JPMorgan Chase & Co. Buys 99,500 Shares of Delek Logistics Partners, L.P. $DKL

JPMorgan Chase & Co. grew its position in shares of Delek Logistics Partners, L.P. (NYSE:DKL) by 30.4% in the third quarter, HoldingsChannel reports. The firm owned 426,966 shares of the oil and gas producer’s stock after buying an additional 99,500 shares during the quarter. JPMorgan Chase & Co.’s holdings in Delek Logistics Partners were worth $19,444,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of DKL. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in Delek Logistics Partners by 4.1% during the third quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 1,584,902 shares of the oil and gas producer’s stock worth $72,176,000 after acquiring an additional 61,840 shares during the last quarter. Bank of America Corp DE grew its holdings in Delek Logistics Partners by 73.7% during the 3rd quarter. Bank of America Corp DE now owns 7,286 shares of the oil and gas producer’s stock valued at $332,000 after purchasing an additional 3,092 shares during the last quarter. Raymond James Financial Inc. grew its stake in shares of Delek Logistics Partners by 11.2% during the third quarter. Raymond James Financial Inc. now owns 228,090 shares of the oil and gas producer’s stock valued at $10,387,000 after buying an additional 23,054 shares during the last quarter. Virtu Financial LLC purchased a new stake in shares of Delek Logistics Partners in the third quarter worth approximately $507,000. Finally, Sharpepoint LLC lifted its stake in shares of Delek Logistics Partners by 1.4% during the 3rd quarter. Sharpepoint LLC now owns 37,868 shares of the oil and gas producer’s stock worth $1,725,000 after acquiring an additional 506 shares during the last quarter. 11.75% of the stock is currently owned by institutional investors.

Delek Logistics Partners Price Performance

Shares of DKL stock opened at $53.69 on Thursday. Delek Logistics Partners, L.P. has a 1-year low of $34.59 and a 1-year high of $55.89. The stock’s 50-day moving average is $52.13 and its 200 day moving average is $47.62. The company has a market cap of $2.87 billion, a P/E ratio of 16.32, a PEG ratio of 0.50 and a beta of 0.51. The company has a debt-to-equity ratio of 386.77, a current ratio of 1.12 and a quick ratio of 1.07.

Delek Logistics Partners (NYSE:DKL) last issued its quarterly earnings results on Friday, February 27th. The oil and gas producer reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates 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. Research analysts predict that Delek Logistics Partners, L.P. will post 3.01 earnings per share for the current fiscal year.

Delek Logistics Partners Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, February 12th. Stockholders of record on Thursday, February 5th were paid a $1.125 dividend. The ex-dividend date was Thursday, February 5th. This is a positive change from Delek Logistics Partners’s previous quarterly dividend of $1.12. This represents a $4.50 annualized dividend and a dividend yield of 8.4%. Delek Logistics Partners’s dividend payout ratio (DPR) is 136.78%.

Wall Street Analyst Weigh In

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

Delek Logistics Partners 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.