Blueknight Energy Partners LP (BKEP) Stake Decreased by Bank of America Corp DE
Bank of America Corp DE trimmed its stake in shares of Blueknight Energy Partners LP (NASDAQ:BKEP) by 75.7% in the second quarter, according to the company in its most recent filing with the SEC. The firm owned 238,674 shares of the pipeline company’s stock after selling 742,316 shares during the quarter. Bank of America Corp DE owned about 0.68% of Blueknight Energy Partners worth $811,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in BKEP. Zazove Associates LLC acquired a new position in shares of Blueknight Energy Partners during the 2nd quarter worth $1,145,000. Prescott Group Capital Management L.L.C. raised its holdings in shares of Blueknight Energy Partners by 33.5% during 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 buying an additional 257,963 shares in the last quarter. Finally, OppenheimerFunds Inc. raised its holdings in shares of Blueknight Energy Partners by 4.9% during the 2nd quarter. OppenheimerFunds Inc. now owns 2,171,111 shares of the pipeline company’s stock worth $7,382,000 after buying an additional 102,257 shares in the last quarter. Hedge funds and other institutional investors own 36.29% of the company’s stock.
In other news, CEO Mark A. Hurley bought 20,394 shares of the stock in a transaction on Friday, September 14th. The stock was acquired at an average price of $2.45 per share, with a total value of $49,965.30. Following the acquisition, the chief executive officer now directly owns 453,066 shares in the company, valued at $1,110,011.70. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 1.70% of the stock is owned by corporate insiders.
Blueknight Energy Partners (NASDAQ:BKEP) last posted its quarterly earnings results on Wednesday, October 31st. The pipeline company reported ($0.09) EPS for the quarter, missing analysts’ consensus estimates of $0.02 by ($0.11). Blueknight Energy Partners had a negative return on equity of 2.01% and a net margin of 0.83%. The business had revenue of $133.16 million for the quarter, compared to analyst estimates of $52.92 million. Research analysts expect that Blueknight Energy Partners LP will post -0.39 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Wednesday, November 14th. Shareholders of record on Friday, November 2nd were issued a $0.08 dividend. The ex-dividend date of this dividend was Thursday, November 1st. This represents a $0.32 dividend on an annualized basis and a yield of 16.49%. Blueknight Energy Partners’s payout ratio is presently -355.56%.
A number of research firms have recently commented on BKEP. Zacks Investment Research cut Blueknight Energy Partners from a “buy” rating to a “hold” rating in a report on Friday. SunTrust Banks set a $4.00 price target on Blueknight Energy Partners and gave the stock a “buy” rating in a report on Monday, July 23rd. Finally, Stephens set a $4.00 price target on Blueknight Energy Partners and gave the stock a “buy” rating in a report on Tuesday, August 7th. Four research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. Blueknight Energy Partners has a consensus rating of “Hold” and a consensus target price of $3.70.
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Blueknight Energy Partners 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.
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