Delek Logistics Partners LP (DKL) Upgraded to Strong-Buy by Zacks Investment Research
Delek Logistics Partners LP (NYSE:DKL) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Tuesday. The firm currently has a $31.00 price target on the stock. Zacks Investment Research’s price target indicates a potential upside of 13.68% from the stock’s previous close.
According to Zacks, “Delek Logistics Partners, LP owns, operates, acquires and constructs crude oil and refined products logistics and marketing assets. The company operates crude oil transportation pipelines, refined product pipelines, crude oil gathering system, and associated crude oil storage tanks. It also provides marketing services for refined products other than jet fuel and petroleum coke; and light products, operates light product terminals in Texas and Tennessee and offers terminalling services to independent third parties. Delek Logistics Partners, LP is headquartered in Brentwood, Tennessee. “
Several other research firms have also recently commented on DKL. Goldman Sachs Group Inc. raised Delek Logistics Partners from a “neutral” rating to a “buy” rating and set a $32.00 target price for the company in a research note on Tuesday, June 21st. Wells Fargo & Co. cut Delek Logistics Partners from an “outperform” rating to a “market perform” rating in a research note on Monday. Barclays PLC decreased their target price on Delek Logistics Partners from $32.00 to $30.00 and set an “equal weight” rating for the company in a research note on Thursday, August 11th. Finally, Simmons reaffirmed a “hold” rating and set a $31.00 target price (down previously from $33.00) on shares of Delek Logistics Partners in a research note on Tuesday, June 21st. Five analysts have rated the stock with a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. Delek Logistics Partners currently has an average rating of “Hold” and an average target price of $31.00.
Shares of Delek Logistics Partners (NYSE:DKL) traded down 1.59% during midday trading on Tuesday, hitting $27.27. The stock had a trading volume of 41,307 shares. Delek Logistics Partners has a 52 week low of $21.84 and a 52 week high of $38.00. The firm has a market cap of $662.72 million, a P/E ratio of 11.07 and a beta of 1.34. The company’s 50 day moving average is $27.75 and its 200 day moving average is $27.96.
Delek Logistics Partners (NYSE:DKL) last issued its quarterly earnings data on Wednesday, August 3rd. The company reported $0.66 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.58 by $0.08. On average, equities analysts predict that Delek Logistics Partners will post $2.37 earnings per share for the current fiscal year.
Large investors have recently made changes to their positions in the stock. HITE Hedge Asset Management LLC boosted its stake in shares of Delek Logistics Partners by 142.9% in the second quarter. HITE Hedge Asset Management LLC now owns 36,683 shares of the company’s stock worth $980,000 after buying an additional 21,579 shares during the period. TPH Asset Management LLC boosted its stake in shares of Delek Logistics Partners by 144.9% in the first quarter. TPH Asset Management LLC now owns 324,230 shares of the company’s stock worth $9,522,000 after buying an additional 191,848 shares during the period. First Trust Advisors LP purchased a new stake in shares of Delek Logistics Partners during the second quarter worth approximately $4,317,000. ING Groep NV purchased a new stake in shares of Delek Logistics Partners during the first quarter worth approximately $1,148,000. Finally, Global X Management Co. LLC boosted its stake in shares of Delek Logistics Partners by 17.9% in the second quarter. Global X Management Co. LLC now owns 220,344 shares of the company’s stock worth $5,885,000 after buying an additional 33,516 shares during the period.
About Delek Logistics Partners
Delek Logistics Partners, LP owns and operates logistics and marketing assets for crude oil, and intermediate and refined products. The Company’s business primarily consists of certain crude oil, intermediate and refined products pipelines and transportation, storage, wholesale marketing, terminaling and offloading assets, which were previously owned, operated or held by Delek US Holdings, Inc (Delek), and assets acquired from unrelated third parties.
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