Zacks Investment Research downgraded shares of Blueknight Energy Partners L.P. (NASDAQ:BKEP) from a strong-buy rating to a hold rating in a research report report published 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. “

BKEP has been the topic of several other reports. DA Davidson started coverage on Blueknight Energy Partners L.P. in a report on Friday, October 7th. They issued a buy rating and a $7.20 target price on the stock. SunTrust Banks Inc. raised Blueknight Energy Partners L.P. from a neutral rating to a buy rating and boosted their price objective for the stock from $5.00 to $8.00 in a research note on Friday, July 22nd. One investment analyst has rated the stock with a sell rating, two have assigned a hold rating and two have assigned a buy rating to the stock. Blueknight Energy Partners L.P. has a consensus rating of Hold and an average price target of $6.99.

Shares of Blueknight Energy Partners L.P. (NASDAQ:BKEP) traded up 0.6778% on Thursday, hitting $6.3427. The stock had a trading volume of 4,450 shares. Blueknight Energy Partners L.P. has a 52-week low of $3.81 and a 52-week high of $6.50. The company has a 50-day moving average of $6.03 and a 200-day moving average of $5.68. The company’s market cap is $234.99 million.

The company also recently declared a quarterly dividend, which was paid on Monday, November 14th. Investors of record on Friday, November 4th were issued a $0.145 dividend. The ex-dividend date of this dividend was Wednesday, November 2nd. This represents a $0.58 dividend on an annualized basis and a dividend yield of 9.21%.

In related news, major shareholder Msd Partners, L.P. sold 320,554 shares of the business’s stock in a transaction that occurred on Thursday, August 25th. The stock was sold at an average price of $5.80, for a total value of $1,859,213.20. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink.

Several hedge funds have recently made changes to their positions in the stock. Wells Fargo & Company MN raised its stake 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. Royal Bank of Canada raised its stake in Blueknight Energy Partners L.P. by 2.6% in the second quarter. Royal Bank of Canada now owns 210,376 shares of the company’s stock worth $1,098,000 after buying an additional 5,376 shares in the last quarter. UBS Group AG raised its stake in Blueknight Energy Partners L.P. by 7.2% in the first quarter. UBS Group AG now owns 219,512 shares of the company’s stock worth $1,052,000 after buying an additional 14,661 shares in the last quarter. Fic Capital Inc. raised its stake in Blueknight Energy Partners L.P. by 250.1% in the second quarter. Fic Capital Inc. now owns 36,675 shares of the company’s stock worth $191,000 after buying an additional 26,200 shares in the last quarter. Finally, Brown Advisory Inc. bought a new stake in Blueknight Energy Partners L.P. during the second quarter worth $391,000.

Blueknight Energy Partners L.P. Company Profile

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