Delek Logistics Partners (NYSE:DKL) Shares Gap Down – Should You Sell?

Delek Logistics Partners, L.P. (NYSE:DKL)’s share price gapped down prior to trading on Monday . The stock had previously closed at $50.28, but opened at $47.72. Delek Logistics Partners shares last traded at $49.71, with a volume of 15,137 shares trading hands.

Wall Street Analysts Forecast Growth

DKL has been the topic of a number of research analyst reports. Zacks Research cut shares of Delek Logistics Partners from a “hold” rating to a “strong sell” rating in a research note on Friday, January 23rd. Raymond James Financial reissued an “outperform” rating and issued a $55.00 price target on shares of Delek Logistics Partners in a research note on Thursday, March 5th. Truist Financial initiated coverage on shares of Delek Logistics Partners in a research note on Tuesday, March 24th. They issued a “hold” rating and a $57.00 price target on the stock. Weiss Ratings raised shares of Delek Logistics Partners from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Wednesday, February 4th. Finally, Citigroup reissued a “neutral” rating and issued a $52.00 price target (up from $47.00) on shares of Delek Logistics Partners in a research note on Friday, March 6th. Two equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $52.25.

Delek Logistics Partners Stock Performance

The company has a debt-to-equity ratio of 386.77, a quick ratio of 1.07 and a current ratio of 1.12. The firm’s 50 day simple moving average is $52.61 and its 200-day simple moving average is $48.03. The company has a market cap of $2.66 billion, a price-to-earnings ratio of 15.13, a PEG ratio of 0.55 and a beta of 0.54.

Delek Logistics Partners (NYSE:DKL) last announced its earnings results on Friday, February 27th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.26 by ($0.38). Delek Logistics Partners had a return on equity of 461.30% and a net margin of 17.41%.The business had revenue of $255.77 million for the quarter, compared to analyst estimates of $283.64 million. On average, sell-side analysts predict that Delek Logistics Partners, L.P. will post 3.01 EPS for the current year.

Delek Logistics Partners Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, February 12th. Stockholders of record on Thursday, February 5th were issued a dividend of $1.125 per share. The ex-dividend date was Thursday, February 5th. This represents a $4.50 annualized dividend and a dividend yield of 9.0%. This is a boost from Delek Logistics Partners’s previous quarterly dividend of $1.12. Delek Logistics Partners’s payout ratio is presently 136.78%.

Hedge Funds Weigh In On Delek Logistics Partners

Several institutional investors have recently bought and sold shares of DKL. Jones Financial Companies Lllp grew its position in shares of 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 in the last quarter. Jump Financial LLC acquired a new position in Delek Logistics Partners in the second quarter valued at approximately $207,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. boosted its holdings in 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 purchasing an additional 298,867 shares in the last quarter. Raymond James Financial Inc. boosted its holdings in Delek Logistics Partners by 30.8% in the second quarter. Raymond James Financial Inc. now owns 205,036 shares of the oil and gas producer’s stock valued at $8,806,000 after purchasing an additional 48,284 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in Delek Logistics Partners by 1,186.5% in the second quarter. Bank of America Corp DE now owns 4,194 shares of the oil and gas producer’s stock valued at $180,000 after purchasing an additional 3,868 shares in the last quarter. 11.75% of the stock is owned by institutional investors and hedge funds.

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.