Arc Logistic Partners LP (ARCX) Upgraded to Buy at Zacks Investment Research
Arc Logistic Partners LP (NYSE:ARCX) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $17.00 target price on the stock. Zacks Investment Research’s target price would suggest a potential upside of 9.04% from the stock’s current price.
According to Zacks, “Arc Logistics Partners LP is principally engaged in the terminalling, storage, throughput and transloading of crude oil and petroleum products. It owns, operates, develops and acquires a portfolio of complementary energy logistics assets. Arc Logistics Partners LP is based in New York. “
Several other research firms have also recently weighed in on ARCX. Citigroup Inc. raised their target price on shares of Arc Logistic Partners from $13.00 to $18.00 and gave the company a “buy” rating in a research note on Monday, August 8th. Stifel Nicolaus cut shares of Arc Logistic Partners from a “buy” rating to a “hold” rating in a research note on Friday, August 5th. They noted that the move was a valuation call. One equities research analyst has rated the stock with a sell rating, three have given a hold rating and four have issued a buy rating to the company. The company has an average rating of “Hold” and an average price target of $16.17.
Arc Logistic Partners (NYSE:ARCX) traded up 1.03% during trading on Tuesday, reaching $15.75. 67,390 shares of the company were exchanged. Arc Logistic Partners has a 1-year low of $8.66 and a 1-year high of $18.25. The stock has a market capitalization of $303.90 million, a P/E ratio of 28.85 and a beta of 0.89. The company’s 50-day moving average price is $14.93 and its 200-day moving average price is $13.28.
Institutional investors have recently added to or reduced their stakes in the company. JPMorgan Chase & Co. purchased a new position in Arc Logistic Partners during the second quarter worth approximately $111,000. Advisory Research Inc. boosted its position in Arc Logistic Partners by 0.9% in the second quarter. Advisory Research Inc. now owns 542,595 shares of the company’s stock worth $7,054,000 after buying an additional 5,000 shares in the last quarter. Goldman Sachs Group Inc. boosted its position in Arc Logistic Partners by 0.9% in the first quarter. Goldman Sachs Group Inc. now owns 786,051 shares of the company’s stock worth $8,041,000 after buying an additional 7,289 shares in the last quarter. Finally, Cohen & Steers Inc. boosted its position in Arc Logistic Partners by 326.1% in the second quarter. Cohen & Steers Inc. now owns 642,090 shares of the company’s stock worth $17,336,000 after buying an additional 491,397 shares in the last quarter. 69.46% of the stock is owned by hedge funds and other institutional investors.
Arc Logistic Partners Company Profile
Arc Logistics Partners LP owns, operates, develops and acquires a portfolio of complementary energy logistics assets. The Company is engaged in the terminaling, storage, throughput and transloading of crude oil and petroleum products. It is focused on growing its business through the optimization, organic development and acquisition of terminaling, storage, rail, pipeline and other energy logistics assets.
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