Wells Fargo Downgrades K-Sea Transportation (KSP) Two-Notches to Underperform
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Wells Fargo downgrades K-Sea Transportation (NYSE: KSP) two-notches from Outperform to Underperform, also lowering its valuation range from $29-$32 to $10-$12.
The firm cites "uncertainty surrounding the outlook for future distributions." Specifically, Wells Fargo notes that a recent "downturn in the tank barge industry has reduced cash flow placing KSP in the position of potentially violating debt covenants." The firm believes that it could a year before visibility related to the distribution payments is improved.
Shares of K-Sea have tumbled more than 34% today.
K-Sea Transportation Partners L.P. provides marine transportation, distribution, and logistics services for refined petroleum products in the United States.
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