Shares of Buckeye Partners L.P. (NYSE:BPL) have earned an average rating of “Hold” from the thirteen analysts that are presently covering the company, MarketBeat Ratings reports. Two analysts have rated the stock with a sell recommendation, eight have assigned a hold recommendation and three have given a buy recommendation to the company. The average twelve-month price objective among analysts that have updated their coverage on the stock in the last year is $73.40.
BPL has been the subject of several research reports. Stifel Nicolaus raised shares of Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research note on Monday, May 15th. Barclays PLC dropped their price target 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. Credit Suisse Group set a $74.00 price target on shares of Buckeye Partners L.P. and gave the company a “hold” rating in a research note on Monday. Royal Bank Of Canada reissued a “hold” rating and issued a $73.00 price target on shares of Buckeye Partners L.P. in a research note on Wednesday, April 19th. Finally, Guggenheim began coverage on shares of Buckeye Partners L.P. in a research note on Monday, April 17th. They issued a “neutral” rating and a $72.00 price target for the company.
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 shares were sold at an average price of $67.00, for a total value of $219,760.00. Following the transaction, the senior vice president now directly owns 14,106 shares in the company, valued at approximately $945,102. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.42% of the company’s stock.
Several institutional investors have recently modified their holdings of BPL. Tortoise Capital Advisors L.L.C. raised its position in shares of Buckeye Partners L.P. by 4.8% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 10,633,690 shares of the pipeline company’s stock valued at $679,812,000 after buying an additional 482,248 shares in the last quarter. Bank of Montreal Can raised its position in shares of Buckeye Partners L.P. by 35.8% in the second quarter. Bank of Montreal Can now owns 1,636,442 shares of the pipeline company’s stock valued at $104,618,000 after buying an additional 431,040 shares in the last quarter. Chickasaw Capital Management LLC raised its position in shares of Buckeye Partners L.P. by 15.2% in the first quarter. Chickasaw Capital Management LLC now owns 3,189,567 shares of the pipeline company’s stock valued at $218,677,000 after buying an additional 420,068 shares in the last quarter. Alps Advisors Inc. raised its position in shares of Buckeye Partners L.P. by 3.6% in the second quarter. Alps Advisors Inc. now owns 10,257,328 shares of the pipeline company’s stock valued at $655,751,000 after buying an additional 352,443 shares in the last quarter. Finally, Infrastructure Capital Advisors LLC raised its position in shares of Buckeye Partners L.P. by 103.8% in the first quarter. Infrastructure Capital Advisors LLC now owns 472,652 shares of the pipeline company’s stock valued at $32,405,000 after buying an additional 240,709 shares in the last quarter. Hedge funds and other institutional investors own 70.68% of the company’s stock.
Shares of Buckeye Partners L.P. (BPL) traded up 0.03% on Tuesday, hitting $58.47. The stock had a trading volume of 139,449 shares. The firm’s 50-day moving average price is $63.19 and its 200 day moving average price is $66.32. Buckeye Partners L.P. has a 12 month low of $57.99 and a 12 month high of $73.36. The firm has a market cap of $8.26 billion, a P/E ratio of 16.17 and a beta of 1.11.
Buckeye Partners L.P. (NYSE:BPL) last announced its quarterly earnings data 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 analysts’ expectations of $797.47 million. During the same period in the prior year, the company posted $1.07 EPS. The firm’s revenue was up 4.3% on a year-over-year basis. Analysts anticipate that Buckeye Partners L.P. will post $3.78 EPS for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 14th will be issued a $1.2625 dividend. This is a positive change from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. This represents a $5.05 annualized dividend and a dividend yield of 8.64%. The ex-dividend date is Thursday, August 10th. Buckeye Partners L.P.’s dividend payout ratio is currently 136.99%.
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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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