IFP Advisors Inc Raises Stake in Buckeye Partners L.P. (NYSE:BPL)

IFP Advisors Inc increased its position in Buckeye Partners L.P. (NYSE:BPL) by 9.3% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 29,887 shares of the pipeline company’s stock after buying an additional 2,549 shares during the period. IFP Advisors Inc’s holdings in Buckeye Partners L.P. were worth $1,911,000 at the end of the most recent reporting period.

Other institutional investors also recently modified their holdings of the company. 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 worth $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 worth $218,677,000 after buying an additional 420,068 shares in the last quarter. 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 worth $32,405,000 after buying an additional 240,709 shares in the last quarter. Bank of America Corp DE raised its position in shares of Buckeye Partners L.P. by 6.6% in the first quarter. Bank of America Corp DE now owns 3,471,008 shares of the pipeline company’s stock worth $237,973,000 after buying an additional 213,555 shares in the last quarter. Finally, Creative Planning raised its position in shares of Buckeye Partners L.P. by 11.3% in the second quarter. Creative Planning now owns 1,261,373 shares of the pipeline company’s stock worth $80,640,000 after buying an additional 128,256 shares in the last quarter. Hedge funds and other institutional investors own 70.49% of the company’s stock.

Buckeye Partners L.P. (NYSE:BPL) traded down 0.98% on Friday, hitting $55.68. 547,412 shares of the stock were exchanged. The firm has a market cap of $7.86 billion, a PE ratio of 15.40 and a beta of 1.11. Buckeye Partners L.P. has a 52-week low of $55.30 and a 52-week high of $73.01. The stock’s 50 day moving average price is $62.28 and its 200 day moving average price is $65.86.

Buckeye Partners L.P. (NYSE:BPL) last posted its quarterly earnings data on Friday, August 4th. The pipeline company reported $0.80 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.20. The firm had revenue of $810.20 million during the quarter, compared to analyst estimates of $797.47 million. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. Buckeye Partners L.P.’s revenue was up 4.3% compared to the same quarter last year. During the same period in the previous year, the company posted $1.07 earnings per share. Equities research analysts forecast that Buckeye Partners L.P. will post $3.65 earnings per share for the current year.

The company 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 an increase 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%. The ex-dividend date is Thursday, August 10th. Buckeye Partners L.P.’s dividend payout ratio is presently 138.36%.

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BPL has been the subject of a number of research reports. Stifel Nicolaus upgraded shares of 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 raised shares of Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Zacks Investment Research downgraded shares of Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. 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. Finally, 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 on the stock in a research note on Monday, August 7th. 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’s stock. The company presently has an average rating of “Hold” and a consensus target price of $73.36.

In other Buckeye Partners L.P. news, Director Barbara J. Duganier acquired 1,000 shares of the business’s stock in a transaction on Monday, August 14th. The stock was purchased at an average price of $58.19 per share, for a total transaction of $58,190.00. Following the completion of the transaction, the director now owns 9,000 shares of the company’s stock, valued at approximately $523,710. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Also, SVP Todd J. Russo sold 3,280 shares of the company’s stock in a transaction 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 completion of the sale, the senior vice president now directly owns 14,106 shares in the company, valued at approximately $945,102. The disclosure for this sale can be found here. 0.42% of the stock is currently owned by corporate 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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