Delek US lower after Delek Group sells 3M shares at $30.33 Delek Group (DGRLY) reported that on Tuesday, March 18, after the close of trading the company sold a portion of its holdings in Delek US (DK) in an off-market transaction to a foreign financial institution. Delek Group sold 3M ordinary shares of Delek US at the price of $30.33 per share for a total consideration of $91M. Following the sale, the company holds approximately 25.4% of Delek US share capital. Shares of Delek US are trading down 4%, or $1.20, to $30.65 in pre-market trading.
Delek US downgraded to Underperform from Neutral at BofA/Merrill BofA/Merrill downgraded Delek US to Underperform to reflect optimistic crude spreads in the Midland basin and upcoming pipeline capacity additions. Price target lowered to $24 from $35.