Municipal Employees Retirement System of Michigan Sells 1,870 Shares of Buckeye Partners L.P. (NYSE:BPL)

Municipal Employees Retirement System of Michigan lowered its position in shares of Buckeye Partners L.P. (NYSE:BPL) by 3.8% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 47,580 shares of the pipeline company’s stock after selling 1,870 shares during the period. Municipal Employees Retirement System of Michigan’s holdings in Buckeye Partners L.P. were worth $3,042,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in BPL. MCF Advisors LLC increased its stake in shares of Buckeye Partners L.P. by 1.9% in the second quarter. MCF Advisors LLC now owns 2,508 shares of the pipeline company’s stock worth $160,000 after buying an additional 46 shares in the last quarter. Winslow Evans & Crocker Inc. increased its stake in shares of Buckeye Partners L.P. by 1.1% in the second quarter. Winslow Evans & Crocker Inc. now owns 4,490 shares of the pipeline company’s stock worth $287,000 after buying an additional 50 shares in the last quarter. Private Trust Co. NA increased its stake in shares of Buckeye Partners L.P. by 1.7% in the second quarter. Private Trust Co. NA now owns 3,565 shares of the pipeline company’s stock worth $227,000 after buying an additional 60 shares in the last quarter. Linscomb & Williams Inc. increased its stake in shares of Buckeye Partners L.P. by 0.6% in the first quarter. Linscomb & Williams Inc. now owns 12,604 shares of the pipeline company’s stock worth $864,000 after buying an additional 78 shares in the last quarter. Finally, Clark Capital Management Group Inc. increased its stake in shares of Buckeye Partners L.P. by 3.0% in the first quarter. Clark Capital Management Group Inc. now owns 3,466 shares of the pipeline company’s stock worth $238,000 after buying an additional 102 shares in the last quarter. Institutional investors own 70.49% of the company’s stock.

Shares of Buckeye Partners L.P. (NYSE BPL) opened at 55.68 on Friday. The company’s 50-day moving average price is $62.28 and its 200-day moving average price is $65.86. The company has a market capitalization of $7.86 billion, a PE ratio of 15.40 and a beta of 1.11. Buckeye Partners L.P. has a 1-year low of $55.30 and a 1-year high of $73.01.

Buckeye Partners L.P. (NYSE:BPL) last issued its quarterly 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 during the quarter, compared to analyst estimates 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% compared to the same quarter last year. On average, equities analysts expect that Buckeye Partners L.P. will post $3.65 earnings per share for the current fiscal 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 paid a $1.2625 dividend. The ex-dividend date of this dividend is Thursday, August 10th. 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 yield of 9.07%. Buckeye Partners L.P.’s payout ratio is 138.36%.

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A number of brokerages recently weighed in on BPL. Barclays PLC cut their price target 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 report on Monday, August 7th. BidaskClub downgraded shares of 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 shares of Buckeye Partners L.P. and gave the company a “hold” rating in a research report on Monday, August 7th. Zacks Investment Research downgraded shares of Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Finally, Stifel Nicolaus upgraded shares of 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 investment analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. The company 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 business’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 transaction, the senior vice president now directly owns 14,106 shares of the company’s stock, valued at $945,102. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, Director Barbara J. Duganier purchased 1,000 shares of the company’s stock in a transaction on Monday, August 14th. The stock was acquired at an average cost of $58.19 per share, for a total transaction of $58,190.00. Following the completion of the purchase, the director now owns 9,000 shares of the company’s stock, valued at approximately $523,710. The disclosure for this purchase can be found here. 0.42% of the stock is currently owned by 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.

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

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