Blueknight Energy Partners (NASDAQ:BKEP) Rating Lowered to Hold at Zacks Investment Research

Blueknight Energy Partners (NASDAQ:BKEP) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report 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. “

BKEP has been the subject of several other reports. Royal Bank of Canada reiterated 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 company a “buy” rating in a report on Tuesday, October 31st.

Shares of Blueknight Energy Partners (NASDAQ BKEP) opened at $5.45 on Tuesday. The company has a debt-to-equity ratio of -1.22, a quick ratio of 0.87 and a current ratio of 0.87. Blueknight Energy Partners has a 1-year low of $4.65 and a 1-year high of $7.55.

Blueknight Energy Partners (NASDAQ:BKEP) last announced its quarterly earnings data on Tuesday, October 31st. The pipeline company reported $0.08 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.08). Blueknight Energy Partners had a negative return on equity of 10.32% and a net margin of 11.78%. The firm had revenue of $47.47 million for the quarter, compared to analysts’ expectations of $52.01 million. analysts anticipate that Blueknight Energy Partners will post 0.05 earnings per share for the current fiscal year.

In other Blueknight Energy Partners news, CFO Alex G. Stallings sold 8,000 shares of the firm’s stock in a transaction dated Tuesday, November 7th. The stock was sold at an average price of $5.60, for a total transaction of $44,800.00. Following the transaction, the chief financial officer now directly owns 157,224 shares in the company, valued at $880,454.40. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, Director Robert Howard Lampton acquired 26,835 shares of the company’s stock in a transaction dated Wednesday, December 6th. The stock was acquired at an average price of $5.04 per share, for a total transaction of $135,248.40. Following the completion of the purchase, the director now directly owns 130,000 shares of the company’s stock, valued at approximately $655,200. The disclosure for this purchase can be found here. Over the last 90 days, insiders have sold 3,554,896 shares of company stock worth $18,350,370. Corporate insiders own 1.70% of the company’s stock.

A hedge fund recently raised its stake in Blueknight Energy Partners stock. Spirit of America Management Corp NY lifted its holdings in Blueknight Energy Partners L.P. (NASDAQ:BKEP) by 13.3% during the fourth quarter, according to its most recent Form 13F filing with the SEC. The firm owned 252,655 shares of the pipeline company’s stock after purchasing an additional 29,700 shares during the period. Spirit of America Management Corp NY owned 0.66% of Blueknight Energy Partners worth $1,289,000 as of its most recent filing with the SEC. Institutional investors and hedge funds own 56.50% of the company’s stock.

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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.

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