Blueknight Energy Partners, L.P. (BKEP): Why It Fell -4.46% Today, And What Comes Next

Big changes are happening at Blueknight Energy Partners, L.P. (NASDAQ:BKEP), which makes the stock worth watching today. The company is among the top losers of the stock market today, sinking -4.46% or (-0.05 points) to $1.07 from its previous close of $1.12. Does this decline mean it the best stock to buy right now? The shares seem to have an active trading volume day with a reported 169576 contracts so far this session. BKEP shares had a relatively better volume day versus average trading capacity of 255.72 thousand shares, but with a 1.45 million float and a 6.67% run over a week, it’s definitely worth keeping an eye on. The one year price forecast for BKEP stock indicates that the average analyst price target is $2 per share. This means the stock has a potential increase of 86.92% from where the BKEP share price has been trading recently which is between $1.09 and $1.13. There are some brokerage firms that offer lower targets than the average, with one of them, even setting their price target at $1.

The shorts are running away from Blueknight Energy Partners, L.P. (BKEP) stock. The latest set of short interest data was released on 15 May 2019, and the numbers show a drop in short interest in BKEP shares. While short interest still represents only 18.15% of BKEP’s float, the number of shares shorted have fallen by -91467. The number of shares shorted fell to 262377 shares, down from 353844 shares during the preceding fortnight. With average daily trading volumes at 133346 shares, days to cover increased to about 1.47614 days. The most recent news story about the stock that appeared in Yahoo Finance‘s news section was titled “New Strong Buy Stocks for June 5th” and dated June 05, 2019.

During the recent trading session for Blueknight Energy Partners, L.P. (NASDAQ:BKEP), the company witnessed their stock drop by $-0.01 over a week and tumble down $-0.08 from the price 20 days ago. When compared to their established 52-week high of $3.9, the high they recorded in their recent session happens to be lower. Their established 52-week high was attained by the company on 06/12/18. The recent low of $1 stood for a -72.56% since 03/25/19, a data which is good for most investors who are looking to take advantage of the stock’s recent rise. A beta of 1.83 is also allocated to the stock. Since the beta is greater than one, it implies that the stock is more volatile than the market, a data that traders are keeping close attention to.

Looking at the current readings for Blueknight Energy Partners, L.P., the two-week RSI stands at 44.64. This figure suggests that BKEP stock, for now, is neutral, meaning that the shares are stable in terms of price movement. The stochastic readings, on the other hand, based on the current BKEP readings is similarly very revealing as it has a stochastic reading of 60.38% at this stage. This figure means that BKEP share price today is being neutral.

Technical chart claims that Blueknight Energy Partners, L.P. (BKEP) would settle between $1.14/share to $1.15/share level. However, if the stock price goes below the $1.1 mark, then the market for Blueknight Energy Partners, L.P. becomes much weaker. If that happens, the stock price might even plunge as low as $1.07 for its downside target. The stock is currently in the green zone of MACD, with the indicator reading 0.01. Traders are always alerted for the move of a stock above or below the zero line due to the fact that the reading is an indicator of the position of the short-term average relative to the long-term average. If the MACD is above the zero line, then the short-term average relative is above that of the long-term average, thus implying an upward momentum. Vice versa is the case if the MACD is below the zero line.

Analysts at SunTrust raised their recommendation on shares of BKEP from Neutral to Buy in their opinion released on July 22. Janney, analysts launched coverage of Blueknight Energy Partners, L.P. (NASDAQ:BKEP) stock with a Neutral recommendation, according to their flash note issued to investors on May 19. Analysts at RBC Capital Mkts lowered the stock to a Sector Perform call from its previous Outperform recommendation, in a research note that dated back to November 06.

BKEP equity has an average rating of 3, with the figure leaning towards a bullish end. 2 analysts who tracked the company were contacted by Reuters. Amongst them, 2 rated the stock as a hold while the remaining 0 were split even though not equally. Some analysts rate the stock as a buy or a strong buy while no rated it as a sell. 0 analysts rated Blueknight Energy Partners, L.P. (NASDAQ:BKEP) as a buy or a strong buy while not a single analyst advised that investors should desist from purchasing the stock or sell them if they already own the company’s stock.

Moving on, BKEP stock price is currently trading at 0X forward 12-month Consensus EPS estimates, and its P/S ratio is 0.11 while for the average stock in the same group, the multiple is 2.43.