Zacks Investment Research upgraded shares of Blueknight Energy Partners L.P., L.L.C. (NASDAQ:BKEP) from a sell rating to a hold rating in a research note released on Thursday.
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 firms have also recently commented on BKEP. SunTrust Banks, Inc. set a $8.00 price target on shares of Blueknight Energy Partners L.P., L.L.C. and gave the company a buy rating in a research note on Tuesday, October 31st. ValuEngine lowered shares of Blueknight Energy Partners L.P., L.L.C. from a hold rating to a sell rating in a report on Tuesday, August 1st.
Blueknight Energy Partners L.P., L.L.C. (BKEP) traded down $0.10 on Thursday, hitting $5.45. 108,500 shares of the stock traded hands, compared to its average volume of 32,154. Blueknight Energy Partners L.P., L.L.C. has a twelve month low of $5.30 and a twelve month high of $7.55. The company has a current ratio of 0.87, a quick ratio of 0.87 and a debt-to-equity ratio of -1.22.
Blueknight Energy Partners L.P., L.L.C. (NASDAQ:BKEP) last released its quarterly earnings results on Tuesday, October 31st. The pipeline company reported $0.08 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.16 by ($0.08). Blueknight Energy Partners L.P., L.L.C. had a net margin of 11.78% and a negative return on equity of 10.32%. The company had revenue of $47.47 million for the quarter, compared to the consensus estimate of $52.01 million. equities analysts anticipate that Blueknight Energy Partners L.P., L.L.C. will post 0.05 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 14th. Investors of record on Friday, November 3rd will be issued a $0.145 dividend. The ex-dividend date of this dividend is Thursday, November 2nd. This represents a $0.58 annualized dividend and a yield of 10.64%. Blueknight Energy Partners L.P., L.L.C.’s dividend payout ratio is currently -322.20%.
In other Blueknight Energy Partners L.P., L.L.C. news, Director William Walter Lampton acquired 8,903 shares of the business’s stock in a transaction that occurred on Monday, August 28th. The shares were acquired at an average cost of $5.78 per share, for a total transaction of $51,459.34. Following the completion of the acquisition, the director now directly owns 98,775 shares of the company’s stock, valued at approximately $570,919.50. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Alex G. Stallings sold 8,000 shares of the stock in a transaction that occurred 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 completion of the transaction, the chief financial officer now owns 157,224 shares in the company, valued at $880,454.40. The disclosure for this sale can be found here. Insiders purchased 18,000 shares of company stock worth $102,462 over the last 90 days. 1.70% of the stock is currently owned by company insiders.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Neuberger Berman Group LLC raised its holdings in Blueknight Energy Partners L.P., L.L.C. by 0.9% in the second quarter. Neuberger Berman Group LLC now owns 6,332,153 shares of the pipeline company’s stock worth $39,576,000 after purchasing an additional 59,381 shares during the period. Bank of America Corp DE grew its position in Blueknight Energy Partners L.P., L.L.C. by 18.8% in the first quarter. Bank of America Corp DE now owns 1,372,606 shares of the pipeline company’s stock valued at $9,265,000 after purchasing an additional 217,615 shares in the last quarter. Prescott Group Capital Management L.L.C. grew its position in shares of Blueknight Energy Partners L.P., L.L.C. by 151.1% in the 2nd quarter. Prescott Group Capital Management L.L.C. now owns 452,002 shares of the pipeline company’s stock valued at $2,825,000 after acquiring an additional 272,000 shares during the period. Finally, Renaissance Technologies LLC grew its position in shares of Blueknight Energy Partners L.P., L.L.C. by 22.9% in the 1st quarter. Renaissance Technologies LLC now owns 132,094 shares of the pipeline company’s stock valued at $892,000 after acquiring an additional 24,655 shares during the period. Institutional investors own 57.51% of the company’s stock.
About Blueknight Energy Partners L.P., L.L.C.
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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