NuStar Energy LP (NYSE:NS) decided to sell a 50% stake in its asphalt operations to private-investment company Lindsay Goldberg LLC in a $175 million deal, a action that will permit NuStar Energy to repay debt, though it would contribute to Q2 earnings being considerably under previous year.
NuStar Energy, which is one of the biggest United States asphalt corporations in addition to a pipeline and storage organization, reported that it and Lindsay Goldberg also decided to form a joint venture that would own and operate NuStar’s asphalt operations.
Both companies will each have a 50% voting interest and the joint venture would pay NuStar for inventories transferred at the time of the accord’s ending, which is projected to occur by Sept 30. The payment would be funded by a credit facility being arranged for the venture.
Shifting readers focus to broader market, let’s consider market performance of other stocks that significantly affect same sector. Magellan Midstream Partners, L.P. (NYSE:MMP) increased +0.11% to settle at $70.89, Holly Energy Partners, L.P. (NYSE:HEP) moved down -0.47% to end at $59.59 while Blueknight Energy Partners L.P. (NASDAQ:BKEP) jumped +0.75% to finish on Friday at $6.75.
NuStar Energy L.P. (NYSE:NS) last session volume of 620,717.00 shares was higher than its average volume of 210,813.00 shares. The stock after opening at $53.83 hit high price of $54.45 and then closed at $52.89 by scoring -1.93%.
NS generated revenue of 7.08 billion in the following twelve months and earned $177.36 million. The Company showed a positive 3.10% in the net profit margin and as well as in its operating margin which remained 4.29%. Company’s annual sales growth for the past five year was +42.04%.
The NS past twelve months price to sales ratio was 0.53 and price to cash ratio remained 99.27. As far as the returns are concern, the NS return on equity was recorded as 6.70% and increased 4.49% return on investment while its return on asset stayed at 3.73%.
The stock showed weekly downbeat performance of -0.38% which was maintained for the month at +4.96%. Likewise the negative performance for the quarter was recorded as -7.94% and for the year was -13.52% while the YTD performance remained at -2.95%.
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