Arc Logistic Partners LP (ARCX) Cut to Hold at Zacks Investment Research
Arc Logistic Partners LP (NYSE:ARCX) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research note issued to investors on Tuesday.
According to Zacks, “Arc Logistics Partners LP is principally engaged in the terminalling, storage, throughput and transloading of crude oil and petroleum products. It owns, operates, develops and acquires a portfolio of complementary energy logistics assets. Arc Logistics Partners LP is based in New York. “
ARCX has been the topic of a number of other reports. Citigroup Inc. upped their price target on Arc Logistic Partners from $13.00 to $18.00 and gave the stock a “buy” rating in a research report on Monday, August 8th. Stifel Nicolaus downgraded Arc Logistic Partners from a “buy” rating to a “hold” rating in a research report on Friday, August 5th. They noted that the move was a valuation call. One research analyst has rated the stock with a sell rating, four have given a hold rating and three have given a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $16.17.
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Arc Logistic Partners (NYSE:ARCX) traded down 3.03% during midday trading on Tuesday, reaching $15.36. The company’s stock had a trading volume of 33,937 shares. The stock’s 50 day moving average price is $15.05 and its 200-day moving average price is $13.48. Arc Logistic Partners has a one year low of $8.66 and a one year high of $18.25. The stock has a market cap of $296.37 million, a price-to-earnings ratio of 28.13 and a beta of 0.89.
Institutional investors have recently added to or reduced their stakes in the stock. JPMorgan Chase & Co. acquired a new stake in Arc Logistic Partners during the second quarter valued at approximately $111,000. Advisory Research Inc. raised its stake in Arc Logistic Partners by 0.9% in the second quarter. Advisory Research Inc. now owns 542,595 shares of the company’s stock valued at $7,054,000 after buying an additional 5,000 shares during the last quarter. Cohen & Steers Inc. raised its stake in Arc Logistic Partners by 326.1% in the second quarter. Cohen & Steers Inc. now owns 642,090 shares of the company’s stock valued at $17,336,000 after buying an additional 491,397 shares during the last quarter. Finally, Goldman Sachs Group Inc. raised its stake in Arc Logistic Partners by 0.9% in the first quarter. Goldman Sachs Group Inc. now owns 786,051 shares of the company’s stock valued at $8,041,000 after buying an additional 7,289 shares during the last quarter. 69.46% of the stock is currently owned by hedge funds and other institutional investors.
Arc Logistic Partners Company Profile
Arc Logistics Partners LP owns, operates, develops and acquires a portfolio of complementary energy logistics assets. The Company is engaged in the terminaling, storage, throughput and transloading of crude oil and petroleum products. It is focused on growing its business through the optimization, organic development and acquisition of terminaling, storage, rail, pipeline and other energy logistics assets.
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