Blueknight Energy Partners (NASDAQ:BKEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Monday. The brokerage currently has a $2.50 price target on the pipeline company’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 19.62% from the stock’s previous close.
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. “
Several other research analysts also recently commented on the company. SunTrust Banks set a $3.00 price objective on Blueknight Energy Partners and gave the stock a “buy” rating in a report on Sunday, August 5th. Stephens set a $4.00 target price on Blueknight Energy Partners and gave the company a “buy” rating in a research report on Tuesday, August 7th. Three analysts have rated the stock with a hold rating and three have issued a buy rating to the company’s stock. The stock presently has an average rating of “Buy” and a consensus target price of $3.70.
BKEP traded down $0.04 during trading on Monday, hitting $2.09. 187,100 shares of the stock were exchanged, compared to its average volume of 187,746. The company has a market capitalization of $74.82 million, a P/E ratio of -23.22 and a beta of 0.40. Blueknight Energy Partners has a 1 year low of $1.95 and a 1 year high of $5.75.
Blueknight Energy Partners (NASDAQ:BKEP) last released its quarterly earnings data on Wednesday, October 31st. The pipeline company reported ($0.09) EPS for the quarter, missing the consensus estimate of $0.02 by ($0.11). The firm had revenue of $133.16 million for the quarter, compared to analysts’ expectations of $52.92 million. Blueknight Energy Partners had a negative return on equity of 1.90% and a net margin of 0.83%. Equities analysts anticipate that Blueknight Energy Partners will post 0.35 EPS for the current year.
In related news, CEO Mark A. Hurley bought 20,394 shares of the company’s stock in a transaction on Friday, September 14th. The shares were acquired at an average price of $2.45 per share, with a total value of $49,965.30. Following the transaction, the chief executive officer now owns 453,066 shares of the company’s stock, valued at $1,110,011.70. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 1.70% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. OppenheimerFunds Inc. boosted its position in shares of Blueknight Energy Partners by 4.9% in the 2nd quarter. OppenheimerFunds Inc. now owns 2,171,111 shares of the pipeline company’s stock worth $7,382,000 after purchasing an additional 102,257 shares in the last quarter. Prescott Group Capital Management L.L.C. boosted its position in shares of Blueknight Energy Partners by 33.5% in the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 1,028,150 shares of the pipeline company’s stock worth $3,496,000 after purchasing an additional 257,963 shares in the last quarter. Finally, Zazove Associates LLC acquired a new stake in shares of Blueknight Energy Partners in the 2nd quarter worth $1,145,000. 46.80% of the stock is owned by hedge funds and other institutional investors.
Blueknight Energy Partners Company Profile
Blueknight Energy Partners, L.P. provides integrated terminalling, gathering, and transportation services for companies engaged in the production, distribution, and marketing of liquid asphalt and crude oil products in the United States. The company's Asphalt Terminalling Services segment offers asphalt terminalling services, including storage, blending, processing, and throughput services for asphalt product and residual fuel oil.
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