In its November 13 SEC filing, Boston-based Callodine Capital Management disclosed the full sale of 717,245 shares of Delek US Holdings, representing a $15.19 million position and 1.57% of the firm’s assets at the prior quarter end. The liquidation occurred during the third quarter, locking in gains following a 60% share price increase over the past year. This move shifts Callodine’s weight away from energy and toward its top holdings in steel packaging, beverage containers and telecommunications services, each comprising between 5.8% and 7.9% of assets under management.

Delek reported a $178 million net profit in its latest quarter compared with a $76.8 million loss a year earlier, though that improvement included a $280.8 million benefit from government exemption provisions. Full-year trailing revenue stands at $10.67 billion while net income remains negative $514.9 million over the same period. The company continues to benefit from its integrated refining, logistics and retail businesses but warns that cash flows remain sensitive to fluctuating regional refining margins and fuel demand patterns.

Delek US’s vertical integration—spanning four refineries with combined capacity of approximately 350,000 barrels per day, 1,100 logistics miles and over 130 retail outlets—provides operational flexibility but results in capital-intensive and cyclical cash flows. Management is prioritizing asset optimization and logistics stability, targeting maintenance spending of $200 million to $250 million next year. Long-term investors should weigh potential upside from structural improvements in sour crude processing against risks of margin compression and elevated cost structures as the company navigates a complex energy landscape.