Alon USA Partners LP (ALDW) Upgraded to “Buy” at Zacks Investment Research
Alon USA Partners LP (NYSE:ALDW) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Wednesday. The brokerage presently has a $9.50 target price on the stock. Zacks Investment Research’s price objective indicates a potential upside of 10.98% from the stock’s previous close.
According to Zacks, “Alon USA Partners, LP owns and operates refining and petroleum products marketing business. The Company’s integrated downstream business operates primarily in the South Central and Southwestern regions of the United States. It refines crude oil into finished products, which it market primarily in West Texas, Central Texas, Oklahoma, New Mexico and Arizona. Alon USA Partners, LP is based in Texas. “
Several other equities research analysts have also commented on the stock. Barclays PLC restated an “underweight” rating and issued a $8.00 price target (down previously from $9.00) on shares of Alon USA Partners in a research note on Monday. Citigroup Inc. raised their price target on shares of Alon USA Partners from $10.80 to $11.50 and gave the company a “neutral” rating in a research note on Wednesday, September 14th. Finally, TheStreet upgraded shares of Alon USA Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, August 31st. Two equities research analysts have rated the stock with a sell rating, three have issued a hold rating and one has assigned a buy rating to the company. The stock presently has a consensus rating of “Hold” and a consensus price target of $10.50.
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Alon USA Partners (NYSE:ALDW) traded up 1.54% during midday trading on Wednesday, reaching $8.56. The company had a trading volume of 131,932 shares. The company’s 50 day moving average is $9.84 and its 200-day moving average is $10.02. Alon USA Partners has a 52-week low of $8.07 and a 52-week high of $26.67. The company has a market capitalization of $535.17 million, a P/E ratio of 9.98 and a beta of 0.97.
Alon USA Partners (NYSE:ALDW) last issued its earnings results on Thursday, July 28th. The company reported $0.02 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.09 by $0.07. Alon USA Partners had a return on equity of 38.88% and a net margin of 2.94%. The business earned $468.46 million during the quarter, compared to the consensus estimate of $417.45 million. During the same period in the prior year, the business earned $0.95 EPS. The business’s revenue was down 25.1% on a year-over-year basis. Equities analysts expect that Alon USA Partners will post ($0.12) earnings per share for the current fiscal year.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. A.R.T. Advisors LLC raised its position in Alon USA Partners by 12.9% in the second quarter. A.R.T. Advisors LLC now owns 60,512 shares of the company’s stock worth $610,000 after buying an additional 6,900 shares in the last quarter. Clinton Group Inc. bought a new position in Alon USA Partners during the second quarter worth approximately $171,000. First Trust Advisors LP raised its position in Alon USA Partners by 178.8% in the second quarter. First Trust Advisors LP now owns 2,492,266 shares of the company’s stock worth $25,147,000 after buying an additional 1,598,296 shares in the last quarter. Commonwealth Equity Services Inc raised its position in Alon USA Partners by 19.4% in the second quarter. Commonwealth Equity Services Inc now owns 13,117 shares of the company’s stock worth $132,000 after buying an additional 2,134 shares in the last quarter. Finally, Arrow Investment Advisors LLC raised its position in Alon USA Partners by 87.6% in the second quarter. Arrow Investment Advisors LLC now owns 49,270 shares of the company’s stock worth $497,000 after buying an additional 23,002 shares in the last quarter. Institutional investors and hedge funds own 5.93% of the company’s stock.
Alon USA Partners Company Profile
Alon USA Partners, LP (Alon) is engaged principally in the business of operating a crude oil refinery in Big Spring, Texas, with a crude oil throughput capacity of approximately 73,000 barrels per day, which the Company refers to as its Big Spring refinery. The Company refines crude oil into finished products, which the Company markets primarily in Central and West Texas, Oklahoma, New Mexico and Arizona through its integrated wholesale distribution network to retail convenience stores and other third-party distributors.
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