Wells Fargo & Co Cuts Blueknight Energy Partners (BKEP) Price Target to $1.00

Blueknight Energy Partners (NASDAQ:BKEP) had its target price decreased by Wells Fargo & Co from $3.00 to $1.00 in a research report sent to investors on Thursday morning. Wells Fargo & Co currently has a market perform rating on the pipeline company’s stock.

Separately, Zacks Investment Research raised shares of Blueknight Energy Partners from a hold rating to a buy rating and set a $1.50 price target for the company in a research note on Thursday, January 3rd. Three investment analysts have rated the stock with a hold rating and two have given a buy rating to the company. Blueknight Energy Partners has a consensus rating of Hold and a consensus price target of $2.38.

Shares of Blueknight Energy Partners stock opened at $1.06 on Thursday. Blueknight Energy Partners has a fifty-two week low of $1.04 and a fifty-two week high of $4.85. The company has a market capitalization of $43.16 million, a price-to-earnings ratio of -3.66 and a beta of 1.90.

Blueknight Energy Partners (NASDAQ:BKEP) last issued its earnings results on Monday, March 11th. The pipeline company reported ($0.06) earnings per share for the quarter, beating analysts’ consensus estimates of ($0.13) by $0.07. Blueknight Energy Partners had a negative net margin of 10.93% and a negative return on equity of 4.30%. The firm had revenue of $123.52 million for the quarter. Equities research analysts expect that Blueknight Energy Partners will post -0.07 EPS for the current fiscal year.

A hedge fund recently raised its stake in Blueknight Energy Partners stock. Zazove Associates LLC increased its stake in Blueknight Energy Partners LP (NASDAQ:BKEP) by 31.0% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,048,265 shares of the pipeline company’s stock after purchasing an additional 248,265 shares during the period. Zazove Associates LLC owned 2.60% of Blueknight Energy Partners worth $1,206,000 as of its most recent SEC filing. Hedge funds and other institutional investors own 27.90% of the company’s stock.

About Blueknight Energy Partners

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.

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