Look for Mapco to go M&A on us
Posted on November 19, 2009 at 7:27 amEven though he’s trimmed his 2010 estimates and valuation of Delek US Holding, Avondale analyst Dan Mannes says the company’s is ready to build on its track record as a smart M&A player with “a knack for acquiring and turning around undervalued assets.” Mannes has a target of $7 on Delek shares (Ticker: DK), which closed Wednesday after-hours trading at $6.79.
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How Delek already is suffering from climate legislation
Posted on October 27, 2009 at 9:52 am
Consulting firm Wood Mackenzie says climate legislation now being considered spells big potential trouble for oil refiners because of the limited availability of free emission permits. That helps explain why shares of Delek US Holding have trailed the S&P by some 50 points in the past six months. Brentwood-based Delek has since the end of 2005 booked 62 percent of its unit-level profits from refining.
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Mapco unloads two stations in Memphis
Posted on October 6, 2009 at 8:01 amThe Brentwood-based company has sold two of its Memphis-area locations to an investment entity recently registered in Germantown.
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New Delek CFO sells Arizona home
Posted on September 23, 2009 at 10:35 amMark Cox, who earlier this month took over as CFO of Mapco parent Delek US Holdings, has sold his home in Scottsdale, Ariz., for about $800,000.
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Delek’s majority owner adds to stake
Posted on August 25, 2009 at 6:48 amThe shares of Delek US, which are changing hands at half their May 2006 IPO price, are apparently cheap enough for its parent company to buy more. Delek Group Ltd., which already owns more than 70 percent of Brentwood-based Delek US, bought another 65,000-odd shares of the company (Ticker: DK), spending about $525,000.
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You’re spending more at Mapco
Posted on August 7, 2009 at 6:34 amThe renovation campaign by parent Delek US Holdings — more than 20 stations have been overhauled in the Nashville area — is generating some interest.
For the six months ending June 30, 2009, the 50 reimaged stores opened one year reported a same-store fuel gallon sales increase of 5% compared to a -1.4% for the entire store base during the same period. In addition, the 50 reimaged stores opened one year reported positive merchandise sales growth of 5% compared to a -2.8% for the entire store base during the same period.
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First fire, now lightning
Posted on June 30, 2009 at 8:38 pmDelek’s Texas refinery – which only came back online in April after a November explosion – has been struck by lightning.
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Delek sells off some Virginia stations
Posted on May 15, 2009 at 12:46 amThe Brentwood-based parent of Mapco (Ticker: DK) during the first quarter wrapped up deals to sell 12 convenience stores in Virginia for a total of $7.1 million – and at a loss of $1.3 million. (Search for ‘dispositions.’) Trade pub CSP Daily News has more, including details on the buyer.
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Mapco finds sprucing up can pay off
Posted on May 7, 2009 at 10:38 pmDelek US executives tell analysts that the gas stations they’ve overhauled are producing some serious growth in fuel and retail sales compared to legacy locations.
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Delek CFO lands at peer
Posted on April 20, 2009 at 3:00 pmEd Morgan, who resigned as CFO of Mapco parent Delek US Holdings early this month, will take on the same post at Texas-based CVR Energy next month. CVR (Ticker: CVI) last year earned $164 million on sales of $5 billion.
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Refiring the refinery
Posted on April 19, 2009 at 10:42 pmDelek US plans to restart operations at its 60,000-barrel-a-day refinery in Tyler, Texas, as early as Tuesday. The plant was shut down late last year after a deadly explosion and fire that wil result in $140 million in insurance claims.
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Analyst action: Healthways, Delek
Posted on April 7, 2009 at 9:53 amAnalysts at Barclays Capital and Jefferies have lowered their price targets for two local companies. David Kaplan at Barclays reiterated his ‘equal weight’ rating on Delek (Ticker: DK) and lowered his target to $8 from $9. Similarly, Jefferies’ Art Henderson still rates Healthways (Ticker: HWAY) a hold, but now sees it going to $10 instead of $12.
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Delek snags another defense deal
Posted on April 1, 2009 at 7:30 amThe Department of Defense has renewed its contract to buy fuel from the Brentwood-based company (Ticker: DK) and increased its size from $102 million a year ago to more than $160 million. Delek has been supplying the military since 2006.
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Delek set for positive day
Posted on March 6, 2009 at 8:05 amCredit Suisse has raised its target for the oil refiner and marketer to $7. The Brentwood-based company’s shares (Ticker: DK) are up 4 percent in pre-market trading.
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With refinery still down, Delek tweaks debt deal
Posted on February 23, 2009 at 7:51 amThe parent of Mapco has agreed with its lenders to amend an asset-based lending agreement because of the fatal accident that shut down its Texas refinery last November. Among the terms is a clause that lets the company (Ticker: DK) shift assets from one division to another and a Sept. 30 deadline to get the refinery back up and running. The company last month said it was shooting for a May restart.
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