Delek Logistics Partners (NYSE:DKL) Shares Gap Down - Here's Why

Key Points

• Delek Logistics Partners shares plunged at the open, falling from a prior close of $60.00 to $51.00 and last trading near $51.56.
• The company missed quarterly EPS expectations, reporting $0.54 versus the $0.93 consensus estimate, although revenue of $384.76 million exceeded forecasts.
• Delek Logistics raised its quarterly dividend to $1.135 per share, representing an annualized payout of $4.54 and an approximately 8.7% yield; analysts maintain a “Moderate Buy” consensus with a $55.40 target price.

Shares of Delek Logistics Partners, L.P. (NYSE:DKL - Get Free Report) gapped down before the market opened 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 trading hands.

Wall Street Analysts Forecast Growth

DKL has been the subject of several research reports. Zacks Research raised shares of Delek Logistics Partners from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. Weiss Ratings restated a "buy (b-)" rating on shares of Delek Logistics Partners in a research note on Friday, August 7th. Mizuho increased their price target on Delek Logistics Partners from $45.00 to $52.00 and gave the stock a "neutral" rating in a research report on Tuesday, April 21st. Raymond James Financial reissued an "outperform" rating and issued a $60.00 price target on shares of Delek Logistics Partners in a report on Thursday, April 30th. Finally, UBS Group assumed coverage on Delek Logistics Partners in a research report on Thursday, July 16th. They set a "neutral" rating and a $56.00 price objective for the company. One research analyst has rated the stock with a Strong Buy rating, two have given a Buy rating and four have assigned a Hold rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $55.40.

Delek Logistics Partners Stock Performance

The company has a debt-to-equity ratio of 386.77, a current ratio of 0.96 and a quick ratio of 0.91. The stock has a fifty day moving average price of $54.24 and a two-hundred day moving average price of $52.60. The company has a market cap of $2.78 billion, a P/E ratio of 18.20, a PEG ratio of 0.67 and a beta of 0.46.

Delek Logistics Partners (NYSE:DKL - Get Free Report) last issued its quarterly earnings data on Wednesday, August 5th. The oil and gas producer reported $0.54 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.93 by ($0.39). The business had revenue of $384.76 million during the quarter, compared to the consensus estimate of $293.64 million. Delek Logistics Partners had a negative return on equity of 935.80% and a net margin of 12.85%. On average, equities 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 firm 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. This represents a $4.54 dividend on an annualized basis and a dividend yield of 8.7%. This is a positive change from Delek Logistics Partners's previous quarterly dividend of $1.13. The ex-dividend date of this dividend was Monday, August 3rd. Delek Logistics Partners's dividend payout ratio is 158.19%.

Institutional Investors Weigh In On Delek Logistics Partners

Several institutional investors have recently bought and sold shares of DKL. BNP Paribas Financial Markets acquired a new position in Delek Logistics Partners during the 2nd quarter valued at about $50,000. Jones Financial Companies Lllp boosted 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 acquiring an additional 910 shares in the last quarter. State of Wyoming acquired a new position in shares of Delek Logistics Partners during the first quarter valued at approximately $67,000. Osaic Holdings Inc. raised its holdings in Delek Logistics Partners by 245.8% during the second quarter. Osaic Holdings Inc. now owns 2,687 shares of the oil and gas producer's stock worth $115,000 after purchasing an additional 1,910 shares in the last quarter. Finally, Bank of America Corp DE raised its holdings in Delek Logistics Partners by 1,186.5% during the second quarter. Bank of America Corp DE now owns 4,194 shares of the oil and gas producer's stock worth $180,000 after purchasing an additional 3,868 shares in the last quarter. Institutional investors and hedge funds own 11.75% of the company's stock.

About Delek Logistics Partners

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.

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