Blueknight Energy Partners (BKEP) Upgraded to Buy at Zacks Investment Research

Blueknight Energy Partners (NASDAQ:BKEP) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued on Wednesday. The firm presently has a $5.75 target price on the pipeline company’s stock. Zacks Investment Research‘s price target indicates a potential upside of 12.75% from the stock’s current price.

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. “

Separately, SunTrust Banks set a $8.00 price target on shares of Blueknight Energy Partners and gave the stock a “buy” rating in a research note on Tuesday, October 31st.

Shares of Blueknight Energy Partners (NASDAQ:BKEP) traded up $0.05 during trading hours on Wednesday, reaching $5.10. 101,194 shares of the company traded hands, compared to its average volume of 58,803. The company has a debt-to-equity ratio of -1.22, a current ratio of 0.87 and a quick ratio of 0.87. Blueknight Energy Partners has a 12 month low of $4.86 and a 12 month high of $7.55.

Blueknight Energy Partners (NASDAQ:BKEP) last released its quarterly earnings results on Tuesday, October 31st. The pipeline company reported $0.08 EPS for the quarter, missing the Zacks’ 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 company had revenue of $47.47 million during the quarter, compared to analysts’ expectations of $52.01 million. equities research analysts anticipate that Blueknight Energy Partners will post 0.05 earnings per share for the current year.

In other 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 value of $861,272.72. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. 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 completion of the sale, the chief financial officer now directly owns 157,224 shares of the company’s stock, valued at approximately $880,454.40. The disclosure for this sale can be found here. In the last three months, insiders sold 209,809 shares of company stock valued at $1,073,853. Corporate insiders own 1.70% of the company’s stock.

An institutional investor recently raised its position in Blueknight Energy Partners stock. Neuberger Berman Group LLC grew its stake in Blueknight Energy Partners L.P. (NASDAQ:BKEP) by 0.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,332,153 shares of the pipeline company’s stock after purchasing an additional 59,381 shares during the quarter. Neuberger Berman Group LLC owned about 16.60% of Blueknight Energy Partners worth $39,576,000 at the end of the most recent quarter. Institutional investors and hedge funds own 56.45% 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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