Delta Air Lines Sees Unusually Large Options Volume (NYSE:DAL)

Key Points

• Delta saw unusually large options activity with 164,712 call options traded (up 247% vs. average), coming ahead of Q1 earnings that options currently imply will move the stock roughly ~7%.
• Analysts hold a consensus Moderate Buy with an average price target of $78.43; Delta posted a slight EPS beat ($1.55 vs. $1.53) but missed revenue, set FY2026 guidance of 6.50–7.50 EPS, and trades near $65.92 with a P/E of 8.59.
• Operational headwinds—higher jet fuel costs and a $10 increase to checked-bag fees—are weighing on sentiment, while insiders have sold about 620,550 shares (~$44.1M) over the past 90 days.

Delta Air Lines, Inc. (NYSE:DAL - Get Free Report) saw unusually large options trading on Tuesday. Stock traders bought 164,712 call options on the company. This represents an increase of 247% compared to the average volume of 47,509 call options.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently issued reports on DAL shares. Weiss Ratings cut Delta Air Lines from a "buy (b-)" rating to a "hold (c+)" rating in a research note on Friday, March 6th. Barclays boosted their price objective on Delta Air Lines from $65.00 to $85.00 and gave the company an "overweight" rating in a research note on Monday, January 12th. BNP Paribas Exane boosted their price objective on Delta Air Lines from $70.00 to $85.00 and gave the company an "outperform" rating in a research note on Monday, December 8th. Wolfe Research lowered their price objective on Delta Air Lines from $81.00 to $73.00 and set an "outperform" rating on the stock in a research note on Tuesday. Finally, Zacks Research cut Delta Air Lines from a "hold" rating to a "strong sell" rating in a research report on Tuesday, March 17th. One investment analyst has rated the stock with a Strong Buy rating, twenty-two have assigned a Buy rating, one has assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $78.43.

Delta Air Lines Price Performance

Shares of NYSE DAL traded down $0.86 during midday trading on Tuesday, hitting $65.92. 6,431,717 shares of the company's stock were exchanged, compared to its average volume of 11,048,170. Delta Air Lines has a 12-month low of $35.46 and a 12-month high of $76.39. The company has a current ratio of 0.40, a quick ratio of 0.34 and a debt-to-equity ratio of 0.60. The company has a market cap of $43.05 billion, a price-to-earnings ratio of 8.59, a PEG ratio of 0.72 and a beta of 1.31. The business's fifty day moving average price is $66.49 and its two-hundred day moving average price is $64.66.

Delta Air Lines (NYSE:DAL - Get Free Report) last issued its quarterly earnings data on Tuesday, January 13th. The transportation company reported $1.55 EPS for the quarter, topping the consensus estimate of $1.53 by $0.02. Delta Air Lines had a return on equity of 20.96% and a net margin of 7.90%.The company had revenue of $14.61 billion during the quarter, compared to analyst estimates of $15.80 billion. During the same quarter in the previous year, the firm earned $1.85 earnings per share. Delta Air Lines's revenue was up 2.9% on a year-over-year basis. Delta Air Lines has set its Q1 2026 guidance at 0.500-0.900 EPS and its FY 2026 guidance at 6.500-7.500 EPS. As a group, research analysts forecast that Delta Air Lines will post 7.63 EPS for the current fiscal year.

Delta Air Lines Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, March 19th. Shareholders of record on Thursday, February 26th were given a dividend of $0.1875 per share. This represents a $0.75 dividend on an annualized basis and a yield of 1.1%. The ex-dividend date was Thursday, February 26th. Delta Air Lines's dividend payout ratio (DPR) is presently 9.78%.

Delta Air Lines News Roundup

Here are the key news stories impacting Delta Air Lines this week:

• Positive Sentiment: Delta is being highlighted as relatively well positioned vs. peers — some coverage points to its operational strength and stronger balance sheet, which can support outperformance in a volatile sector. Delta leads off airline earnings season with a jet fuel advantage
• Positive Sentiment: Supportive analyst commentary and upgrade interest ahead of earnings have buoyed sentiment previously; commentators (including Jim Cramer) have praised Delta’s reliability as an earnings name. Jim Cramer Says Delta Air “Truly Distinguished Itself…”
• Neutral Sentiment: Investors face elevated event risk: Q1 earnings are due Wednesday and options imply roughly ~7% expected move, so short-term volatility is likely regardless of the print. DAL Q1 Earnings Preview: Wall Street Braces for 7% Volatility
• Negative Sentiment: Delta announced a $10 increase to checked-bag fees on domestic and select short-haul international tickets, a move framed as offsetting sharply higher jet fuel costs; the fee hike has drawn negative investor reaction today. Delta raises checked bag fees $10 amid jet fuel price surge
• Negative Sentiment: Broader industry headwinds: reports that the Iran war is tightening jet fuel supply and boosting fuel prices — airlines are trimming schedules and adding surcharges — which raises operating-cost risk for Delta and peers. Jet fuel supply concerns grow as war on Iran drags on, airlines cut flights
• Negative Sentiment: Wolfe Research cut its price target (from $81 to $73) while keeping an outperform rating — a signal that upside expectations were trimmed even as the firm stays constructive. Wolfe Research adjusts price target on Delta

Insider Activity at Delta Air Lines

In other news, EVP Rahul D. Samant sold 62,528 shares of Delta Air Lines stock in a transaction on Thursday, February 5th. The stock was sold at an average price of $70.18, for a total transaction of $4,388,215.04. Following the sale, the executive vice president directly owned 20,939 shares in the company, valued at $1,469,499.02. The trade was a 74.91% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CEO Edward H. Bastian sold 100,000 shares of Delta Air Lines stock in a transaction on Thursday, February 26th. The stock was sold at an average price of $70.26, for a total value of $7,026,000.00. Following the sale, the chief executive officer owned 1,363,448 shares in the company, valued at $95,795,856.48. The trade was a 6.83% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 620,550 shares of company stock worth $44,127,667. 0.88% of the stock is owned by company insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently bought and sold shares of the business. AlphaQuest LLC grew its position in Delta Air Lines by 90.6% during the third quarter. AlphaQuest LLC now owns 444 shares of the transportation company's stock valued at $25,000 after acquiring an additional 211 shares during the last quarter. Lloyd Advisory Services LLC. bought a new position in Delta Air Lines during the fourth quarter valued at approximately $31,000. Camelot Portfolios LLC bought a new position in Delta Air Lines during the fourth quarter valued at approximately $34,000. Accredited Wealth Management LLC grew its position in Delta Air Lines by 1,983.3% during the third quarter. Accredited Wealth Management LLC now owns 500 shares of the transportation company's stock valued at $28,000 after acquiring an additional 476 shares during the last quarter. Finally, Byrne Asset Management LLC bought a new position in Delta Air Lines during the fourth quarter valued at approximately $35,000. 69.93% of the stock is currently owned by institutional investors.

Delta Air Lines Company Profile

Delta Air Lines is a major U.S.-based global airline that provides scheduled passenger and cargo air transportation, aircraft maintenance and repair services, and related travel products. Its operations include mainline domestic and international passenger services, a branded regional network operating under the Delta Connection name, dedicated air cargo carriage, and in-house maintenance, repair and overhaul through Delta TechOps. Delta offers a range of cabin products for different customer segments, including premium business-class service on long-haul routes and tiered economy offerings on domestic and international flights, and it markets customer loyalty benefits through the SkyMiles frequent-flyer program.

The carrier operates a mixed fleet of narrow- and wide-body aircraft from multiple U.S.

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