Delek Logistics Partners (NYSE:DKL) Downgraded by StockNews.com to Hold

StockNews.com cut shares of Delek Logistics Partners (NYSE:DKL) from a buy rating to a hold rating in a research note released on Thursday morning.

Several other brokerages also recently issued reports on DKL. Bank of America assumed coverage on shares of Delek Logistics Partners in a report on Thursday, October 17th. They set an “underperform” rating and a $36.00 price target for the company. Citigroup upgraded shares of Delek Logistics Partners from a “neutral” rating to a “buy” rating and raised their price objective for the company from $44.00 to $45.00 in a research report on Wednesday, August 28th. One equities research analyst has rated the stock with a sell rating, one has issued a hold rating and three have given a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $43.00.

Delek Logistics Partners Stock Performance

Shares of NYSE:DKL traded down $1.46 during trading on Thursday, hitting $38.35. 595,239 shares of the stock were exchanged, compared to its average volume of 106,614. Delek Logistics Partners has a 1-year low of $37.02 and a 1-year high of $53.80. The company’s fifty day simple moving average is $41.18 and its 200-day simple moving average is $40.24. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of 13.69, a price-to-earnings-growth ratio of 1.01 and a beta of 2.12.

Delek Logistics Partners (NYSE:DKL) last announced its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.87 earnings per share for the quarter, beating analysts’ consensus estimates of $0.81 by $0.06. The firm had revenue of $264.63 million for the quarter, compared to analysts’ expectations of $257.17 million. Delek Logistics Partners had a negative return on equity of 147.45% and a net margin of 12.48%. During the same period in the prior year, the business posted $0.73 earnings per share. On average, research analysts forecast that Delek Logistics Partners will post 3.41 earnings per share for the current fiscal year.

Delek Logistics Partners Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, November 14th. Stockholders of record on Friday, November 8th will be given a dividend of $1.10 per share. This is a positive change from Delek Logistics Partners’s previous quarterly dividend of $0.73. This represents a $4.40 annualized dividend and a dividend yield of 11.47%. The ex-dividend date of this dividend is Friday, November 8th. Delek Logistics Partners’s payout ratio is presently 149.83%.

Insiders Place Their Bets

In other Delek Logistics Partners news, EVP Joseph Israel purchased 3,076 shares of the company’s stock in a transaction dated Thursday, October 10th. The shares were bought at an average price of $39.00 per share, with a total value of $119,964.00. Following the completion of the transaction, the executive vice president now directly owns 13,782 shares in the company, valued at $537,498. This trade represents a 0.00 % increase in their position. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Joseph Israel acquired 3,076 shares of the stock in a transaction dated Thursday, October 10th. The stock was bought at an average price of $39.00 per share, with a total value of $119,964.00. Following the completion of the transaction, the executive vice president now directly owns 13,782 shares of the company’s stock, valued at approximately $537,498. The trade was a 0.00 % increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CFO Reuven Spiegel acquired 3,885 shares of the company’s stock in a transaction that occurred on Thursday, August 22nd. The shares were bought at an average price of $38.98 per share, for a total transaction of $151,437.30. Following the completion of the acquisition, the chief financial officer now owns 20,163 shares of the company’s stock, valued at $785,953.74. This trade represents a 0.00 % increase in their ownership of the stock. The disclosure for this purchase can be found here. Over the last three months, insiders have bought 12,934 shares of company stock worth $504,348. Company insiders own 1.00% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the company. Farther Finance Advisors LLC acquired a new stake in Delek Logistics Partners in the 3rd quarter valued at $49,000. Future Financial Wealth Managment LLC bought a new position in shares of Delek Logistics Partners during the third quarter worth approximately $70,000. Sittner & Nelson LLC acquired a new stake in shares of Delek Logistics Partners during the third quarter worth $109,000. Van ECK Associates Corp boosted its holdings in Delek Logistics Partners by 76.0% in the 2nd quarter. Van ECK Associates Corp now owns 3,329 shares of the oil and gas producer’s stock valued at $135,000 after purchasing an additional 1,437 shares during the period. Finally, Strategic Financial Concepts LLC grew its position in Delek Logistics Partners by 4,182.7% during the second quarter. Strategic Financial Concepts LLC now owns 496,156 shares of the oil and gas producer’s stock worth $201,000 after buying an additional 484,571 shares in the last quarter. 11.75% of the stock is currently owned by 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.