Delek Logistics Partners (NYSE:DKL) Sets New 1-Year High After Dividend Announcement

Delek Logistics Partners, L.P. (NYSE:DKL)’s stock price hit a new 52-week high during trading on Wednesday after the company announced a dividend. The company traded as high as $45.80 and last traded at $45.71, with a volume of 27581 shares trading hands. The stock had previously closed at $44.87.

The newly announced dividend which will be paid on Thursday, August 14th. Shareholders of record on Friday, August 8th will be paid a dividend of $1.115 per share. The ex-dividend date of this dividend is Friday, August 8th. This is an increase from Delek Logistics Partners’s previous quarterly dividend of $1.11. This represents a $4.46 annualized dividend and a dividend yield of 9.69%. Delek Logistics Partners’s dividend payout ratio (DPR) is 148.49%.

Wall Street Analysts Forecast Growth

Several research analysts have commented on the stock. Wall Street Zen downgraded shares of Delek Logistics Partners from a “hold” rating to a “sell” rating in a research note on Thursday, May 8th. Mizuho raised shares of Delek Logistics Partners to a “hold” rating in a research note on Thursday, June 26th. Two analysts have rated the stock with a sell rating, one has given a hold rating and three have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $44.25.

Delek Logistics Partners Trading Up 2.6%

The company has a debt-to-equity ratio of 22.02, a current ratio of 1.61 and a quick ratio of 1.52. The firm’s 50 day moving average is $43.30 and its 200 day moving average is $41.84. The company has a market capitalization of $2.46 billion, a PE ratio of 15.40, a P/E/G ratio of 1.02 and a beta of 0.76.

Delek Logistics Partners (NYSE:DKL) last issued its earnings results on Wednesday, May 7th. The oil and gas producer reported $0.73 EPS for the quarter, hitting the consensus estimate of $0.73. Delek Logistics Partners had a net margin of 15.88% and a negative return on equity of 1,782.51%. The company had revenue of $249.93 million for the quarter, compared to the consensus estimate of $237.17 million. As a group, equities analysts predict that Delek Logistics Partners, L.P. will post 3.01 EPS for the current year.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the company. Alps Advisors Inc. increased its stake in shares of Delek Logistics Partners by 31.3% in the first quarter. Alps Advisors Inc. now owns 4,316,269 shares of the oil and gas producer’s stock worth $186,722,000 after buying an additional 1,028,497 shares during the period. Kestra Private Wealth Services LLC purchased a new position in Delek Logistics Partners during the 1st quarter valued at $351,000. Sharpepoint LLC purchased a new position in Delek Logistics Partners during the 1st quarter valued at $1,408,000. Cetera Investment Advisers increased its position in Delek Logistics Partners by 31.8% during the 4th quarter. Cetera Investment Advisers now owns 25,401 shares of the oil and gas producer’s stock valued at $1,073,000 after purchasing an additional 6,125 shares during the period. Finally, Raymond James Financial Inc. purchased a new position in Delek Logistics Partners during the 4th quarter valued at $6,050,000. 11.75% of the stock is owned by hedge funds and other institutional investors.

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.