3. Delek US Holdings Inc. (NYSE:DK)
Latest 10-Day Percentage Gains: 24%
Delek US Holdings, Inc. (NYSE: DK) ranks third among the energy stocks gaining the most this week after its shares surged 24.33% between February 23 and March 2. The diversified downstream energy company, which specializes in petroleum refining, logistics, asphalt, and renewable fuels, has benefited significantly from improving refining margins across the United States.
The company reported its Q4 2025 financial results on February 25, and the results marked a dramatic turnaround compared to the same period the previous year. Adjusted earnings per share reached $2.31, easily surpassing analyst expectations by $2.50 and highlighting the strength of Delek’s refining operations during a period of rising energy prices.
Delek also posted adjusted net income of $143 million for the quarter, a striking improvement from the nearly $161 million loss reported in Q4 2024. The reversal underscores how sensitive refining companies can be to shifts in market conditions.
The primary driver behind the surge was the company’s refining segment. Adjusted EBITDA for the division reached $314.1 million, compared to a loss of $68.7 million in the same quarter a year earlier. Refining margins expanded significantly due to stronger crack spreads, which represent the difference between crude oil costs and the prices of refined products such as gasoline and diesel.
Crack spreads improved dramatically in 2025, rising approximately 66% compared with prior-year levels. The company also benefited from the continued impact of small refinery exemptions granted earlier in the year, which helped reduce regulatory costs associated with renewable fuel blending requirements.
Investors have responded enthusiastically to the company’s improving fundamentals. Since the beginning of 2026, Delek’s share price has already climbed nearly 39% as market participants increasingly recognize the company’s operational momentum and strong exposure to refining margins.
For those tracking energy stocks in the downstream segment, Delek US Holdings represents a powerful example of how refining companies can deliver strong earnings growth when market conditions align in their favor.
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