Delek Logistics Partners (NYSE:DKL) Price Target Raised to $50.00

Delek Logistics Partners (NYSE:DKL) had its target price boosted by Truist Financial from $46.00 to $50.00 in a research note released on Monday morning,Benzinga reports. The brokerage currently has a buy rating on the oil and gas producer’s stock.

Several other brokerages also recently issued reports on DKL. Bank of America started coverage on shares of Delek Logistics Partners in a report on Thursday, October 17th. They set an “underperform” rating and a $36.00 price target for the company. Citigroup upgraded Delek Logistics Partners from a “neutral” rating to a “buy” rating and increased their price target for the stock from $44.00 to $45.00 in a research report on Wednesday, August 28th. Finally, StockNews.com downgraded Delek Logistics Partners from a “buy” rating to a “hold” rating in a research report on Thursday, November 7th. One research analyst has rated the stock with a sell rating, one has given a hold rating and three have assigned a buy rating to the company. According to MarketBeat.com, Delek Logistics Partners has an average rating of “Hold” and an average target price of $44.00.

Delek Logistics Partners Trading Up 0.4 %

DKL stock opened at $39.63 on Monday. Delek Logistics Partners has a 1-year low of $37.02 and a 1-year high of $53.80. The business’s 50 day moving average is $40.70 and its 200-day moving average is $40.20. The firm has a market cap of $2.04 billion, a P/E ratio of 13.99, a P/E/G ratio of 1.12 and a beta of 2.12.

Delek Logistics Partners (NYSE:DKL) last announced its quarterly earnings results on Wednesday, November 6th. The oil and gas producer reported $0.71 earnings per share for the quarter, missing analysts’ consensus estimates of $0.90 by ($0.19). The company had revenue of $214.07 million during the quarter, compared to the consensus estimate of $270.98 million. Delek Logistics Partners had a net margin of 13.15% and a negative return on equity of 155.77%. During the same quarter last year, the company earned $0.80 earnings per share. Sell-side analysts forecast that Delek Logistics Partners will post 3.08 EPS for the current year.

Delek Logistics Partners Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Thursday, November 14th. Investors of record on Friday, November 8th were given a $1.10 dividend. This represents a $4.40 annualized dividend and a yield of 11.10%. The ex-dividend date was Friday, November 8th. This is a boost from Delek Logistics Partners’s previous quarterly dividend of $0.73. Delek Logistics Partners’s payout ratio is 156.03%.

Insiders Place Their Bets

In other Delek Logistics Partners news, President Avigal Soreq purchased 2,563 shares of the stock in a transaction dated Thursday, October 10th. The stock was bought at an average price of $39.00 per share, for a total transaction of $99,957.00. Following the transaction, the president now directly owns 46,758 shares in the company, valued at $1,823,562. This represents a 5.80 % increase in their ownership of the stock. The purchase was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Joseph Israel acquired 3,076 shares of the business’s stock in a transaction that occurred on Thursday, October 10th. The stock was acquired at an average price of $39.00 per share, for a total transaction of $119,964.00. Following the completion of the acquisition, the executive vice president now directly owns 13,782 shares of the company’s stock, valued at $537,498. This trade represents a 28.73 % increase in their ownership of the stock. The disclosure for this purchase can be found here. In the last quarter, insiders have bought 7,759 shares of company stock valued at $302,402. 1.00% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Delek Logistics Partners

A number of institutional investors have recently made changes to their positions in the stock. Westwood Holdings Group Inc. bought a new position in Delek Logistics Partners during the first quarter worth about $12,656,000. B. Riley Wealth Advisors Inc. boosted its stake in Delek Logistics Partners by 31.5% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 13,412 shares of the oil and gas producer’s stock worth $563,000 after acquiring an additional 3,215 shares during the last quarter. HB Wealth Management LLC acquired a new position in Delek Logistics Partners during the second quarter valued at approximately $203,000. IFG Advisory LLC bought a new stake in Delek Logistics Partners in the second quarter valued at approximately $640,000. Finally, Van ECK Associates Corp raised its holdings in Delek Logistics Partners by 76.0% in the second quarter. Van ECK Associates Corp now owns 3,329 shares of the oil and gas producer’s stock worth $135,000 after purchasing an additional 1,437 shares during the period. 11.75% of the stock is owned by institutional investors and hedge funds.

About Delek Logistics Partners

Delek Logistics Partners, LP provides gathering, pipeline, transportation, and other services for crude oil, intermediates, refined products, natural gas, storage, wholesale marketing, terminalling water disposal and recycling customers in the United States. The Gathering and Processing segment consists of pipelines, tanks, and offloading facilities that provide crude oil and natural gas gathering and processing, water disposal and recycling, and storage services, as well as crude oil transportation services to third parties.