Delek Logistics Partners (NYSE:DKL) Shares Gap Down – Here’s What Happened

Delek Logistics Partners, L.P. (NYSE:DKL) gapped down prior to trading on Thursday . The stock had previously closed at $60.00, but opened at $51.00. Delek Logistics Partners shares last traded at $51.5610, with a volume of 407,836 shares changing hands.

Analyst Ratings Changes

Several brokerages recently commented on DKL. UBS Group started coverage on Delek Logistics Partners in a research report on Thursday, July 16th. They set a “neutral” rating and a $56.00 price target for the company. Zacks Research upgraded Delek Logistics Partners from a “hold” rating to a “strong-buy” rating in a report on Friday, August 7th. Mizuho lifted their target price on shares of Delek Logistics Partners from $45.00 to $52.00 and gave the stock a “neutral” rating in a research note on Tuesday, April 21st. Raymond James Financial reaffirmed an “outperform” rating and set a $60.00 target price on shares of Delek Logistics Partners in a report on Thursday, April 30th. Finally, Weiss Ratings reiterated a “buy (b-)” rating on shares of Delek Logistics Partners in a research report on Friday, August 7th. One research analyst has rated the stock with a Strong Buy rating, two have assigned a Buy rating and four have given a Hold rating to the stock. According to MarketBeat.com, Delek Logistics Partners currently has a consensus rating of “Moderate Buy” and a consensus price target of $55.40.

Delek Logistics Partners Stock Up 2.7%

The company has a quick ratio of 0.91, a current ratio of 0.96 and a debt-to-equity ratio of 386.77. The firm has a market capitalization of $2.86 billion, a PE ratio of 18.72, a price-to-earnings-growth ratio of 0.60 and a beta of 0.46. The business has a 50-day moving average price of $54.27 and a 200-day moving average price of $52.64.

Delek Logistics Partners (NYSE:DKL) last announced its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $0.54 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.39). The company had revenue of $384.76 million for the quarter, compared to analysts’ expectations of $293.64 million. Delek Logistics Partners had a negative return on equity of 935.80% and a net margin of 12.85%. Equities research analysts forecast that Delek Logistics Partners, L.P. will post 3.94 earnings per share for the current fiscal year.

Delek Logistics Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were issued a dividend of $1.135 per share. The ex-dividend date was Monday, August 3rd. This represents a $4.54 annualized dividend and a dividend yield of 8.5%. This is a boost from Delek Logistics Partners’s previous quarterly dividend of $1.13. Delek Logistics Partners’s payout ratio is presently 158.19%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of DKL. Jones Financial Companies Lllp grew its holdings in shares of Delek Logistics Partners by 303.3% in the first quarter. Jones Financial Companies Lllp now owns 1,210 shares of the oil and gas producer’s stock valued at $52,000 after purchasing an additional 910 shares during the period. Jump Financial LLC acquired a new position in Delek Logistics Partners in the 2nd quarter valued at about $207,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its stake in shares of Delek Logistics Partners by 24.4% in the 2nd quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,523,062 shares of the oil and gas producer’s stock valued at $65,416,000 after buying an additional 298,867 shares during the period. Raymond James Financial Inc. grew its stake in shares of Delek Logistics Partners by 30.8% in the 2nd quarter. Raymond James Financial Inc. now owns 205,036 shares of the oil and gas producer’s stock valued at $8,806,000 after buying an additional 48,284 shares during the period. Finally, Bank of America Corp DE increased its holdings in shares of Delek Logistics Partners by 1,186.5% during the 2nd quarter. Bank of America Corp DE now owns 4,194 shares of the oil and gas producer’s stock worth $180,000 after buying an additional 3,868 shares during the last quarter. Institutional investors and hedge funds own 11.75% of the company’s stock.

Delek Logistics Partners Company Profile

Delek Logistics Partners L.P. (NYSE: DKL) is a master limited partnership formed in 2011 through contributions of pipeline, terminal and crude oil gathering assets by its sponsor, Delek US Holdings, Inc Headquartered in Brentwood, Tennessee, the partnership is managed by Delek Logistics GP, LLC, an affiliate of Delek US. Delek Logistics Partners owns and operates an integrated network of petroleum pipelines and terminals that support the movement, storage and throughput of crude oil and refined products.

The partnership’s core operations include crude oil gathering and processing systems, long-haul pipeline transportation and storage terminal services.