Delek Logistics Partners, which went public last November, will next month send out its first full quarterly dividend, a payment of 38.5 cents per limited partnership unit. That's almost 3 percent more than its minimum and a number that Chairman and CEO Uzi Yemin expects to go up again in three months.
“Based on expected performance, we anticipate recommending to the Board of Directors of Delek Logistics’ general partner an additional increase in our quarterly distribution to $0.395 per unit for the quarter ending June 30, 2013. This would represent a 5.3 percent increase from our minimum quarterly distribution of $0.375 per unit and a 2.6 percent increase from our current distribution of $0.385 per unit.”
Delek Logistics LP units (Ticker: DKL) are up almost 30 percent so far this year, valuing the pipeline spinoff from Delek US Holdings at more than $700 million.