Ipswich Investment Management Co. Inc. maintained its position 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 4,657 shares of the pipeline company’s stock at the end of the second quarter. Ipswich Investment Management Co. Inc.’s holdings in Buckeye Partners L.P. were worth $298,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in BPL. Valley National Advisers Inc. raised its position in Buckeye Partners L.P. by 11.5% in the first quarter. Valley National Advisers Inc. now owns 1,649 shares of the pipeline company’s stock valued at $113,000 after buying an additional 170 shares during the period. Crestwood Advisors Group LLC bought a new position in Buckeye Partners L.P. during the first quarter valued at approximately $117,000. Hirtle Callaghan & Co LLC bought a new position in Buckeye Partners L.P. during the first quarter valued at approximately $118,000. Oppenheimer Asset Management Inc. bought a new position in Buckeye Partners L.P. during the first quarter valued at approximately $128,000. Finally, IHT Wealth Management LLC bought a new position in Buckeye Partners L.P. during the first quarter valued at approximately $170,000. 70.49% of the stock is currently owned by hedge funds and other institutional investors.
Shares of 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 1-year low of $55.30 and a 1-year high of $73.01. The firm’s 50 day moving average is $62.28 and its 200-day moving average is $65.86. The company has a market capitalization of $7.86 billion, a P/E ratio of 15.40 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 EPS for the quarter, missing the Zacks’ 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 during the quarter, compared to the consensus estimate of $797.47 million. During the same quarter in the prior year, the business posted $1.07 EPS. Buckeye Partners L.P.’s revenue was up 4.3% compared to the same quarter last year. Analysts forecast that Buckeye Partners L.P. will post $3.65 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Monday, August 14th will be given a $1.2625 dividend. The ex-dividend date is Thursday, August 10th. This represents a $5.05 dividend on an annualized basis and a dividend yield of 9.07%. This is an increase from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. Buckeye Partners L.P.’s dividend payout ratio (DPR) is currently 138.36%.
Several equities analysts recently commented on the company. Barclays PLC reduced their price target on Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating on the stock in a research report on Monday, August 7th. BidaskClub lowered Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Credit Suisse Group set a $74.00 price target on Buckeye Partners L.P. and gave the stock a “hold” rating in a research report on Monday, August 7th. Zacks Investment Research lowered Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, Stifel Nicolaus raised Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 price target on the stock in a research report on Monday, May 15th. 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. The stock currently has a consensus rating of “Hold” and an average target price of $73.36.
In other news, Director Barbara J. Duganier acquired 1,000 shares of Buckeye Partners L.P. stock in a transaction on Monday, August 14th. The stock was bought at an average price of $58.19 per share, for a total transaction of $58,190.00. Following the transaction, the director now owns 9,000 shares of the company’s stock, valued at $523,710. The purchase was disclosed in a filing with the SEC, which is available at this hyperlink. Also, SVP Todd J. Russo sold 3,280 shares of the firm’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 owns 14,106 shares of the company’s stock, valued at approximately $945,102. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by company 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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