Bridges Investment Counsel Inc. Has $2.59 Million Stake in Buckeye Partners L.P. (BPL)

Bridges Investment Counsel Inc. raised its stake in Buckeye Partners L.P. (NYSE:BPL) by 63.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 40,497 shares of the pipeline company’s stock after buying an additional 15,693 shares during the period. Bridges Investment Counsel Inc.’s holdings in Buckeye Partners L.P. were worth $2,589,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Sigma Planning Corp increased its position in shares of Buckeye Partners L.P. by 10.6% in the first quarter. Sigma Planning Corp now owns 5,701 shares of the pipeline company’s stock valued at $391,000 after buying an additional 546 shares during the last quarter. First Manhattan Co. increased its position in shares of Buckeye Partners L.P. by 3.7% in the first quarter. First Manhattan Co. now owns 77,085 shares of the pipeline company’s stock valued at $5,519,000 after buying an additional 2,750 shares during the last quarter. Crestwood Advisors Group LLC acquired a new position in shares of Buckeye Partners L.P. during the first quarter valued at approximately $117,000. Huntington National Bank increased its position in shares of Buckeye Partners L.P. by 17.5% in the first quarter. Huntington National Bank now owns 33,965 shares of the pipeline company’s stock valued at $2,329,000 after buying an additional 5,049 shares during the last quarter. Finally, Bollard Group LLC increased its position in shares of 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 valued at $18,295,000 after buying an additional 29,437 shares during the last quarter. 70.49% of the stock is owned by hedge funds and other institutional investors.

Buckeye Partners L.P. (NYSE:BPL) traded down 0.98% during trading on Friday, hitting $55.68. The company’s stock had a trading volume of 547,412 shares. Buckeye Partners L.P. has a 12 month low of $55.30 and a 12 month high of $73.01. The firm has a 50 day moving average of $62.28 and a 200 day moving average of $65.86. The firm has a market cap of $7.86 billion, a P/E ratio of 15.40 and a beta of 1.11.

Buckeye Partners L.P. (NYSE:BPL) last posted its earnings results on Friday, August 4th. The pipeline company reported $0.80 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ 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 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. Equities research analysts predict that Buckeye Partners L.P. will post $3.65 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 14th will be paid a dividend of $1.2625 per share. The ex-dividend date is Thursday, August 10th. This is a boost from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. This represents a $5.05 annualized dividend and a dividend yield of 9.07%. Buckeye Partners L.P.’s payout ratio is 138.36%.

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Several research analysts have commented on the company. Stifel Nicolaus raised 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 note on Monday, May 8th. They noted that the move was a valuation call. Zacks Investment Research downgraded Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. BidaskClub downgraded Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Barclays PLC lowered their price objective on 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. Finally, Credit Suisse Group set a $74.00 price objective on Buckeye Partners L.P. and gave the company a “hold” rating in a research note on Monday, August 7th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the stock. The stock has an average rating of “Hold” and an average price target of $73.36.

In other Buckeye Partners L.P. news, Director Barbara J. Duganier bought 1,000 shares of Buckeye Partners L.P. stock in a transaction dated Monday, August 14th. The shares were purchased at an average cost of $58.19 per share, with a total value of $58,190.00. Following the completion of the purchase, the director now owns 9,000 shares of the company’s stock, valued at $523,710. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, SVP Todd J. Russo sold 3,280 shares of Buckeye Partners L.P. 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 sale, the senior vice president now owns 14,106 shares in the company, valued at $945,102. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by insiders.

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.

Institutional Ownership by Quarter for Buckeye Partners L.P. (NYSE:BPL)

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