Zacks Investment Research Upgrades Delek Logistics Partners, L.P. (DKL) to “Hold”
Zacks Investment Research upgraded shares of Delek Logistics Partners, L.P. (NYSE:DKL) from a sell rating to a hold rating in a report published on Monday morning.
According to Zacks, “Delek Logistics Partners, LP owns, operates, acquires and constructs crude oil and refined products logistics and marketing assets. The company operates crude oil transportation pipelines, refined product pipelines, crude oil gathering system, and associated crude oil storage tanks. It also provides marketing services for refined products other than jet fuel and petroleum coke; and light products, operates light product terminals in Texas and Tennessee and offers terminalling services to independent third parties. Delek Logistics Partners, LP is headquartered in Brentwood, Tennessee. “
Several other brokerages also recently commented on DKL. Barclays PLC reaffirmed an equal weight rating and set a $33.00 price objective on shares of Delek Logistics Partners, L.P. in a research note on Wednesday, July 5th. Scotiabank set a $33.00 price target on shares of Delek Logistics Partners, L.P. and gave the stock a hold rating in a research note on Saturday, July 22nd. Finally, BidaskClub raised shares of Delek Logistics Partners, L.P. from a hold rating to a buy rating in a research note on Thursday, July 13th. Four investment analysts have rated the stock with a hold rating and one has assigned a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $34.00.
Shares of Delek Logistics Partners, L.P. (DKL) opened at 32.35 on Monday. Delek Logistics Partners, L.P. has a one year low of $21.30 and a one year high of $36.05. The firm’s 50-day moving average price is $32.97 and its 200-day moving average price is $32.09. The firm has a market capitalization of $787.01 million, a P/E ratio of 16.45 and a beta of 1.29.
Delek Logistics Partners, L.P. (NYSE:DKL) last issued its quarterly earnings data on Wednesday, August 2nd. The oil and gas producer reported $0.59 EPS for the quarter, missing the consensus estimate of $0.68 by $0.09. The firm had revenue of $126.80 million for the quarter, compared to the consensus estimate of $140 million. Delek Logistics Partners, L.P. had a net margin of 12.70% and a negative return on equity of 402.04%. The business’s revenue was up 13.3% on a year-over-year basis. During the same period last year, the company posted $0.66 earnings per share. On average, equities analysts forecast that Delek Logistics Partners, L.P. will post $2.30 earnings per share for the current year.
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The business also recently declared a quarterly dividend, which will be paid on Friday, August 11th. Investors of record on Friday, August 4th will be paid a $0.705 dividend. This is an increase from Delek Logistics Partners, L.P.’s previous quarterly dividend of $0.69. This represents a $2.82 dividend on an annualized basis and a yield of 8.72%. The ex-dividend date of this dividend is Wednesday, August 2nd. Delek Logistics Partners, L.P.’s dividend payout ratio is presently 148.42%.
In related news, major shareholder Delek Us Holdings, Inc. purchased 2,901 shares of the firm’s stock in a transaction that occurred on Friday, June 2nd. The stock was bought at an average cost of $30.95 per share, with a total value of $89,785.95. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last three months, insiders purchased 37,377 shares of company stock valued at $1,158,150.
A number of institutional investors have recently added to or reduced their stakes in the company. Bank of Montreal Can bought a new position in Delek Logistics Partners, L.P. during the second quarter worth about $131,000. Sei Investments Co. bought a new position in Delek Logistics Partners, L.P. during the second quarter worth about $223,000. Parkside Financial Bank & Trust increased its position in Delek Logistics Partners, L.P. by 7.3% in the first quarter. Parkside Financial Bank & Trust now owns 9,385 shares of the oil and gas producer’s stock worth $313,000 after buying an additional 640 shares during the last quarter. Jane Street Group LLC bought a new position in Delek Logistics Partners, L.P. during the first quarter worth about $313,000. Finally, Franklin Square Holdings L.P. bought a new position in Delek Logistics Partners, L.P. during the first quarter worth about $769,000. 27.39% of the stock is owned by institutional investors.
Delek Logistics Partners, L.P. Company Profile
Delek Logistics Partners, LP owns and operates logistics and marketing assets for crude oil, and intermediate and refined products. The Company’s business primarily consists of certain crude oil, intermediate and refined products pipelines and transportation, storage, wholesale marketing, terminaling and offloading assets, which were previously owned, operated or held by Delek US Holdings, Inc (Delek), and assets acquired from unrelated third parties.
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