Barclays Maintains an 'Overweight' on Delek US (DK); Highlights from Meetings with Management

Barclays maintains an 'Overweight' on Delek US (NYSE: DK) price target of $30.00.

Analyst, Paul Y. Cheng, said, "Management reiterates the importance of returning cash to shareholders, with a preference towards paying out special dividends over increasing the regular dividend...We expect the annual regular dividend will be raised to $0.20/share, up from $0.015/share currently, by 4Q12 or 1Q13...Management reiterates 2012 capex spend of $125mn (~$100mn in refining and ~$25mn in retail)...In 2014, due to major turnarounds at both El Dorado and Tyler refineries, capex is estimated to be approximately $165mn-$175mn...Management targets to maintain cash balance of $175mn-$200mn (to maintain sufficient liquidity for working capital)."

For an analyst ratings summary and ratings history on Delek US click here. For more ratings news on Delek US click here.

Shares of Delek US closed at $24.25 yesterday.

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