Pinnacle Holdings LLC Buys New Shares in Delek Logistics Partners, L.P. $DKL

Key Points

• Pinnacle Holdings LLC acquired 33,044 shares of Delek Logistics Partners valued at approximately $1.7 million, while institutional investors collectively own 11.75% of the company.
• Analyst sentiment is mixed, with a consensus “Hold” rating and a $55.40 target price; recent ratings ranged from “Strong Buy” to “Hold.”
• Delek Logistics raised its quarterly dividend to $1.135, or $4.54 annually, producing an 8.4% yield, despite missing quarterly EPS estimates and reporting a payout ratio above 158%.

Pinnacle Holdings LLC purchased a new position in shares of Delek Logistics Partners, L.P. (NYSE:DKL - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 33,044 shares of the oil and gas producer's stock, valued at approximately $1,703,000. Pinnacle Holdings LLC owned about 0.06% of Delek Logistics Partners as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently bought and sold shares of DKL. Focus Financial Network Inc. boosted its holdings in shares of Delek Logistics Partners by 2.2% in the 2nd quarter. Focus Financial Network Inc. now owns 13,724 shares of the oil and gas producer's stock valued at $707,000 after purchasing an additional 300 shares during the last quarter. Avior Wealth Management LLC acquired a new stake in shares of Delek Logistics Partners during the 2nd quarter worth $206,000. Infrastructure Capital Advisors LLC increased its holdings in shares of Delek Logistics Partners by 2.4% during the 1st quarter. Infrastructure Capital Advisors LLC now owns 156,476 shares of the oil and gas producer's stock worth $7,786,000 after buying an additional 3,596 shares during the last quarter. Gateway Wealth Partners LLC purchased a new position in shares of Delek Logistics Partners in the 1st quarter worth $222,000. Finally, State of Wyoming purchased a new position in shares of Delek Logistics Partners in the 1st quarter worth $67,000. Institutional investors and hedge funds own 11.75% of the company's stock.

Analyst Upgrades and Downgrades

DKL has been the subject of a number of research reports. Weiss Ratings downgraded Delek Logistics Partners from a "buy (b-)" rating to a "hold (c+)" rating in a research report on Friday. Raymond James Financial restated an "outperform" rating and issued a $60.00 price objective on shares of Delek Logistics Partners in a report on Thursday, April 30th. UBS Group assumed coverage on Delek Logistics Partners in a research note on Thursday, July 16th. They issued a "neutral" rating and a $56.00 price objective on the stock. Finally, Zacks Research upgraded Delek Logistics Partners from a "hold" rating to a "strong-buy" rating in a report on Friday, August 7th. One equities research analyst has rated the stock with a Strong Buy rating, one has given a Buy rating and five have given a Hold rating to the company's stock. According to MarketBeat.com, Delek Logistics Partners presently has a consensus rating of "Hold" and a consensus target price of $55.40.

Delek Logistics Partners Stock Performance

Shares of DKL stock opened at $54.12 on Monday. The company has a current ratio of 0.96, a quick ratio of 0.91 and a debt-to-equity ratio of 386.77. The company has a market cap of $2.88 billion, a PE ratio of 18.86 and a beta of 0.46. The company's fifty day simple moving average is $54.39 and its 200-day simple moving average is $52.79. Delek Logistics Partners, L.P. has a 52 week low of $42.35 and a 52 week high of $61.50.

Delek Logistics Partners (NYSE:DKL - Get Free Report) last announced its quarterly earnings results on Wednesday, August 5th. The oil and gas producer reported $0.54 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.93 by ($0.39). Delek Logistics Partners had a net margin of 12.85% and a negative return on equity of 935.80%. The company had revenue of $384.76 million during the quarter, compared to analyst estimates of $293.64 million. As a group, equities research analysts anticipate that Delek Logistics Partners, L.P. will post 3.94 EPS for the current year.

Delek Logistics Partners Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were paid a $1.135 dividend. This represents a $4.54 dividend on an annualized basis and a dividend yield of 8.4%. This is an increase from Delek Logistics Partners's previous quarterly dividend of $1.13. The ex-dividend date was Monday, August 3rd. Delek Logistics Partners's payout ratio is 158.19%.

Insiders Place Their Bets

In related news, Chairman Ezra Uzi Yemin purchased 6,000 shares of the firm's stock in a transaction on Thursday, August 13th. The stock was purchased at an average price of $50.00 per share, for a total transaction of $300,000.00. Following the acquisition, the chairman directly owned 168,217 shares in the company, valued at $8,410,850. The trade was a 3.70% increase in their ownership of the stock. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Robert G. Wright acquired 1,500 shares of the stock in a transaction on Thursday, August 13th. The stock was purchased at an average cost of $50.00 per share, with a total value of $75,000.00. Following the transaction, the executive vice president directly owned 7,994 shares of the company's stock, valued at $399,700. This represents a 23.10% increase in their ownership of the stock. The SEC filing for this purchase provides additional information. In the last quarter, insiders have acquired 15,000 shares of company stock valued at $750,000. Company insiders own 1.00% 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.

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