Although K-Sea Transportation Partners LP (NYSE:KSP) handily surpassed expectations in their latest quarterly report, it's hard to see anything to get excited about, although Citigroup (NYSE:C) upgraded the marine transportation company from "Sell" to "Hold."
Chief Executive Officer Timothy Casey said in a statement recently, "We benefited this past quarter from the clean-up work in the Gulf of Mexico, which is now essentially over, and the ongoing contribution from our efficiency efforts."
With that scenario in mind, it's difficult to understand the upgrade.
K-Sea was trading at $5.37, losing $0.19, or 3.42 percent as of 3:18 PM EDT Wednesday. Citigroup lowered their price target from $7 to $6 on K-Sea.
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