Buckeye Partners L.P. (BPL) Shares Bought by Sun Life Financial INC
Sun Life Financial INC increased its stake in shares of Buckeye Partners L.P. (NYSE:BPL) by 1,359.9% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 4,000 shares of the pipeline company’s stock after purchasing an additional 3,726 shares during the quarter. Sun Life Financial INC’s holdings in Buckeye Partners L.P. were worth $256,000 at the end of the most recent reporting period.
A number of other hedge funds also recently added to or reduced their stakes in the stock. Evergreen Capital Management LLC lifted its stake in Buckeye Partners L.P. by 38.4% in the 2nd quarter. Evergreen Capital Management LLC now owns 175,235 shares of the pipeline company’s stock valued at $11,203,000 after purchasing an additional 48,585 shares during the last quarter. Global Endowment Management LP boosted its position in Buckeye Partners L.P. by 2.1% in the first quarter. Global Endowment Management LP now owns 34,490 shares of the pipeline company’s stock valued at $2,365,000 after buying an additional 700 shares in the last quarter. Boyer & Corporon Wealth Management LLC acquired a new stake in Buckeye Partners L.P. in the second quarter valued at approximately $2,172,000. Investment Centers of America Inc. acquired a new stake in Buckeye Partners L.P. in the first quarter valued at approximately $375,000. Finally, Brookfield Asset Management Inc. boosted its position in Buckeye Partners L.P. by 3.0% in the first quarter. Brookfield Asset Management Inc. now owns 27,290 shares of the pipeline company’s stock valued at $1,871,000 after buying an additional 800 shares in the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.
Shares of Buckeye Partners L.P. (BPL) traded up 0.54% during mid-day trading on Monday, hitting $57.31. 64,082 shares of the company traded hands. Buckeye Partners L.P. has a 1-year low of $54.33 and a 1-year high of $73.01. The stock has a market capitalization of $8.09 billion, a PE ratio of 15.85 and a beta of 1.16. The firm’s 50 day moving average price is $57.39 and its 200-day moving average price is $63.59.
Buckeye Partners L.P. (NYSE:BPL) last issued its quarterly earnings results on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.20). The business had revenue of $810.20 million for the quarter, compared to the consensus estimate of $797.47 million. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. The firm’s revenue was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.07 earnings per share. On average, equities research analysts forecast that Buckeye Partners L.P. will post $3.56 EPS for the current year.
Several research analysts have recently issued reports on BPL shares. Credit Suisse Group set a $74.00 price target on shares of Buckeye Partners L.P. and gave the stock a “hold” rating in a report on Monday, August 7th. BidaskClub upgraded Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Royal Bank Of Canada reissued a “hold” rating and set a $67.00 price objective on shares of Buckeye Partners L.P. in a report on Wednesday, September 13th. Stifel Nicolaus reissued a “buy” rating and set a $69.00 price objective on shares of Buckeye Partners L.P. in a report on Sunday, September 10th. Finally, Barclays PLC reduced 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 research report on Monday, August 7th. One analyst has rated the stock with a sell rating, nine have given a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $72.36.
In other Buckeye Partners L.P. news, Director Barbara J. Duganier acquired 1,000 shares of the business’s stock in a transaction dated Monday, August 14th. The stock was bought at an average price of $58.19 per share, with a total value of $58,190.00. Following the purchase, the director now owns 9,000 shares of the company’s stock, valued at $523,710. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.42% of the company’s stock.
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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