Maple Capital Management Inc. maintained its stake in Buckeye Partners L.P. (NYSE:BPL) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,130 shares of the pipeline company’s stock at the end of the second quarter. Maple Capital Management Inc.’s holdings in Buckeye Partners L.P. were worth $775,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Global Endowment Management LP boosted its stake in Buckeye Partners L.P. by 2.1% in the first quarter. Global Endowment Management LP now owns 34,490 shares of the pipeline company’s stock valued at $2,365,000 after buying an additional 700 shares in the last quarter. Blair William & Co. IL boosted its stake in Buckeye Partners L.P. by 0.4% in the first quarter. Blair William & Co. IL now owns 88,170 shares of the pipeline company’s stock valued at $6,060,000 after buying an additional 358 shares in the last quarter. Bollard Group LLC boosted its stake in Buckeye Partners L.P. by 12.4% in the first quarter. Bollard Group LLC now owns 266,852 shares of the pipeline company’s stock worth $18,295,000 after buying an additional 29,437 shares during the period. Crestwood Advisors Group LLC acquired a new stake in Buckeye Partners L.P. during the first quarter worth about $117,000. Finally, Investment Centers of America Inc. acquired a new stake in Buckeye Partners L.P. during the first quarter worth about $375,000. Institutional investors and hedge funds own 70.68% of the company’s stock.
Shares of Buckeye Partners L.P. (BPL) traded down 0.94% during trading on Friday, reaching $57.90. 496,191 shares of the company were exchanged. Buckeye Partners L.P. has a one year low of $57.77 and a one year high of $73.36. The company has a 50 day moving average price of $63.12 and a 200-day moving average price of $66.27. The stock has a market capitalization of $8.18 billion, a price-to-earnings ratio of 16.01 and a beta of 1.11.
Buckeye Partners L.P. (NYSE:BPL) last announced its quarterly earnings results on Friday, August 4th. The pipeline company reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by $0.20. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. The business had revenue of $810.20 million for the quarter, compared to analyst estimates of $797.47 million. During the same period in the prior year, the business earned $1.07 EPS. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. Equities analysts predict that Buckeye Partners L.P. will post $3.78 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Monday, August 14th will be issued a dividend of $1.2625 per share. This is an increase from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. The ex-dividend date of this dividend is Thursday, August 10th. This represents a $5.05 annualized dividend and a yield of 8.72%. Buckeye Partners L.P.’s dividend payout ratio (DPR) is currently 138.36%.
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A number of research firms have issued reports on BPL. Barclays PLC reduced their target price on shares of Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating for the company in a research note on Monday, August 7th. Credit Suisse Group set a $74.00 target price on shares of Buckeye Partners L.P. and gave the company a “hold” rating in a research note on Monday, August 7th. BidaskClub cut shares of Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Zacks Investment Research cut shares of Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Finally, Royal Bank Of Canada reiterated a “hold” rating and issued a $73.00 target price on shares of Buckeye Partners L.P. in a research note on Wednesday, April 19th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company. Buckeye Partners L.P. currently has a consensus rating of “Hold” and an average price target of $73.36.
In other Buckeye Partners L.P. news, SVP Todd J. Russo sold 3,280 shares of the firm’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total transaction of $219,760.00. Following the completion of the sale, the senior vice president now owns 14,106 shares of the company’s stock, valued at approximately $945,102. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Company insiders own 0.42% of the company’s stock.
Buckeye Partners L.P. Company Profile
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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