Corigliano Investment Advisers LLC Sells 107,988 Shares of Delek US Holdings, Inc. $DK

Key Points

• Corigliano Investment Advisers LLC reduced its stake in Delek US Holdings by 45.4%, now holding 130,000 shares after selling nearly 108,000 shares in the first quarter.
• Delek US reported a quarterly loss of ($0.56) EPS, beating expectations of ($0.92), with revenues of $2.76 billion this quarter.
• The company announced a quarterly dividend of $0.255 per share, representing a 3.2% yield based on a recent payout ratio of -8.30%.

Corigliano Investment Advisers LLC lessened its stake in Delek US Holdings, Inc. (NYSE:DK - Free Report) by 45.4% during the first quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 130,000 shares of the oil and gas company's stock after selling 107,988 shares during the quarter. Delek US makes up about 0.9% of Corigliano Investment Advisers LLC's holdings, making the stock its 26th largest position. Corigliano Investment Advisers LLC owned approximately 0.21% of Delek US worth $1,959,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds also recently modified their holdings of the stock. Charles Schwab Investment Management Inc. raised its position in Delek US by 35.3% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 1,037,599 shares of the oil and gas company's stock valued at $15,637,000 after buying an additional 270,792 shares during the last quarter. Nuveen Asset Management LLC grew its stake in shares of Delek US by 21.9% in the 4th quarter. Nuveen Asset Management LLC now owns 1,005,309 shares of the oil and gas company's stock worth $18,598,000 after acquiring an additional 180,498 shares in the last quarter. Northern Trust Corp raised its holdings in shares of Delek US by 9.2% in the first quarter. Northern Trust Corp now owns 987,086 shares of the oil and gas company's stock valued at $14,875,000 after purchasing an additional 83,246 shares during the last quarter. Systematic Financial Management LP lifted its position in shares of Delek US by 9.9% during the fourth quarter. Systematic Financial Management LP now owns 913,890 shares of the oil and gas company's stock valued at $16,907,000 after purchasing an additional 82,039 shares in the last quarter. Finally, T. Rowe Price Investment Management Inc. purchased a new position in Delek US during the first quarter worth about $13,728,000. Hedge funds and other institutional investors own 97.01% of the company's stock.

Delek US Price Performance

NYSE DK traded down $1.25 on Monday, hitting $30.07. The stock had a trading volume of 1,882,843 shares, compared to its average volume of 1,711,772. The firm has a 50-day moving average of $24.23 and a 200-day moving average of $19.12. The company has a debt-to-equity ratio of 10.48, a quick ratio of 0.50 and a current ratio of 0.80. Delek US Holdings, Inc. has a 52-week low of $11.02 and a 52-week high of $32.48. The company has a market capitalization of $1.81 billion, a price-to-earnings ratio of -2.45 and a beta of 1.09.

Delek US (NYSE:DK - Get Free Report) last released its quarterly earnings results on Wednesday, August 6th. The oil and gas company reported ($0.56) EPS for the quarter, beating analysts' consensus estimates of ($0.92) by $0.36. The firm had revenue of $2.76 billion during the quarter, compared to analyst estimates of $2.68 billion. Delek US had a negative net margin of 7.11% and a negative return on equity of 79.27%. The business's revenue for the quarter was down 16.4% on a year-over-year basis. During the same period in the previous year, the business earned ($0.92) EPS. Equities analysts expect that Delek US Holdings, Inc. will post -5.5 EPS for the current year.

Delek US Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 18th. Shareholders of record on Monday, August 11th were paid a $0.255 dividend. This represents a $1.02 dividend on an annualized basis and a yield of 3.4%. The ex-dividend date was Monday, August 11th. Delek US's dividend payout ratio is currently -8.30%.

Analyst Ratings Changes

Several research firms have commented on DK. Bank of America increased their price objective on shares of Delek US from $14.00 to $24.00 and gave the company an "underperform" rating in a research note on Wednesday, September 3rd. Cowen reaffirmed a "sell" rating on shares of Delek US in a research report on Friday, August 8th. The Goldman Sachs Group lifted their price target on Delek US from $15.00 to $17.00 and gave the stock a "neutral" rating in a report on Friday, May 23rd. Scotiabank restated a "sector perform" rating and issued a $20.00 price objective (up previously from $14.00) on shares of Delek US in a research note on Friday, July 11th. Finally, Wells Fargo & Company raised their target price on Delek US from $11.00 to $15.00 and gave the company an "underweight" rating in a research report on Wednesday, June 11th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and five have issued a Sell rating to the stock. According to MarketBeat.com, the stock currently has an average rating of "Reduce" and a consensus price target of $23.77.

Insiders Place Their Bets

In other Delek US news, CFO Robert G. Wright sold 7,135 shares of the firm's stock in a transaction dated Tuesday, September 2nd. The stock was sold at an average price of $29.24, for a total value of $208,627.40. Following the sale, the chief financial officer owned 48,294 shares of the company's stock, valued at $1,412,116.56. This trade represents a 12.87% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available at this link. 1.90% of the stock is owned by corporate insiders.

Delek US Company Profile

Delek US Holdings, Inc engages in the integrated downstream energy business in the United States. The company operates through Refining, Logistics, and Retail segments. The Refining segment processes crude oil and other feedstock for the manufacture of various grades of gasoline, diesel fuel, aviation fuel, asphalt, and other petroleum-based products that are distributed through owned and third-party product terminal.