Blueknight Energy Partners L.P. (BKEP) Cut to “Strong Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Blueknight Energy Partners L.P. (NASDAQ:BKEP) from a hold rating to a strong sell rating in a research note issued to investors on Thursday 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. “

Separately, TheStreet raised shares of Blueknight Energy Partners L.P. from a sell rating to a hold rating in a report on Monday, December 19th. One analyst has rated the stock with a sell rating, two have issued a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $7.36.

Blueknight Energy Partners L.P. (NASDAQ:BKEP) opened at 6.85 on Thursday. The firm’s market capitalization is $261.36 million. Blueknight Energy Partners L.P. has a one year low of $4.56 and a one year high of $7.55. The firm’s 50-day moving average price is $7.03 and its 200 day moving average price is $6.54.

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Several hedge funds and other institutional investors have recently added to or reduced their stakes in BKEP. Neuberger Berman Group LLC boosted its position in shares of Blueknight Energy Partners L.P. by 1.9% in the third quarter. Neuberger Berman Group LLC now owns 5,680,605 shares of the company’s stock worth $34,595,000 after buying an additional 107,323 shares during the last quarter. Terril Brothers Inc. boosted its position in shares of Blueknight Energy Partners L.P. by 1.8% in the fourth quarter. Terril Brothers Inc. now owns 55,900 shares of the company’s stock worth $383,000 after buying an additional 1,000 shares during the last quarter. Wells Fargo & Company MN boosted its position in shares of Blueknight Energy Partners L.P. by 28.5% in the third quarter. Wells Fargo & Company MN now owns 22,289 shares of the company’s stock worth $135,000 after buying an additional 4,950 shares during the last quarter. Independent Advisor Alliance acquired a new position in shares of Blueknight Energy Partners L.P. during the fourth quarter worth approximately $110,000. Finally, Brown Advisory Inc. boosted its position in shares of Blueknight Energy Partners L.P. by 20.0% in the fourth quarter. Brown Advisory Inc. now owns 30,000 shares of the company’s stock worth $205,000 after buying an additional 5,000 shares during the last quarter. 61.81% of the stock is currently owned by hedge funds and other institutional investors.

About Blueknight Energy Partners L.P.

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