Delek Logistics Partners, L.P. (DKL) Stock Price & How to Invest

Delek Logistics Partners, LP gathers, processes, stores and moves crude oil, natural gas, produced water and refined products, mostly in the Permian Basin of West Texas and New Mexico plus assets in Tennessee, Arkansas and Texas. It reports in four pieces: gathering and processing, wholesale marketing and terminalling, storage and transportation, and its share of pipeline joint ventures. Delek US Holdings (NYSE: DK) owns the general partner interest and a majority of the limited partner units, and is also one of the partnership's larger customers, so DKL began life as a way to hold a refiner's logistics assets in a separate, income-paying vehicle. The business has been shifting since then. Recent growth has come from third-party producers in the Delaware Basin, where DKL gathers crude, gas and produced water under long-term acreage dedications, rather than from anything Delek US refines.

The investment picture is an income one with a leverage question attached. DKL raised its quarterly distribution to ~$1.135 per unit in the second quarter of 2026, the 54th consecutive increase, which annualizes to ~$4.54 and works out near a ~7.6 percent yield at a ~$60 unit price. Distributable cash flow covered that payout ~1.33 times. Adjusted EBITDA of ~$143.5 million was a quarterly record, up from ~$127.4 million a year earlier, and management reaffirmed full-year 2026 guidance of ~$520 million to ~$560 million. The offset is the balance sheet: total debt sits near ~$2.4 billion and leverage at ~4.23x is well above the stated long-term target of ~3.5x, which is why the partnership funds growth partly with new units, including a ~$175 million common unit offering announced in August 2026. Holders get a K-1, which changes both the tax treatment and where the units sensibly sit in an account structure.

The balance sheet is the first thing that would break the story. Leverage of ~4.23x against a ~3.5x target, ~$2.4 billion of debt and only ~$13.7 million of cash mean growth is funded from the revolver and from issuing units, and the August 2026 offering of ~$175 million of common units dilutes existing holders even as it reduces borrowing. Permian producer activity drives the volumes that now carry results, so a sustained drop in West Texas drilling would hit the segment doing the growing. Net income fell to ~$28.9 million (~$0.54 per unit) from ~$44.6 million despite record EBITDA, a reminder that interest and depreciation on a debt-funded build absorb a lot of the operating gain. Governance is concentrated: Delek US controls the general partner, so unitholders have limited say over related-party transactions, drop-downs or a future restructuring of the partnership itself.

5 analysts publish price targets on DKL, averaging $56.40 against a $60.00 price as of August 2026, or -6.0%. The published targets run from $52.00 to $61.00, a narrow spread, and the ratings split 1 buy, 4 hold, 0 sell. Over the last six months there have been 2 raises and 0 cuts among the published actions. A price target is what an analyst published on a date, not a prediction, and sell-side ratings skew positive across the whole market.

Read the full DKL forecast and price target for the target table, the recent rating actions by firm, and how the consensus has shifted.

We give no verdict on Delek Logistics Partners, L.P.. Both cases are real, which is why the question is contested at all, so here is the strongest version of each.

The case for buying. Delaware Basin volumes carry the growth. Gathering and processing adjusted EBITDA rose to ~$104.1 million in the second quarter of 2026 from ~$78.0 million a year earlier, and it is now the segment that decides the whole result. The most optimistic published target, $61.00, assumes this works close to its best case.

The case against. The balance sheet is the first thing that would break the story. The most pessimistic target, $52.00, is roughly what DKL is worth if this bites instead.

Read the full bull and bear case on DKL, including what would have to change to break either one. Walnut is not an investment adviser.

A simple financial snapshot. These are approximations and refresh quarterly; for current figures see Delek Logistics Partners, L.P.'s investor relations page or your broker.

• Revenue (TTM): ~$1.20B
• Q2 2026 adjusted EBITDA: ~$143.5M, a record, vs ~$127.4M a year earlier
• 2026 adjusted EBITDA guidance: ~$520M to ~$560M, reaffirmed
• Distribution: ~$1.135 per unit quarterly, ~$4.54 annualized, ~7.6% at a ~$60 unit price
• Coverage and leverage: ~1.33x DCF coverage, ~4.23x leverage vs a ~3.5x target
• Market cap and enterprise value: ~$3.19B market cap, ~$2.4B debt, so roughly ~$5.6B EV, near ~10x the midpoint of guided EBITDA

The headline second quarter was a split result: record adjusted EBITDA of ~$143.5 million alongside net income of ~$28.9 million (~$0.54 per unit), down from ~$44.6 million (~$0.83) a year earlier, which came in under the consensus estimate. The gap between the two lines is interest and depreciation on the capital that produced the EBITDA. Valuing DKL on units and earnings per unit tends to mislead for that reason, which is why coverage ratio, leverage and EV to EBITDA are the metrics the partnership and its analysts actually argue about.

Other names that sit close to DKL: same theme, named as a direct competitor, or held beside it in the same funds. Each entry says which. Worth a look if you are thinking about diversification within a thesis rather than concentration on one ticker.

There are three common ways to get DKL exposure. Buy shares (or fractional shares) directly at any major broker. Hold an ETF that includes it, which spreads the position across many companies. Or build it into a focused thematic portfolio, so DKL sits alongside other stocks that express the same thesis.

Walnut takes the portfolio route. Describe a thesis where DKL fits (for example “AI infrastructure” or “dividend-growth large-caps”) and the AI proposes 5 to 6 constituents with target weights. You review the plan and fund it through your own broker when you're ready.

New to this? Start with how to invest in stocks, see how to analyze a stock with AI, or compare the best AI stock analyzers.

DKL is a Permian-weighted midstream partnership with a 54-quarter distribution streak, a yield near ~7.6 percent, and leverage of ~4.23x against a ~3.5x target, so the case rests on whether growth projects convert to cash fast enough to fund the payout and bring debt down.

Whether DKL is worth buying today depends more on your time horizon and what you already hold than on any single call. We walk through valuation, what would have to go right, and the risks in is DKL a buy or a sell?, and where the stock could go from here in the DKL stock forecast.

For income investors, whether DKL pays a dividend and how the payout looks is covered in does DKL pay a dividend? And to weigh DKL against a peer, read the full side-by-side comparisons: DKL vs MPLX and DKL vs MPC.