Insider Buying: Delek Logistics Partners (NYSE:DKL) EVP Acquires $75,000.00 in Stock

Key Points

• Insider buying: Executive Vice President Robert Wright purchased 1,500 Delek Logistics Partners shares for $75,000, increasing his direct stake by 23.1% to 7,994 shares.
• Mixed financial results: The company reported quarterly EPS of $0.54, below the $0.93 consensus estimate, although revenue of $384.76 million exceeded expectations.
• Dividend and outlook: Delek Logistics raised its quarterly dividend to $1.135 per share, implying an 8.5% yield, while analysts maintain a “Moderate Buy” consensus with a $55.40 price target.

Delek Logistics Partners, L.P. (NYSE:DKL - Get Free Report) EVP Robert Wright acquired 1,500 shares of Delek Logistics Partners stock in a transaction on Thursday, August 13th. The stock was purchased at an average price 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 in the company, valued at approximately $399,700. This trade represents a 23.10% increase in their position. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website.

Delek Logistics Partners Stock Performance

DKL stock traded down $0.35 during midday trading on Monday, hitting $53.66. The stock had a trading volume of 187,719 shares, compared to its average volume of 193,061. Delek Logistics Partners, L.P. has a 52 week low of $42.35 and a 52 week high of $61.50. 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 stock has a 50-day simple moving average of $54.30 and a 200 day simple moving average of $52.69. The firm has a market capitalization of $2.85 billion, a price-to-earnings ratio of 18.70 and a beta of 0.46.

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 business had revenue of $384.76 million during the quarter, compared to the consensus estimate of $293.64 million. As a group, equities research analysts anticipate that Delek Logistics Partners, L.P. will post 3.94 earnings per share for the current year.

Delek Logistics Partners Increases 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 dividend of $1.135 per share. This is an increase from Delek Logistics Partners's previous quarterly dividend of $1.13. The ex-dividend date was Monday, August 3rd. This represents a $4.54 annualized dividend and a dividend yield of 8.5%. Delek Logistics Partners's dividend payout ratio (DPR) is presently 158.19%.

Wall Street Analysts Forecast Growth

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

Hedge Funds Weigh In On Delek Logistics Partners

Several institutional investors have recently added to or reduced their stakes in DKL. Jones Financial Companies Lllp grew its stake in Delek Logistics Partners by 303.3% during the first quarter. Jones Financial Companies Lllp now owns 1,210 shares of the oil and gas producer's stock worth $52,000 after buying an additional 910 shares during the last quarter. Jump Financial LLC bought a new position in shares of Delek Logistics Partners in the second quarter valued at approximately $207,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its stake in shares of Delek Logistics Partners by 24.4% in the second quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,523,062 shares of the oil and gas producer's stock valued at $65,416,000 after acquiring an additional 298,867 shares during the last quarter. Raymond James Financial Inc. boosted its holdings in shares of Delek Logistics Partners by 30.8% in the 2nd quarter. Raymond James Financial Inc. now owns 205,036 shares of the oil and gas producer's stock worth $8,806,000 after acquiring an additional 48,284 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of Delek Logistics Partners by 1,186.5% in the 2nd quarter. Bank of America Corp DE now owns 4,194 shares of the oil and gas producer's stock worth $180,000 after acquiring an additional 3,868 shares in the last quarter. 11.75% of the stock is owned by institutional investors.

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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