Blueknight Energy Partners (BKEP) Downgraded by Zacks Investment Research to Hold

Zacks Investment Research cut shares of Blueknight Energy Partners (NASDAQ:BKEP) from a buy rating to a hold rating in a research note released on Tuesday morning.

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. “

Other analysts have also issued reports about the company. SunTrust Banks set a $8.00 price target on Blueknight Energy Partners and gave the company a buy rating in a report on Tuesday, October 31st. Royal Bank of Canada restated a hold rating and issued a $6.00 price target on shares of Blueknight Energy Partners in a report on Friday, December 8th.

Shares of Blueknight Energy Partners (NASDAQ:BKEP) traded up $0.12 during trading on Tuesday, hitting $5.22. The stock had a trading volume of 68,277 shares, compared to its average volume of 114,656. The company has a market capitalization of $199.81, a price-to-earnings ratio of -29.00 and a beta of 0.85. Blueknight Energy Partners has a 12 month low of $4.65 and a 12 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 (NASDAQ:BKEP) last issued its quarterly earnings results on Tuesday, October 31st. The pipeline company reported $0.08 EPS for the quarter, missing analysts’ consensus estimates of $0.16 by ($0.08). The firm had revenue of $47.47 million during the quarter, compared to the consensus estimate of $52.01 million. Blueknight Energy Partners had a net margin of 11.78% and a negative return on equity of 10.32%. analysts expect that Blueknight Energy Partners will post 0.05 earnings per share for the current fiscal year.

In related news, CFO Alex G. Stallings sold 8,000 shares of the company’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 sale, the chief financial officer now owns 157,224 shares in the company, valued at $880,454.40. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, major shareholder Msd Partners, L.P. sold 95,259 shares of the company’s stock in a transaction dated Wednesday, December 13th. The stock was sold at an average price of $5.10, for a total value of $485,820.90. The disclosure for this sale can be found here. Insiders have sold 480,945 shares of company stock worth $2,458,043 in the last quarter. 1.70% of the stock is currently owned by corporate insiders.

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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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