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

Shares of Delek Logistics Partners, LP (NYSE:DKL) gapped down prior to trading on Wednesday . The stock had previously closed at $44.67, but opened at $39.72. Delek Logistics Partners shares last traded at $39.22, with a volume of 523,822 shares changing hands.

Wall Street Analysts Forecast Growth

Several brokerages recently weighed in on DKL. StockNews.com downgraded Delek Logistics Partners from a “strong-buy” rating to a “buy” rating in a research report on Tuesday, September 24th. Citigroup raised shares of Delek Logistics Partners from a “neutral” rating to a “buy” rating and lifted their price target for the company from $44.00 to $45.00 in a report on Wednesday, August 28th.

Delek Logistics Partners Stock Performance

The stock has a market capitalization of $1.85 billion, a price-to-earnings ratio of 14.19 and a beta of 2.11. The company has a fifty day simple moving average of $41.31 and a 200 day simple moving average of $40.30.

Delek Logistics Partners (NYSE:DKL) last released its quarterly earnings results on Tuesday, August 6th. The oil and gas producer reported $0.87 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.81 by $0.06. Delek Logistics Partners had a net margin of 12.48% and a negative return on equity of 147.45%. The firm had revenue of $264.63 million during the quarter, compared to analyst estimates of $257.17 million. During the same quarter last year, the business earned $0.73 EPS. As a group, equities analysts predict that Delek Logistics Partners, LP will post 3.41 earnings per share for the current fiscal year.

Delek Logistics Partners Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Wednesday, August 14th. Stockholders of record on Friday, August 9th were paid a $1.09 dividend. This represents a $4.36 dividend on an annualized basis and a dividend yield of 11.10%. This is an increase from Delek Logistics Partners’s previous quarterly dividend of $0.73. The ex-dividend date was Friday, August 9th. Delek Logistics Partners’s payout ratio is currently 157.40%.

Insider Buying and Selling

In related news, CFO Reuven Spiegel acquired 3,885 shares of Delek Logistics Partners stock in a transaction dated Thursday, August 22nd. The stock was bought at an average price of $38.98 per share, with a total value of $151,437.30. Following the transaction, the chief financial officer now directly owns 20,163 shares in the company, valued at $785,953.74. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. In other news, CFO Reuven Spiegel bought 3,885 shares of Delek Logistics Partners stock in a transaction dated Thursday, August 22nd. The stock was bought at an average cost of $38.98 per share, for a total transaction of $151,437.30. Following the purchase, the chief financial officer now directly owns 20,163 shares in the company, valued at approximately $785,953.74. This represents a 0.00 % increase in their position. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Sherri Anne Brillon acquired 2,000 shares of Delek Logistics Partners stock in a transaction on Monday, August 19th. The stock was purchased at an average cost of $39.00 per share, with a total value of $78,000.00. Following the purchase, the director now directly owns 11,433 shares of the company’s stock, valued at approximately $445,887. This trade represents a 0.00 % increase in their position. The disclosure for this purchase can be found here. 1.00% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in DKL. Future Financial Wealth Managment LLC purchased a new stake in shares of Delek Logistics Partners in the first quarter worth approximately $66,000. Van ECK Associates Corp grew its holdings in shares of Delek Logistics Partners by 76.0% in the second quarter. Van ECK Associates Corp now owns 3,329 shares of the oil and gas producer’s stock valued at $135,000 after acquiring an additional 1,437 shares in the last quarter. HB Wealth Management LLC purchased a new stake in shares of Delek Logistics Partners during the second quarter valued at approximately $203,000. Susquehanna Fundamental Investments LLC purchased a new position in Delek Logistics Partners in the second quarter worth $456,000. Finally, Tortoise Index Solutions LLC grew its stake in Delek Logistics Partners by 12.9% in the 4th quarter. Tortoise Index Solutions LLC now owns 11,527 shares of the oil and gas producer’s stock valued at $498,000 after purchasing an additional 1,316 shares during the period. 11.75% of the stock is currently owned by institutional investors and hedge funds.

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.