Delek US Holdings (DK) will raise its quarterly dividend by another 3.4 percent to $0.30 per share in the fourth quarter of 2019. This is the fourth dividend hike announced this year by the downstream energy company.

Shareholders of record on November 18, 2019 will receive this cash dividend payable on December 2, 2019. The new annual dividend rate of $1.20 per share yields 3.0% at a stock price of $39.69.

Uzi Yemin, Chairman, President and Chief Executive Officer of Delek US, stated: "We remain committed to returning cash to shareholders. Our quarterly dividend is being increased by 3.5% from the second quarter 2019, marking the sixth increase since the dividend paid during the first quarter of 2018. We have continued to repurchase shares, which resulted in a 16% reduction in our weighted average share count in the third quarter 2019, compared to the peak in the second quarter 2018. As we continue to balance our capital allocation program between investing in our business and returning cash to shareholders, we expect to repurchase approximately $30 million of our common stock in the fourth quarter 2019."

Delek US Holdings, Inc. is a diversified downstream energy company with assets in petroleum refining, logistics, renewable fuels and convenience store retailing. The refining assets consist of refineries operated in Tyler and Big Spring, Texas, El Dorado, Arkansas and Krotz Springs, Louisiana with a combined nameplate crude throughput capacity of 302,000 barrels per day. The logistics operations primarily consist of Delek Logistics Partners, LP (NYSE: DKL). Delek US Holdings, Inc. and its affiliates own approximately 63% (including the 2 percent general partner interest) of Delek Logistics Partners, LP. Delek Logistics Partners, LP is a growth-oriented master limited partnership focused on owning and operating midstream energy infrastructure assets. The convenience store retail business is the largest 7-Eleven licensee in the United States and operates approximately 281 convenience stores in central and west Texas and New Mexico.