Royal Bank of Canada Reduces Stock Position in Delek US Holdings, Inc. $DK

Key Points

• Royal Bank of Canada cut its Delek US position by 39.3% in the first quarter, selling 40,370 shares and retaining 62,232 shares valued at approximately $2.8 million. Institutional investors collectively own 97.01% of the company.
• Delek US reported strong quarterly results, with earnings of $5.48 per share exceeding estimates of $2.67 and revenue of $4.09 billion topping expectations of $3.44 billion. Revenue rose 47.9% year over year.
• The company paid a quarterly dividend of $0.255 per share, equivalent to an annualized $1.02 dividend and a 1.6% yield. Analyst views remain mixed, with an overall “Hold” rating and an average price target of $52.38.

Royal Bank of Canada decreased its position in Delek US Holdings, Inc. (NYSE:DK - Free Report) by 39.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 62,232 shares of the oil and gas company's stock after selling 40,370 shares during the quarter. Royal Bank of Canada owned approximately 0.10% of Delek US worth $2,805,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of DK. Empyrean Capital Partners LP bought a new stake in shares of Delek US in the first quarter worth about $9,406,000. Quantinno Capital Management LP raised its position in Delek US by 6.3% during the 1st quarter. Quantinno Capital Management LP now owns 22,688 shares of the oil and gas company's stock valued at $1,023,000 after purchasing an additional 1,339 shares during the last quarter. Healthcare of Ontario Pension Plan Trust Fund raised its position in Delek US by 19.0% during the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 1,136,720 shares of the oil and gas company's stock valued at $51,232,000 after purchasing an additional 181,820 shares during the last quarter. Arrowstreet Capital Limited Partnership raised its position in Delek US by 26.7% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 1,596,093 shares of the oil and gas company's stock valued at $71,936,000 after purchasing an additional 335,892 shares during the last quarter. Finally, Caxton Associates LLP lifted its holdings in Delek US by 240.4% in the 1st quarter. Caxton Associates LLP now owns 38,638 shares of the oil and gas company's stock worth $1,741,000 after buying an additional 27,288 shares during the period. 97.01% of the stock is owned by institutional investors.

Delek US Stock Down 0.2%

Shares of NYSE:DK opened at $65.35 on Monday. The firm has a market capitalization of $4.00 billion, a P/E ratio of 18.36, a P/E/G ratio of 1.42 and a beta of 0.57. The company has a debt-to-equity ratio of 7.53, a quick ratio of 0.47 and a current ratio of 0.76. The stock has a 50 day moving average price of $56.03 and a 200-day moving average price of $46.19. Delek US Holdings, Inc. has a 52-week low of $21.07 and a 52-week high of $68.93.

Delek US (NYSE:DK - Get Free Report) last released its quarterly earnings results on Wednesday, August 5th. The oil and gas company reported $5.48 earnings per share for the quarter, beating the consensus estimate of $2.67 by $2.81. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $3.44 billion. Delek US had a return on equity of 109.03% and a net margin of 1.86%.The firm's revenue was up 47.9% on a year-over-year basis. During the same period in the previous year, the company posted ($0.56) earnings per share. As a group, equities research analysts anticipate that Delek US Holdings, Inc. will post 10.1 EPS for the current fiscal year.

Delek US Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, August 10th. Stockholders of record on Monday, August 3rd were given a $0.255 dividend. The ex-dividend date of this dividend was Monday, August 3rd. This represents a $1.02 dividend on an annualized basis and a dividend yield of 1.6%. Delek US's dividend payout ratio is currently 28.65%.

Insider Transactions at Delek US

In related news, Director William J. Finnerty sold 5,000 shares of the business's stock in a transaction dated Monday, June 29th. The shares were sold at an average price of $51.50, for a total transaction of $257,500.00. Following the sale, the director owned 34,805 shares of the company's stock, valued at $1,792,457.50. The trade was a 12.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this link. The transaction was executed under a pre-arranged Rule 10b5-1 trading plan. Also, Director Vicky Sutil sold 1,871 shares of the business's stock in a transaction dated Wednesday, June 3rd. The stock was sold at an average price of $48.00, for a total transaction of $89,808.00. Following the sale, the director directly owned 29,368 shares in the company, valued at $1,409,664. The trade was a 5.99% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 13,629 shares of company stock worth $652,685 over the last ninety days. Insiders own 3.56% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently issued reports on DK shares. The Goldman Sachs Group boosted their target price on Delek US from $58.00 to $73.00 and gave the company a "buy" rating in a research note on Friday, July 17th. JPMorgan Chase & Co. raised their price target on Delek US from $57.00 to $62.00 and gave the stock a "neutral" rating in a research note on Tuesday, July 14th. Zacks Research upgraded shares of Delek US from a "hold" rating to a "strong-buy" rating in a report on Friday, June 26th. Morgan Stanley boosted their price objective on shares of Delek US from $41.00 to $45.00 and gave the company an "equal weight" rating in a research report on Friday, June 12th. Finally, Raymond James Financial upped their price objective on shares of Delek US from $60.00 to $70.00 and gave the stock an "outperform" rating in a report on Monday, July 13th. One research analyst has rated the stock with a Strong Buy rating, six have given a Buy rating, seven have issued a Hold rating and one has given a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Hold" and an average target price of $52.38.

Delek US Company Profile

Delek US Holdings, Inc NYSE: DK is an independent downstream energy company engaged in the refining, logistics, and marketing of petroleum products. Headquartered in Brentwood, Tennessee, the company operates a network of inland refineries, storage terminals and pipelines, and convenience store locations. Delek US focuses on converting crude oil into a variety of finished products, including gasoline, diesel, jet fuel, asphalt and renewable fuels, serving wholesale and retail customers across the United States.

In its refining segment, Delek US owns and operates four inland refineries located in Texas and Arkansas.

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