Janney Montgomery Scott LLC increased its position in Buckeye Partners L.P. (NYSE:BPL) by 15.2% during the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 85,270 shares of the pipeline company’s stock after buying an additional 11,246 shares during the period. Janney Montgomery Scott LLC owned approximately 0.06% of Buckeye Partners L.P. worth $5,451,000 at the end of the most recent reporting period.
A number of other hedge funds also recently modified their holdings of the company. Parkwood LLC bought a new stake in shares of Buckeye Partners L.P. during the second quarter worth approximately $1,587,000. MCF Advisors LLC boosted its stake in Buckeye Partners L.P. by 1.9% in the second quarter. MCF Advisors LLC now owns 2,508 shares of the pipeline company’s stock valued at $160,000 after buying an additional 46 shares in the last quarter. Naples Global Advisors LLC boosted its stake in Buckeye Partners L.P. by 4.7% in the second quarter. Naples Global Advisors LLC now owns 6,750 shares of the pipeline company’s stock valued at $432,000 after buying an additional 300 shares in the last quarter. Huntington National Bank boosted its stake in Buckeye Partners L.P. by 5.0% in the second quarter. Huntington National Bank now owns 35,680 shares of the pipeline company’s stock valued at $2,281,000 after buying an additional 1,715 shares in the last quarter. Finally, Bridges Investment Counsel Inc. boosted its stake in Buckeye Partners L.P. by 63.3% in the second quarter. Bridges Investment Counsel Inc. now owns 40,497 shares of the pipeline company’s stock valued at $2,589,000 after buying an additional 15,693 shares in the last quarter. Institutional investors and hedge funds own 70.68% of the company’s stock.
Shares of Buckeye Partners L.P. (NYSE:BPL) traded down 0.94% during trading on Friday, reaching $57.90. The company had a trading volume of 496,191 shares. The company has a market capitalization of $8.18 billion, a PE ratio of 16.01 and a beta of 1.11. The stock’s 50-day moving average price is $63.12 and its 200-day moving average price is $66.27. Buckeye Partners L.P. has a 52 week low of $57.77 and a 52 week high of $73.36.
Buckeye Partners L.P. (NYSE:BPL) last posted its quarterly earnings data on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.20. Buckeye Partners L.P. had a return on equity of 11.04% and a net margin of 14.42%. The firm had revenue of $810.20 million for the quarter, compared to analysts’ expectations of $797.47 million. During the same quarter last year, the firm posted $1.07 earnings per share. Buckeye Partners L.P.’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities analysts expect that Buckeye Partners L.P. will post $3.78 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 14th will be given a $1.2625 dividend. The ex-dividend date is Thursday, August 10th. This is a positive change from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. This represents a $5.05 dividend on an annualized basis and a dividend yield of 8.72%. Buckeye Partners L.P.’s dividend payout ratio is 138.36%.
Several analysts recently issued reports on BPL shares. Guggenheim started coverage on Buckeye Partners L.P. in a research report on Monday, April 17th. They set a “neutral” rating and a $72.00 target price for the company. Stifel Nicolaus upgraded Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research report on Monday, May 8th. They noted that the move was a valuation call. BidaskClub upgraded Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Royal Bank Of Canada reiterated a “hold” rating and set a $73.00 target price on shares of Buckeye Partners L.P. in a research report on Wednesday, April 19th. Finally, Zacks Investment Research cut Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $73.36.
In other news, SVP Todd J. Russo sold 3,280 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total value of $219,760.00. Following the completion of the sale, the senior vice president now directly owns 14,106 shares in the company, valued at $945,102. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.42% of the stock is owned by corporate insiders.
About Buckeye Partners L.P.
Buckeye Partners, L.P. (Buckeye) owns and operates a network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
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