Reported Earnings • Aug 05
Second quarter 2022 earnings released: EPS: US$0.002 (vs US$0.02 in 2Q 2021) Second quarter 2022 results: EPS: US$0.002 (down from US$0.02 in 2Q 2021). Revenue: US$25.8m (down 7.1% from 2Q 2021). Net income: US$94.0k (down 89% from 2Q 2021). Profit margin: 0.4% (down from 3.0% in 2Q 2021). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 140% per year but the company’s share price has only increased by 53% per year, which means it is significantly lagging earnings growth. Announcement • Jul 28
Blueknight Energy Partners, L.P. to Report Q2, 2022 Results on Aug 03, 2022 Blueknight Energy Partners, L.P. announced that they will report Q2, 2022 results After-Market on Aug 03, 2022 Announcement • Jul 27
Blueknight Energy Partners, L.P. Declares Quarterly Cash Distribution on Common Units for the Second Quarter Ended June 30, 2022, Payable on August 12, 2022 Blueknight Energy Partners, L.P. announced that the board of directors of its general partner has declared a quarterly cash distribution of $0.0425 per common unit for the quarter ended June 30, 2022. The second quarter 2022 distribution for common units remain unchanged from those paid for the first quarter 2022. The distributions are payable on August 12, 2022, on all outstanding common and preferred units to unitholders of record as of the close of business on August 5, 2022. Reported Earnings • May 06
First quarter 2022 earnings: EPS and revenues exceed analyst expectations First quarter 2022 results: EPS: US$0.009 (up from US$0.037 loss in 1Q 2021). Revenue: US$25.3m (down 6.7% from 1Q 2021). Net income: US$387.0k (up US$1.92m from 1Q 2021). Profit margin: 1.5% (up from net loss in 1Q 2021). The move to profitability was driven by lower expenses. Revenue exceeded analyst estimates by 51%. Earnings per share (EPS) also surpassed analyst estimates by 125%. Over the last 3 years on average, earnings per share has increased by 137% per year but the company’s share price has only increased by 57% per year, which means it is significantly lagging earnings growth. Board Change • Apr 27
Less than half of directors are independent No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 5 experienced directors. 3 highly experienced directors. 3 independent directors (5 non-independent directors). Independent Director of Blueknight Energy Partners G.P., L.L.C. John Shapiro was the last independent director to join the board, commencing their role in 2009. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Announcement • Apr 27
Blueknight Energy Partners, L.P. Declares Quarterly Cash Distribution for the Quarter Ended March 31, 2022, Payable on May 13, 2022 Blueknight Energy Partners, L.P. announced that the board of directors of its general partner has declared quarterly cash distribution of $0.0425 per common unit for the quarter ended March 31, 2022. The first quarter 2022 distributions for both the common units remain unchanged from those paid for the fourth quarter 2021. The distributions are payable on May 13, 2022, on all outstanding common to unitholders of record as of the close of business on May 6, 2022. Valuation Update With 7 Day Price Move • Apr 22
Investor sentiment improved over the past week After last week's 39% share price gain to US$4.56, the stock trades at a trailing P/E ratio of 24x. Average trailing P/E is 15x in the Oil and Gas industry in the US. Total returns to shareholders of 405% over the past three years. Reported Earnings • Mar 09
Full year 2021 earnings: EPS and revenues exceed analyst expectations Full year 2021 results: EPS: US$0.20 (up from US$0.092 in FY 2020). Revenue: US$115.4m (up 4.7% from FY 2020). Net income: US$8.18m (up 116% from FY 2020). Profit margin: 7.1% (up from 3.4% in FY 2020). Revenue exceeded analyst estimates by 51%. Earnings per share (EPS) also surpassed analyst estimates by 125%. Over the last 3 years on average, earnings per share has increased by 127% per year but the company’s share price has only increased by 46% per year, which means it is significantly lagging earnings growth. Announcement • Feb 17
Blueknight Energy Partners, L.P. to Report Q4, 2021 Results on Mar 08, 2022 Blueknight Energy Partners, L.P. announced that they will report Q4, 2021 results After-Market on Mar 08, 2022 Reported Earnings • Nov 12
Third quarter 2021 earnings released: EPS US$0.15 (vs US$0.19 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and revenues, although profit margins were improved. Third quarter 2021 results: Revenue: US$30.3m (down 65% from 3Q 2020). Net income: US$6.24m (down 21% from 3Q 2020). Profit margin: 21% (up from 9.2% in 3Q 2020). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 105% per year but the company’s share price has only increased by 20% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 05
Second quarter 2021 earnings released: EPS US$0.02 (vs US$0.12 loss in 2Q 2020) The company reported a decent second quarter result with improved earnings and profit margins, although revenues were weaker. Second quarter 2021 results: Revenue: US$24.8m (down 54% from 2Q 2020). Net income: US$836.0k (up US$5.79m from 2Q 2020). Profit margin: 3.4% (up from net loss in 2Q 2020). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 79% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 27
Investor sentiment improved over the past week After last week's 16% share price gain to US$3.68, the stock trades at a trailing P/E ratio of 50.2x. Average trailing P/E is 19x in the Oil and Gas industry in the US. Total returns to shareholders of 83% over the past three years. Reported Earnings • May 08
First quarter 2021 earnings released: US$0.037 loss per share (vs US$0.15 loss in 1Q 2020) The company reported a decent first quarter result with reduced losses and improved control over expenses, although revenues were weaker. First quarter 2021 results: Revenue: US$24.5m (down 69% from 1Q 2020). Net loss: US$1.53m (loss narrowed 76% from 1Q 2020). Over the last 3 years on average, earnings per share has increased by 43% per year but the company’s share price has fallen by 5% per year, which means it is significantly lagging earnings. Upcoming Dividend • Apr 29
Upcoming dividend of US$0.04 per share Eligible shareholders must have bought the stock before 06 May 2021. Payment date: 14 May 2021. Trailing yield: 4.8%. Within top quartile of American dividend payers (3.5%). In line with average of industry peers (5.0%). Valuation Update With 7 Day Price Move • Apr 06
Investor sentiment improved over the past week After last week's 18% share price gain to US$3.72, the stock trades at a trailing P/E ratio of 40.3x. Average trailing P/E is 13x in the Oil and Gas industry in the US. Total returns to shareholders of 19% over the past three years. Valuation Update With 7 Day Price Move • Mar 17
Investor sentiment improved over the past week After last week's 26% share price gain to US$3.23, the stock trades at a trailing P/E ratio of 35x. Average trailing P/E is 12x in the Oil and Gas industry in the US. Total returns to shareholders of 5.9% over the past three years. Recent Insider Transactions • Mar 14
Key Executive recently bought US$50k worth of stock On the 12th of March, D. Woodward bought around 15k shares on-market at roughly US$3.25 per share. This was the largest purchase by an insider in the last 3 months. This was D.'s only on-market trade for the last 12 months. Reported Earnings • Mar 12
Full year 2020 earnings released: EPS US$0.092 (vs US$0.17 loss in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: US$97.6m (down 74% from FY 2019). Net income: US$3.79m (up US$10.8m from FY 2019). Profit margin: 3.9% (up from net loss in FY 2019). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 16% per year but the company’s share price has fallen by 12% per year, which means it is significantly lagging earnings. Announcement • Feb 25
Blueknight Energy Partners, L.P. to Report Q4, 2020 Results on Mar 09, 2021 Blueknight Energy Partners, L.P. announced that they will report Q4, 2020 results After-Market on Mar 09, 2021 Is New 90 Day High Low • Feb 13
New 90-day high: US$2.21 The company is up 40% from its price of US$1.58 on 13 November 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 33% over the same period. Announcement • Dec 23
An unknown buyer entered into an agreement to acquire Crude Oil Trucking Business of Blueknight Energy Partners, L.P. (NasdaqGM:BKEP) for $10 million. An unknown buyer entered into an agreement to acquire Crude Oil Trucking Business of Blueknight Energy Partners, L.P. (NasdaqGM:BKEP) for $10 million on December 21, 2020. The combined consideration for the three transactions are $162 million. In a related transaction, Enbridge, Inc. entered into an agreement to acquire Crude Oil Terminalling Segment of Blueknight for $132 million and CVR Energy, Inc. entered into an agreement to acquire Crude Oil Pipeline Business of Blueknight for $20 million. Simmons Energy | A Division Of Piper Sandler is serving as financial advisor and Gibson, Dunn & Crutcher LLP is serving as legal counsel to Blueknight. Is New 90 Day High Low • Dec 22
New 90-day high: US$2.19 The company is up 53% from its price of US$1.43 on 22 September 2020. The American market is up 15% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 21% over the same period. Is New 90 Day High Low • Dec 04
New 90-day high: US$1.75 The company is up 14% from its price of US$1.54 on 04 September 2020. The American market is up 9.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Oil and Gas industry, which is up 10.0% over the same period. Analyst Estimate Surprise Post Earnings • Nov 08
Revenue and earnings beat expectations Revenue exceeded analyst estimates by 51%. Earnings per share (EPS) also surpassed analyst estimates by 125%. Over the next year, revenue is expected to shrink by 29% compared to a 8.5% growth forecast for the Oil and Gas industry in the US. Reported Earnings • Nov 08
Third quarter 2020 earnings released: EPS US$0.19 The company reported a decent third quarter result with improved earnings and profit margins, although revenues were weaker. Third quarter 2020 results: Revenue: US$85.8m (down 6.5% from 3Q 2019). Net income: US$7.89m (up US$7.32m from 3Q 2019). Profit margin: 9.2% (up from 0.6% in 3Q 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 10% per year but the company’s share price has fallen by 36% per year, which means it is performing significantly worse than earnings. Is New 90 Day High Low • Oct 02
New 90-day low: US$1.39 The company is down 1.0% from its price of US$1.41 on 02 July 2020. The American market is up 8.0% over the last 90 days, indicating the company underperformed over that time. However, it outperformed the Oil and Gas industry, which is down 18% over the same period. Announcement • Aug 27
Ergon Asphalt & Emulsions, Inc. cancelled the acquisition of 93.3% stake in Blueknight Energy Partners, L.P. (NasdaqGM:BKEP). Ergon Asphalt & Emulsions, Inc. made a non binding proposal to acquire 93.3% stake in Blueknight Energy Partners, L.P. (NasdaqGM:BKEP) for $52.6 million on August 5, 2019. Under the proposal, Ergon will pay $1.35 per Common Unit and $5.67 per Series A Preferred Unit. Ergon anticipates financing the merger consideration with cash on hand and borrowings under its existing credit facility. The deal is subject to signing of definitive documents which in turn will require approval by the Board of Directors of Ergon as well as the Conflicts Committee, the Board of Directors of the Blueknight Energy Partners G.P., L.L.C and Blueknight Energy Partners, L.P unit holders. The transaction requires the approvals of Security Exchange Commission to review of the proxy statement and potentially the expiration or early termination of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act. The making of the Proposal has been authorized by the Board of Directors of Ergon. The transaction is expected to be completed before the year end. Jefferies LLC acted as financial advisor and Baker Botts L.L.P. acted as legal advisor to Ergon.
Ergon Asphalt & Emulsions, Inc. cancelled the acquisition of 93.3% stake in Blueknight Energy Partners, L.P. (NasdaqGM:BKEP) on September 11, 2019. After discussions with representatives of the conflicts committee of Blueknight Energy Partners regarding the proposal, Ergon was unable to reach an agreement with the conflicts committee as to the transaction contemplated by the proposal. Accordingly, Ergon withdrew the proposal. Announcement • Jul 23
Blueknight Energy Partners, L.P. to Report Q2, 2020 Results on Aug 05, 2020 Blueknight Energy Partners, L.P. announced that they will report Q2, 2020 results at 5:00 PM, Eastern Standard Time on Aug 05, 2020