Delek Logistics Partners (NYSE:DKL) Shares Cross Below Two Hundred Day Moving Average – Here’s What Happened

Delek Logistics Partners, L.P. (NYSE:DKL) shares crossed below its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $53.37 and traded as low as $52.00. Delek Logistics Partners shares last traded at $52.2690, with a volume of 133,159 shares traded.

Wall Street Analyst Weigh In

Several analysts recently issued reports on DKL shares. Zacks Research cut Delek Logistics Partners from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, September 22nd. Weiss Ratings raised Delek Logistics Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Friday, October 2nd. Finally, UBS Group increased their price objective on shares of Delek Logistics Partners from $55.00 to $57.00 and gave the company a “neutral” rating in a research report on Monday, September 21st. Two research analysts have rated the stock with a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $55.60.

Delek Logistics Partners Trading Up 1.5%

The company has a market cap of $2.97 billion, a PE ratio of 19.21 and a beta of 0.43. The business’s 50 day moving average is $55.63 and its two-hundred day moving average is $53.41.

Delek Logistics Partners (NYSE:DKL) last posted its quarterly earnings results on Friday, November 6th. The oil and gas producer reported $0.85 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.12). Delek Logistics Partners had a negative return on equity of 935.80% and a net margin of 12.85%. The business had revenue of $372.44 million during the quarter, compared to analysts’ expectations of $355.44 million. As a group, equities research analysts predict that Delek Logistics Partners, L.P. will post 3.94 EPS for the current fiscal year.

Delek Logistics Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 10th. Shareholders of record on Tuesday, November 3rd will be given a dividend of $1.14 per share. This represents a $4.56 dividend on an annualized basis and a yield of 8.8%. This is a boost from Delek Logistics Partners’s previous quarterly dividend of $1.1350. The ex-dividend date is Tuesday, November 3rd. Delek Logistics Partners’s dividend payout ratio (DPR) is currently 158.19%.

Insider Activity at Delek Logistics Partners

In other Delek Logistics Partners news, President Avigal Soreq bought 2,500 shares of the company’s stock in a transaction on Thursday, August 13th. The stock was acquired at an average price of $50.00 per share, for a total transaction of $125,000.00. Following the completion of the transaction, the president directly owned 84,782 shares of the company’s stock, valued at approximately $4,239,100. This represents a 3.04% increase in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Reuven Spiegel acquired 1,000 shares of the business’s stock in a transaction on Thursday, August 13th. The stock was acquired at an average cost of $50.00 per share, for a total transaction of $50,000.00. Following the transaction, the executive vice president directly owned 29,549 shares in the company, valued at $1,477,450. The trade was a 3.50% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. Insiders have bought a total of 15,000 shares of company stock worth $750,000 in the last ninety days. Corporate insiders own 1.00% of the company’s stock.

Institutional Trading of Delek Logistics Partners

A number of hedge funds have recently added to or reduced their stakes in DKL. NEOS Investment Management LLC lifted its holdings in shares of Delek Logistics Partners by 56.0% in the 2nd quarter. NEOS Investment Management LLC now owns 173,361 shares of the oil and gas producer’s stock valued at $8,935,000 after buying an additional 62,267 shares during the period. Pinnacle Holdings LLC acquired a new stake in Delek Logistics Partners during the second quarter worth about $1,703,000. Alps Advisors Inc. grew its holdings in Delek Logistics Partners by 28.5% during the third quarter. Alps Advisors Inc. now owns 5,634,862 shares of the oil and gas producer’s stock worth $299,831,000 after acquiring an additional 1,250,721 shares during the period. Arrow Investment Advisors LLC raised its position in Delek Logistics Partners by 8.9% during the third quarter. Arrow Investment Advisors LLC now owns 4,624 shares of the oil and gas producer’s stock valued at $246,000 after acquiring an additional 379 shares in the last quarter. Finally, Commonwealth Equity Services LLC purchased a new position in Delek Logistics Partners during the third quarter valued at approximately $225,000. 11.75% of the stock is owned by hedge funds and other institutional investors.

Delek Logistics Partners Company Profile

Delek Logistics Partners, L.P. (NYSE: DKL) is a master limited partnership that owns and operates midstream energy infrastructure and provides logistics services for crude oil, refined products and other hydrocarbons. The partnership is sponsored by Delek US Holdings, Inc, an independent refiner and marketer of petroleum products.

Delek Logistics’ operations include crude oil gathering, transportation and storage; refined products transportation and terminalling; wholesale marketing; rail and truck services; and other logistics activities.