Blueknight Energy Partners (NASDAQ:BKEP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued on Tuesday, January 9th.
According to Zacks, “Blueknight Energy Partners, L.P., based in Tulsa, Oklahoma, owns and operates a diversified portfolio of complementary midstream energy assets. It provides midstream services to its customers by focusing in three operational areas: crude oil terminalling and storage, crude oil gathering and transportation services and asphalt terminalling, storage and processing services. The Company’s strategically located storage facilities, terminals and pipelines provide customers the flexibility to access multiple receipt and delivery points. Its vision is to use its strategically located assets to be a leading provider of midstream services in the energy industry. It intends to accomplish its objective by: pursuing both strategic and accretive acquisitions within the midstream energy industry, pursuing organic expansion opportunities by constructing additional assets in strategic locations, and expanding storage capacity, particularly at its Cushing terminal, and increasing the profitability of its existing assets. “
A number of other equities research analysts also recently weighed in on the company. Royal Bank of Canada reaffirmed a “hold” rating and set a $6.00 price objective on shares of Blueknight Energy Partners in a report on Friday, December 8th. SunTrust Banks set a $8.00 target price on Blueknight Energy Partners and gave the stock a “buy” rating in a report on Tuesday, October 31st.
Blueknight Energy Partners (NASDAQ:BKEP) last issued its quarterly earnings results on Tuesday, October 31st. The pipeline company reported $0.08 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.16 by ($0.08). Blueknight Energy Partners had a net margin of 11.78% and a negative return on equity of 10.32%. The firm had revenue of $47.47 million for the quarter, compared to the consensus estimate of $52.01 million. analysts predict that Blueknight Energy Partners will post 0.05 earnings per share for the current year.
In other Blueknight Energy Partners news, major shareholder Msd Partners, L.P. sold 170,212 shares of the company’s stock in a transaction on Tuesday, December 5th. The shares were sold at an average price of $5.06, for a total transaction of $861,272.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Alex G. Stallings sold 8,000 shares of the company’s stock in a transaction on Tuesday, November 7th. The shares were sold at an average price of $5.60, for a total transaction of $44,800.00. Following the sale, the chief financial officer now owns 157,224 shares of the company’s stock, valued at approximately $880,454.40. The disclosure for this sale can be found here. Insiders sold a total of 480,945 shares of company stock valued at $2,458,043 in the last 90 days. 1.70% of the stock is currently owned by corporate insiders.
A hedge fund recently raised its stake in Blueknight Energy Partners stock. Spirit of America Management Corp NY lifted its position in Blueknight Energy Partners L.P. (NASDAQ:BKEP) by 13.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 252,655 shares of the pipeline company’s stock after buying an additional 29,700 shares during the period. Spirit of America Management Corp NY owned about 0.66% of Blueknight Energy Partners worth $1,289,000 as of its most recent SEC filing. Institutional investors and hedge funds own 56.45% of the company’s stock.
WARNING: This piece was first published by BBNS and is the property of of BBNS. If you are accessing this piece on another site, it was copied illegally and republished in violation of US and international trademark & copyright laws. The correct version of this piece can be accessed at https://baseballnewssource.com/markets/blueknight-energy-partners-bkep-lowered-to-hold-at-zacks-investment-research/1823894.html.
Blueknight Energy Partners Company Profile
Blueknight Energy Partners, L.P. is a master limited partnership company. The Company manages its operations through four segments: asphalt terminaling services, crude oil terminaling and storage services, crude oil pipeline services, and crude oil trucking and producer field services. Asphalt terminaling services segment operations generally consist of fee based activities associated with providing storage, terminaling and throughput services for asphalt product and residual fuel oil.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Blueknight Energy Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Blueknight Energy Partners and related companies with MarketBeat.com's FREE daily email newsletter.