It's a good time to be a Delek US Holdings shareholder.
The board of the Brentwood-based oil refiner and marketer has voted to declare a special dividend of 10 cents per share, the fifth such payout in 14 months. The dividend will be paid late next month to shareholders of record Jan. 8 and follows similar declarations made in November, April, June and September that have totaled 47 cents per share. The company last month also hiked its regular quarterly dividend to 10 cents from 3.75 cents.
“The strong cash flow generation we experienced during the first nine months of 2012 has continued throughout the fourth quarter,” said Delek boss Uzi Yemin. “This environment has allowed us to increase dividends, invest in our business for future growth and improve our balance sheet to a net cash position. We remain well positioned for additional growth during 2013, and will continue to focus on business performance, leveraging our strong free cash flow and returning value to our shareholders.”
Shares of Delek (Ticker: DK) have climbed more than 130 percent in 2012 and are up another 1.3 percent to $26.75 in Thursday afternoon trading.
Delek's board also announced that it has named Yemin its first-ever chairman. The 43-year-old exec has been president of the company since 2001 and CEO since mid-2004.