Navios Maritime Midstream Partners LP (NAP) is Downgraded by BofA/Merrill to Neutral

Navios Maritime Midstream Partners LP (NAP) was Downgraded by BofA/Merrill to ” Neutral”. Earlier the firm had a rating of “Buy ” on the company shares. BofA/Merrill advised their investors in a research report released on Aug 1, 2016.

On the company’s financial health, Navios Maritime Midstream Partners LP reported $0.28 EPS for the quarter, missing the analyst consensus estimate by $ -0.05 based on the information available during the earnings call on Jul 28, 2016. Analyst had a consensus of $0.33. The company had revenue of $22.69 million for the quarter, compared to analysts expectations of $22.97 million. The company’s revenue was up 23.7% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.34 EPS.

Navios Maritime Midstream Partners LP opened for trading at $12.65 and hit $13.2 on the upside on Friday, eventually ending the session at $13.13, with a gain of 3.39% or 0.43 points. The heightened volatility saw the trading volume jump to 83,281 shares. Company has a market cap of $266 M.

Investors should note that on Jul 21, 2016, Navios Maritime Midstream Partners LP announced a cash dividend of $0.4225. The company’s management has announced Aug 8, 2016 as the ex-dividend date and fixed the record date on Aug 10, 2016. The payable date has been fixed on Aug 12, 2016.

Navios Maritime Midstream Partners L.P. is a holding company. The Company is a limited partnership formed to own operate and acquire crude oil tankers under long-term employment contracts. The Company may also seek to own operate and acquire refined petroleum product tankers chemical tankers and liquefied petroleum gas (LPG) tankers under long-term employment contracts. The Company intends to charter its vessels under long-term employment contracts to international oil companies refiners and large vessel operators. The Company’s fleet consists of four VLCCs which have an average remaining employment term of approximately 7.3 years. They are chartered to two strong counterparties Cosco Dalian which is wholly owned by the COSCO Group a Chinese state-owned enterprise and Formosa Petrochemical. The Company provides seaborne shipping services under long-term time charters. The Company’s customers include Cosco Dalian and Formosa Petrochemical.

Navios Maritime Midstream Partners LP

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