Buckeye Partners L.P.’s (BPL) Buy Rating Reaffirmed at Stifel Nicolaus
Stifel Nicolaus reissued their buy rating on shares of Buckeye Partners L.P. (NYSE:BPL) in a research note published on Sunday. The firm currently has a $69.00 price objective on the pipeline company’s stock.
Several other research firms also recently weighed in on BPL. Zacks Investment Research downgraded Buckeye Partners L.P. from a hold rating to a sell rating in a report on Tuesday, July 11th. BidaskClub downgraded Buckeye Partners L.P. from a sell rating to a strong sell rating in a report on Monday, July 31st. Credit Suisse Group set a $74.00 price objective on Buckeye Partners L.P. and gave the company a hold rating in a report on Monday, August 7th. Finally, Barclays PLC cut their price objective on Buckeye Partners L.P. from $68.00 to $66.00 and set an equal weight rating on the stock in a report on Monday, August 7th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the stock. Buckeye Partners L.P. currently has a consensus rating of Hold and a consensus price target of $72.36.
Shares of Buckeye Partners L.P. (BPL) opened at 56.58 on Friday. The company has a 50-day moving average price of $58.45 and a 200-day moving average price of $64.05. The company has a market cap of $7.99 billion, a P/E ratio of 15.65 and a beta of 1.14. Buckeye Partners L.P. has a 12-month low of $54.33 and a 12-month high of $73.01.
Buckeye Partners L.P. (NYSE:BPL) last released 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). Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. The firm had revenue of $810.20 million for the quarter, compared to analyst estimates of $797.47 million. During the same period last year, the business earned $1.07 EPS. The company’s revenue was up 4.3% compared to the same quarter last year. On average, analysts predict that Buckeye Partners L.P. will post $3.56 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, August 21st. Shareholders of record on Monday, August 14th were issued a dividend of $1.2625 per share. The ex-dividend date was Thursday, August 10th. 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 yield of 8.93%. Buckeye Partners L.P.’s payout ratio is presently 138.36%.
In related news, Director Barbara J. Duganier bought 1,000 shares of the business’s stock in a transaction on 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 acquisition, 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 through this link. 0.42% of the stock is currently owned by insiders.
A number of institutional investors and hedge funds have recently made changes to their positions in BPL. Nordea Investment Management AB acquired a new position in Buckeye Partners L.P. during the 2nd quarter worth about $54,426,000. Tortoise Capital Advisors L.L.C. raised its position in shares of Buckeye Partners L.P. by 4.8% in the 2nd quarter. Tortoise Capital Advisors L.L.C. now owns 10,633,690 shares of the pipeline company’s stock worth $679,812,000 after acquiring an additional 482,248 shares in the last quarter. Bank of Montreal Can raised its position in shares of Buckeye Partners L.P. by 35.8% in the 2nd quarter. Bank of Montreal Can now owns 1,636,442 shares of the pipeline company’s stock worth $104,618,000 after acquiring an additional 431,040 shares in the last quarter. Alps Advisors Inc. raised its position in shares of Buckeye Partners L.P. by 3.6% in the 2nd quarter. Alps Advisors Inc. now owns 10,257,328 shares of the pipeline company’s stock worth $655,751,000 after acquiring an additional 352,443 shares in the last quarter. Finally, Infrastructure Capital Advisors LLC raised its position in shares of Buckeye Partners L.P. by 103.8% in the 1st quarter. Infrastructure Capital Advisors LLC now owns 472,652 shares of the pipeline company’s stock worth $32,405,000 after acquiring an additional 240,709 shares in the last quarter. 68.87% of the stock is currently owned by hedge funds and other institutional investors.
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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