96 annual dividend with an expected future payout ratio of 71.5%.

Delek Logistics Partners Stock Up 1.2 %

NYSE DKL opened at $50.05 on Wednesday. The company has a 50-day simple moving average of $48.25 and a two-hundred day simple moving average of $52.34. Delek Logistics Partners has a 12-month low of $39.00 and a 12-month high of $64.46. The firm has a market cap of $2.18 billion, a price-to-earnings ratio of 13.59 and a beta of 2.15.

Delek Logistics Partners (NYSE:DKLGet Rating) last posted its earnings results on Monday, November 7th. The oil and gas producer reported $1.03 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.15. The company had revenue of $294.03 million during the quarter, compared to analyst estimates of $313.48 million. Delek Logistics Partners had a net margin of 16.51% and a negative return on equity of 143.27%. Equities analysts expect that Delek Logistics Partners will post 3.95 earnings per share for the current fiscal year.

Insiders Place Their Bets

In other Delek Logistics Partners news, Chairman Ezra Uzi Yemin sold 1,100 shares of the firm’s stock in a transaction dated Monday, November 7th. The shares were sold at an average price of $56.08, for a total value of $61,688.00. Following the completion of the sale, the chairman now directly owns 232,776 shares in the company, valued at $13,054,078.08. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Insiders sold 37,859 shares of company stock worth $2,125,813 over the last three months. Company insiders own 1.00% of the company’s stock.

Institutional Trading of Delek Logistics Partners

Institutional investors and hedge funds have recently bought and sold shares of the stock. JPMorgan Chase & Co. increased its stake in shares of Delek Logistics Partners by 15.6% during the first quarter. JPMorgan Chase & Co. now owns 195,800 shares of the oil and gas producer’s stock valued at $8,613,000 after purchasing an additional 26,425 shares in the last quarter. First Trust Advisors LP increased its stake in shares of Delek Logistics Partners by 27.6% during the first quarter. First Trust Advisors LP now owns 89,835 shares of the oil and gas producer’s stock valued at $3,952,000 after purchasing an additional 19,430 shares in the last quarter. Vident Investment Advisory LLC increased its stake in shares of Delek Logistics Partners by 7.6% during the first quarter. Vident Investment Advisory LLC now owns 7,088 shares of the oil and gas producer’s stock valued at $312,000 after purchasing an additional 499 shares in the last quarter. First Republic Investment Management Inc. increased its stake in shares of Delek Logistics Partners by 38.4% during the first quarter. First Republic Investment Management Inc. now owns 9,835 shares of the oil and gas producer’s stock valued at $433,000 after purchasing an additional 2,729 shares in the last quarter. Finally, Royal Bank of Canada increased its stake in shares of Delek Logistics Partners by 6.7% during the first quarter. Royal Bank of Canada now owns 8,000 shares of the oil and gas producer’s stock valued at $352,000 after purchasing an additional 500 shares in the last quarter. 12.39% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of analysts have recently weighed in on DKL shares. StockNews.com started coverage on shares of Delek Logistics Partners in a report on Wednesday, October 12th. They set a “hold” rating for the company. Citigroup initiated coverage on shares of Delek Logistics Partners in a report on Thursday, December 8th. They set a “neutral” rating and a $48.00 target price for the company.

About Delek Logistics Partners

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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.

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Dividend History for Delek Logistics Partners (NYSE:DKL)

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