Buckeye Partners, L.P. (BPL) Stake Decreased by Evergreen Capital Management LLC
Evergreen Capital Management LLC reduced its stake in Buckeye Partners, L.P. (NYSE:BPL) by 1.0% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 145,350 shares of the company’s stock after selling 1,450 shares during the period. Buckeye Partners, L.P. comprises approximately 2.2% of Evergreen Capital Management LLC’s portfolio, making the stock its 11th largest position. Evergreen Capital Management LLC owned 0.11% of Buckeye Partners, L.P. worth $10,223,000 at the end of the most recent reporting period.
Several other institutional investors also recently bought and sold shares of BPL. ING Groep NV raised its position in Buckeye Partners, L.P. by 309.4% in the first quarter. ING Groep NV now owns 2,001,974 shares of the company’s stock valued at $136,034,000 after buying an additional 1,512,974 shares in the last quarter. Bank of Montreal Can bought a new position in Buckeye Partners, L.P. during the second quarter valued at about $72,145,000. Harvest Fund Advisors LLC raised its position in Buckeye Partners, L.P. by 16.3% in the first quarter. Harvest Fund Advisors LLC now owns 6,427,426 shares of the company’s stock valued at $436,679,000 after buying an additional 899,843 shares in the last quarter. Goldman Sachs Group Inc. raised its position in Buckeye Partners, L.P. by 16.1% in the first quarter. Goldman Sachs Group Inc. now owns 5,967,215 shares of the company’s stock valued at $405,413,000 after buying an additional 829,184 shares in the last quarter. Finally, Energy Income Partners LLC acquired a new position in shares of Buckeye Partners, L.P. during the first quarter worth $45,134,000.
Buckeye Partners, L.P. (NYSE:BPL) traded up 1.31% during midday trading on Wednesday, hitting $71.37. The company’s stock had a trading volume of 286,282 shares. The company’s 50-day moving average is $70.47 and its 200 day moving average is $70.24. The company has a market cap of $9.35 billion, a price-to-earnings ratio of 18.35 and a beta of 0.95. Buckeye Partners, L.P. has a one year low of $47.07 and a one year high of $75.10.
Buckeye Partners, L.P. (NYSE:BPL) last issued its quarterly earnings data on Friday, August 5th. The company reported $1.07 earnings per share for the quarter, beating analysts’ consensus estimates of $0.96 by $0.11. The company had revenue of $777.12 million for the quarter, compared to the consensus estimate of $759.98 million. During the same period in the previous year, the business earned $0.71 EPS. Buckeye Partners, L.P.’s revenue for the quarter was down 2.5% compared to the same quarter last year. On average, analysts predict that Buckeye Partners, L.P. will post $0.01 EPS for the current year.
A number of equities analysts have weighed in on BPL shares. Zacks Investment Research lowered Buckeye Partners, L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 12th. Goldman Sachs Group Inc. started coverage on Buckeye Partners, L.P. in a research report on Thursday, August 25th. They issued a “neutral” rating and a $78.00 target price for the company. Finally, US Capital Advisors raised Buckeye Partners, L.P. from a “hold” rating to a “buy” rating in a research report on Thursday, September 8th. Two investment analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has a consensus rating of “Buy” and an average target price of $73.13.
In related news, CEO Clark C. Smith sold 910 shares of the firm’s stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $75.02, for a total transaction of $68,268.20. Following the sale, the chief executive officer now owns 59,273 shares of the company’s stock, valued at $4,446,660.46. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, SVP Khalid A. Muslih sold 7,500 shares of the firm’s stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $75.00, for a total value of $562,500.00. Following the sale, the senior vice president now directly owns 23,177 shares in the company, valued at approximately $1,738,275. The disclosure for this sale can be found here.
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 and marketing of liquid petroleum products. The Company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
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