BRENTWOOD, Tenn.—Sakazi Odely, Senior Vice President at Delek Logistics Partners, LP (NYSE:DKL), recently purchased 128 common units of the company, according to a recent filing with the Securities and Exchange Commission. The transaction, which took place on October 10, amounted to a total value of $4,992, with each unit priced at $39. This purchase was part of a direct participation in an underwritten offering of common units by the issuer. Following this transaction, Odely now owns a total of 5,066 shares directly.
In other recent news, Delek Logistics Partners reported record second-quarter earnings with an adjusted EBITDA of $102.4 million. The firm's Q3 2024 projections anticipate an EBITDA of $102 million, expecting results to remain roughly the same as the previous quarter. However, Q4 is expected to show a significant improvement, fully accounting for its acquisition of H2O Midstream for the first time.
Citi reaffirmed its Buy rating on Delek Logistics Partners, with the recent acquisitions predicted to provide positive momentum. The firm also upgraded its rating on Delek Logistics from Neutral to Buy, citing an improved outlook and high yield potential. The Board of Directors approved an increase in the quarterly distribution to $1.09 per unit, reflecting Delek Logistics' strong performance.
These are recent developments in Delek Logistics Partners. The company has announced several strategic transactions, including an extended contract with DK, an investment in a new gas processing plant, and the acquisition of H2O Midstream. These moves aim to strengthen Delek Logistics' market position in the Permian Basin.
InvestingPro Insights
Sakazi Odely's recent purchase of Delek Logistics Partners, LP (NYSE:DKL) units aligns with several positive indicators highlighted by InvestingPro. The company's stock is currently trading near its 52-week low, which could suggest a potential value opportunity for investors like Odely. This timing is particularly interesting given that DKL has a high shareholder yield and pays a significant dividend to shareholders, with a current dividend yield of 11.08%.
InvestingPro Tips reveal that DKL has raised its dividend for 11 consecutive years, demonstrating a strong commitment to returning value to shareholders. This consistent dividend growth, coupled with the company's profitability over the last twelve months, may have factored into Odely's decision to increase his stake.
The company's P/E ratio of 13.39 suggests that the stock may be reasonably valued compared to its earnings. Additionally, with revenue of $1.05 billion in the last twelve months and an EBITDA growth of 9.37%, DKL appears to maintain a solid financial position despite recent market volatility.
For investors seeking more comprehensive analysis, InvestingPro offers 11 additional tips for DKL, providing a deeper understanding of the company's financial health and market position.
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