Novem Group Invests $705,000 in Delek Logistics Partners, LP (NYSE:DKL)

Novem Group bought a new stake in shares of Delek Logistics Partners, LP (NYSE:DKL) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 16,682 shares of the oil and gas producer’s stock, valued at approximately $705,000.

Other hedge funds and other institutional investors also recently bought and sold shares of the company. Exchange Traded Concepts LLC increased its position in shares of Delek Logistics Partners by 24.6% during the fourth quarter. Exchange Traded Concepts LLC now owns 18,250 shares of the oil and gas producer’s stock worth $771,000 after purchasing an additional 3,600 shares in the last quarter. CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT purchased a new position in Delek Logistics Partners during the 4th quarter worth $1,690,000. Strategic Financial Concepts LLC increased its position in Delek Logistics Partners by 3,838.8% during the 4th quarter. Strategic Financial Concepts LLC now owns 476,439 shares of the oil and gas producer’s stock valued at $20,134,000 after buying an additional 464,343 shares in the last quarter. Apollon Wealth Management LLC raised its stake in Delek Logistics Partners by 19.1% in the fourth quarter. Apollon Wealth Management LLC now owns 7,639 shares of the oil and gas producer’s stock valued at $323,000 after buying an additional 1,223 shares during the last quarter. Finally, Summit Trail Advisors LLC purchased a new stake in Delek Logistics Partners in the fourth quarter valued at about $482,000. Hedge funds and other institutional investors own 11.75% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on DKL. Raymond James upped their price objective on shares of Delek Logistics Partners from $44.00 to $46.00 and gave the company an “outperform” rating in a report on Tuesday, January 28th. StockNews.com downgraded shares of Delek Logistics Partners from a “hold” rating to a “sell” rating in a research report on Thursday, May 8th. Two equities research analysts have rated the stock with a sell rating and three have given a buy rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $44.25.

Delek Logistics Partners Stock Performance

Shares of DKL opened at $40.65 on Thursday. The stock has a 50-day moving average of $39.92 and a two-hundred day moving average of $40.74. The stock has a market cap of $2.17 billion, a P/E ratio of 14.41, a P/E/G ratio of 1.28 and a beta of 0.81. Delek Logistics Partners, LP has a one year low of $34.59 and a one year high of $45.71.

Delek Logistics Partners (NYSE:DKL) last announced its quarterly earnings data on Wednesday, May 7th. The oil and gas producer reported $0.73 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.73. The firm had revenue of $249.93 million during the quarter, compared to analysts’ expectations of $237.17 million. Delek Logistics Partners had a negative return on equity of 155.77% and a net margin of 13.15%. Analysts predict that Delek Logistics Partners, LP will post 3.01 EPS for the current fiscal year.

Delek Logistics Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Thursday, May 15th. Shareholders of record on Thursday, May 8th were paid a dividend of $1.11 per share. This represents a $4.44 annualized dividend and a yield of 10.92%. This is a boost from Delek Logistics Partners’s previous quarterly dividend of $1.11. The ex-dividend date was Thursday, May 8th. Delek Logistics Partners’s payout ratio is presently 148.49%.

About Delek Logistics Partners

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.