Delek Logistics Partners, LP (NYSE:DKL) Declares Dividend of $1.10

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

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 dividend payout ratio of 108.2% meaning 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 Trading Up 1.1 %

DKL stock traded up $0.40 during trading on Wednesday, hitting $38.46. The company had a trading volume of 121,913 shares, compared to its average volume of 102,128. The business has a 50-day moving average of $41.17 and a 200-day moving average of $40.21. Delek Logistics Partners has a one year low of $37.02 and a one year high of $53.80. The stock has a market cap of $1.82 billion, a PE ratio of 13.85 and a beta of 2.11.

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

Insider Activity

In other news, Director Sherri Anne Brillon acquired 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were acquired at an average price of $39.00 per share, for a total transaction of $78,000.00. Following the completion of the purchase, the director now owns 11,433 shares in the company, valued at approximately $445,887. This trade represents a 0.00 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. In other Delek Logistics Partners news, Director Sherri Anne Brillon purchased 2,000 shares of the company’s stock in a transaction that occurred on Monday, August 19th. The shares were bought at an average cost of $39.00 per share, for a total transaction of $78,000.00. Following the purchase, the director now owns 11,433 shares of the company’s stock, valued at $445,887. This represents a 0.00 % increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Reuven Spiegel bought 3,885 shares of the company’s stock in a transaction on Thursday, August 22nd. The shares were bought at an average price of $38.98 per share, for a total transaction of $151,437.30. Following the transaction, the chief financial officer now owns 20,163 shares of the company’s stock, valued at approximately $785,953.74. This represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders purchased 12,934 shares of company stock valued at $504,348 in the last three months. Company insiders own 1.00% of the company’s stock.

Analyst Upgrades and Downgrades

DKL has been the subject of several recent research reports. StockNews.com downgraded Delek Logistics Partners from a “strong-buy” rating to a “buy” rating in a report on Tuesday, September 24th. Bank of America assumed 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 objective on the stock. Finally, Citigroup upgraded shares of Delek Logistics Partners from a “neutral” rating to a “buy” rating and upped their target price for the stock from $44.00 to $45.00 in a report on Wednesday, August 28th. One analyst has rated the stock with a sell rating and four have assigned a buy rating to the company’s stock. According to data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $43.00.

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.