This $17 Million Delek Exit Came Amid a Staggering One-Year Stock Surge
Key Points
Denver-based Towle & Co. sold 536,133 shares of Delek US Holdings in the fourth quarter.
The quarter-end position value fell by $17.30 million as a result.
The move marked a full exit from the stock, with the position previously accounting for 4.4% of fund AUM.
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On February 12, Denver-based Towle & Co. reported in a Securities and Exchange Commission (SEC) filing that it fully exited its position in Delek US Holdings (NYSE:DK), selling 536,133 shares worth $17.30 million.
What happened
According to a filing with the Securities and Exchange Commission dated February 12, Towle & Co. reported selling all 536,133 shares of Delek US Holdings during the fourth quarter. The net position change was a decrease of $17.30 million.
What else to know
Top holdings after the filing:
- NYSE:HOUS: $16.08 million (4.3% of AUM)
- NYSE:AMR: $12.11 million (3.2% of AUM)
- NYSE:UNFI: $11.44 million (3.0% of AUM)
- NYSE:GOLD: $11.08 million (2.9% of AUM)
- NYSE:MGA: $10.79 million (2.9% of AUM)
As of February 11, Delek US Holdings shares were priced at $34.52, up a staggering 86.0% over the past year and well outperforming the S&P 500’s roughly 14% gain in the same period.
Company overview
| Metric | Value |
|---|---|
| Price (as of market close 2026-02-11) | $34.52 |
| Market Capitalization | $2.07 billion |
| Revenue (TTM) | $10.67 billion |
| Net Income (TTM) | ($514.90 million) |
Company snapshot
- Delek US Holdings produces and markets refined petroleum products, including gasoline, diesel, aviation fuel, asphalt, and operates convenience stores under the DK, Alon, and 7-Eleven brands.
- The company generates revenue through integrated refining operations, logistics, and transportation of crude and refined products, and retail fuel and merchandise sales.
- It serves oil companies, independent refiners and marketers, distributors, transportation companies, the U.S. government, and retail fuel customers in the United States.
Delek US Holdings, Inc. is a diversified downstream energy company with operations spanning refining, logistics, and retail segments. The company manages four refineries and an extensive logistics network, supported by a portfolio of convenience stores in key U.S. markets. Delek's integrated business model enables it to capture value across the petroleum supply chain, providing flexibility and resilience in a competitive sector.
What this transaction means for investors
Delek has been one of this fund’s strong performers, up 86% over the past year and far ahead of the broader market. Yet the entire $17.30 million stake was wiped out in the fourth quarter. That matters because this manager tends to run focused positions, as evidenced by its top holdings. Its largest positions sit around $16.1 million in HOUS, $12.1 million in AMR, and $11.4 million in UNFI. In that context, Delek represented very meaningful exposure.
Delek’s third-quarter results showed the refining segment benefiting from improved crack spreads and operational efficiency, while logistics and retail operations added diversification. The firm posted net income of $178 million in the third quarter, up from a loss of $77 million one year prior, thanks in large part to a $280.8 million benefit related to the reduction in cost of materials as well as an EPA grant. It’s important to note that integrated refiners can generate powerful cash flow in favorable commodity environments. But they are cyclical by design.
Ultimately, an 86% run in a downstream name often reflects peak margin optimism, and selling into that strength suggests discipline rather than panic.
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Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool recommends Delek Us, Magna International, and United Natural Foods. The Motley Fool has a disclosure policy.
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