TransMontaigne Partners (NYSE:TLP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Thursday.
According to Zacks, “TransMontaigne Partners L.P. is a refined petroleum products terminaling and pipeline company based in Denver, Colorado with operations currently in Florida, Southwest Missouri and Northwest Arkansas. They provide integrated terminaling, storage, pipeline and related services for companies engaged in the distribution and marketing of refined petroleum products and crude oil, including TransMontaigne Inc. “
Several other research firms have also recently weighed in on TLP. UBS Group increased their price target on TransMontaigne Partners from $52.00 to $53.00 and gave the company a “buy” rating in a report on Thursday, November 9th. B. Riley set a $45.00 price target on TransMontaigne Partners and gave the company a “neutral” rating in a report on Monday, December 18th. Finally, Wells Fargo & Co began coverage on TransMontaigne Partners in a report on Thursday, November 30th. They set a “market perform” rating and a $44.00 price target on the stock. Two equities research analysts have rated the stock with a sell rating, two have given a hold rating and four have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $49.00.
TransMontaigne Partners (NYSE:TLP) last issued its earnings results on Wednesday, November 8th. The pipeline company reported $0.47 EPS for the quarter, missing the consensus estimate of $0.72 by ($0.25). TransMontaigne Partners had a net margin of 27.49% and a return on equity of 13.16%. The business had revenue of $45.45 million for the quarter, compared to analysts’ expectations of $46.10 million. During the same quarter in the prior year, the business posted $0.58 earnings per share. The business’s revenue for the quarter was up 11.8% on a year-over-year basis. equities analysts expect that TransMontaigne Partners will post 2.31 earnings per share for the current fiscal year.
In other news, Director Steven A. Blank purchased 1,000 shares of the stock in a transaction dated Friday, November 17th. The shares were purchased at an average cost of $39.56 per share, with a total value of $39,560.00. The acquisition was disclosed in a filing with the SEC, which is available through the SEC website. 20.40% of the stock is owned by corporate insiders.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in TLP. Goldman Sachs Group Inc. lifted its holdings in shares of TransMontaigne Partners by 29.7% during the 2nd quarter. Goldman Sachs Group Inc. now owns 697,928 shares of the pipeline company’s stock valued at $29,313,000 after buying an additional 159,993 shares during the period. River Road Asset Management LLC raised its holdings in TransMontaigne Partners by 22.5% in the 3rd quarter. River Road Asset Management LLC now owns 467,588 shares of the pipeline company’s stock worth $19,971,000 after purchasing an additional 85,754 shares during the period. JPMorgan Chase & Co. raised its holdings in TransMontaigne Partners by 1,210.2% in the 3rd quarter. JPMorgan Chase & Co. now owns 74,658 shares of the pipeline company’s stock worth $3,197,000 after purchasing an additional 68,960 shares during the period. Wells Fargo & Company MN raised its holdings in TransMontaigne Partners by 18.8% in the 2nd quarter. Wells Fargo & Company MN now owns 314,852 shares of the pipeline company’s stock worth $13,224,000 after purchasing an additional 49,780 shares during the period. Finally, Principal Financial Group Inc. bought a new position in TransMontaigne Partners in the 2nd quarter worth $576,000. 62.17% of the stock is currently owned by hedge funds and other institutional investors.
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TransMontaigne Partners Company Profile
TransMontaigne Partners L.P. is a terminaling and transportation company with operations in the United States along the Gulf Coast, in the Midwest, in Houston and Brownsville, Texas, along the Mississippi and Ohio Rivers, and in the Southeast. The Company operates its business in five principal business segments: Gulf Coast terminals, Midwest terminals and pipeline system, Brownsville terminals, River terminals and Southeast terminals.
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