Shares of Delek US Holdings, Inc. DK have rallied 19.6% since third-quarter 2020 earnings announcement on Nov 4. Besides the company’s stellar quarterly results, investors’ optimism is raised by the company’s impressive cost-cutting guidance for 2020. In particular, Delek is on course to exceed its previously announced target to curb its overall cost structure this year by approximately $100 million from the year-ago level.Delek’squarterly results reported an adjusted loss of $1.01 a share, narrower than the Zacks Consensus Estimate of a loss of $1.35. This better-than-expected report was driven by a strong contribution from the logistics segment and a tight leash on operating expenses. Meanwhile, this independent refiner, transporter and marketer of petroleum products delivered earnings of 78 cents in the year-ago quarter. The year-over-year underperformance was due to weak contribution from the refining segment.Quarterly revenues of $2.06 billion compared unfavorably with the year-ago sales of $2.33 billion. However, the top line surpassed the Zacks Consensus Estimate of $1.04 billion.Segmental PerformanceRefining: The company reported a negative margin of $17.8 million for this segment against the positive $150.1 million in the year-ago quarter.Results were hurt by a lower crude differential environment and crack spreads resulting from coronavirus-induced reduced demand.Logistics: This unit represents the company’s majority interest in Delek Logistics Partners, L.P. DKL, a publicly-traded master limited partnership that owns, operates, develops and acquires pipelines and other midstream assets. Margin from the Logistics unit was $67.2 million, up 44.2% from $46.6 million in the year-ago period, led by divesting the Big Spring Gathering business and Trucking Assets plus an elevated crude gathering and operating expense reductions.Retail: Margin for the unit, formed from the acquisition of Alon USA Energy in 2017, declined 1.6% to $18.3 million from the year-earlier quarter’s level due to lower Retail fuel margin. Delek’s merchandise sales of $86.8 million with a margin of 31.6%, on average, compared favorably with sales of $81.5 million carrying a margin of 30.5%, on average, in the prior year. Its retail fuel gallons sale totaled $45.1 million in the September quarter of 2020, the average margin being 31 cents per gallon. This compared unfavorably with $54.9 million sale, the average margin being 32 cents in third-quarter 2019.Delek US Holdings, Inc. Price, Consensus and EPS Surprise Delek US Holdings, Inc. price-consensus-eps-surprise-chart | Delek US Holdings, Inc. QuoteFinancialsTotal operating expenses incurred in the quarter decreased 4.8% from the prior-year period to $2,138.1 million.In the reported quarter, Delek spent $4.7 million on capital programs (12.8% on the Refining segment). As of Sep 30, 2020, the company had cash and cash equivalents worth $807.9 million and a long-term debt of $2,440.6 million with the total debt to total capital of 63.2%, reflecting an increase from the debt of $2,421.5 million in the second quarter.Management decided to suspend quarterly dividend payments for the time being in an attempt to preserve a flexible balance sheet.GuidanceDelek anticipates its 2020 capital expenses to be around $249 million.The company is on course to surpass its earlier projected goal of curtailing its current-year overall cost structure by nearly $100 million from the year-ago level. This can be achieved through the tactical optimization including Krotz Springs and the implementation of a freeze on hiring to curtail overhead expenses.For the fourth quarter, the company projects its crude oil throughput in the 225,000-235,000 barrels per day range.Delek’s 2021 capital spending including turnarounds is predicted in the $150-$160 million band.Zacks Rank & Key PicksDelek currently has a Zacks Rank #4 (Sell).Some better-ranked stocks in the energy space are Oasis Petroleum Inc. OASPQ and Matador Resources Company MTDR, each carrying a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.Just Released: Zacks’ 7 Best Stocks for TodayExperts extracted 7 stocks from the list of 220 Zacks Rank #1 Strong Buys that has beaten the market more than 2X over with a stunning average gain of +24.3% per year.These 7 were selected because of their superior potential for immediate breakout.See these time-sensitive tickers now >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Delek US Holdings, Inc. (DK): Free Stock Analysis Report Matador Resources Company (MTDR): Free Stock Analysis Report Delek Logistics Partners, L.P. (DKL): Free Stock Analysis Report Oasis Petroleum Inc. (OASPQ): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research