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

Zacks Investment Research upgraded shares of Blueknight Energy Partners (NASDAQ:BKEP) from a hold rating to a buy rating in a research report sent to investors on Monday. Zacks Investment Research currently has $2.50 target price on the pipeline company’s stock.

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. “

A number of other analysts have also recently weighed in on the stock. SunTrust Banks set a $3.00 target price on shares of 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 shares of Blueknight Energy Partners and gave the stock a buy rating in a report on Tuesday, August 7th. Three research analysts have rated the stock with a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of Buy and an average price target of $3.70.

NASDAQ:BKEP traded down $0.02 during trading hours on Monday, reaching $2.08. 9,335 shares of the company’s stock were exchanged, compared to its average volume of 195,549. The stock has a market capitalization of $82.81 million, a price-to-earnings ratio of -23.11 and a beta of 0.40. Blueknight Energy Partners has a 12 month low of $1.95 and a 12 month high of $5.70.

Blueknight Energy Partners (NASDAQ:BKEP) last issued its earnings results on Wednesday, October 31st. The pipeline company reported ($0.09) earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.02 by ($0.11). The business had revenue of $133.16 million for the quarter, compared to the consensus estimate of $52.92 million. Blueknight Energy Partners had a negative return on equity of 2.01% and a net margin of 0.83%. As a group, research analysts predict that Blueknight Energy Partners will post 0.35 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, November 14th. Investors of record on Friday, November 2nd will be paid a $0.08 dividend. This represents a $0.32 dividend on an annualized basis and a yield of 15.38%. The ex-dividend date of this dividend is Thursday, November 1st. Blueknight Energy Partners’s dividend payout ratio is -355.56%.

In other news, CEO Mark A. Hurley acquired 20,394 shares of the firm’s stock in a transaction that occurred on Friday, September 14th. The stock was purchased at an average price of $2.45 per share, with a total value of $49,965.30. Following the purchase, the chief executive officer now owns 453,066 shares of the company’s stock, valued at approximately $1,110,011.70. The purchase was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 1.70% of the company’s stock.

Institutional investors have recently bought and sold shares of the stock. Zazove Associates LLC acquired a new position in Blueknight Energy Partners in the 2nd quarter worth approximately $1,145,000. Prescott Group Capital Management L.L.C. boosted its stake in 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 during the period. Finally, OppenheimerFunds Inc. boosted its stake in 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 during the period. 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.

See Also: Intrinsic Value

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