Castleton Investment Management LLC Buys 6,000 Shares of Buckeye Partners L.P. (BPL)
Castleton Investment Management LLC lifted its stake in Buckeye Partners L.P. (NYSE:BPL) by 60.0% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 16,000 shares of the pipeline company’s stock after acquiring an additional 6,000 shares during the period. Castleton Investment Management LLC’s holdings in Buckeye Partners L.P. were worth $1,022,000 at the end of the most recent quarter.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in BPL. Nordea Investment Management AB bought a new position in shares of Buckeye Partners L.P. in the 2nd quarter worth $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, Balyasny Asset Management LLC bought a new position in shares of Buckeye Partners L.P. in the 2nd quarter worth $15,151,000. 68.84% of the stock is owned by hedge funds and other institutional investors.
Shares of Buckeye Partners L.P. (NYSE:BPL) traded up 0.94% on Thursday, reaching $59.01. The company had a trading volume of 118,853 shares. Buckeye Partners L.P. has a 52 week low of $54.33 and a 52 week high of $73.01. The company has a market capitalization of $8.33 billion, a P/E ratio of 16.32 and a beta of 1.16. The company has a 50 day moving average of $56.31 and a 200-day moving average of $62.80.
Buckeye Partners L.P. (NYSE:BPL) last posted its quarterly earnings results on Friday, August 4th. The pipeline company reported $0.80 earnings per share for the quarter, missing the Zacks’ 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 quarter in the prior year, the business earned $1.07 earnings per share. The firm’s quarterly revenue was up 4.3% on a year-over-year basis. Analysts predict that Buckeye Partners L.P. will post $3.56 earnings per share for the current fiscal year.
In other Buckeye Partners L.P. news, Director Barbara J. Duganier purchased 1,000 shares of the business’s stock in a transaction on Monday, August 14th. The shares were bought 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 directly owns 9,000 shares in the company, valued at $523,710. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.42% of the stock is owned by company insiders.
Several brokerages recently issued reports on BPL. Zacks Investment Research raised Buckeye Partners L.P. from a “strong sell” rating to a “hold” rating in a research report on Monday, September 18th. Stifel Nicolaus reaffirmed a “buy” rating and set a $69.00 target price on shares of Buckeye Partners L.P. in a research report on Sunday, September 10th. Royal Bank Of Canada reaffirmed a “hold” rating and set a $67.00 target price on shares of Buckeye Partners L.P. in a research report on Wednesday, September 13th. Credit Suisse Group set a $74.00 target price on Buckeye Partners L.P. and gave the company a “hold” rating in a research report on Monday, August 7th. Finally, Barclays PLC reduced their target price 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 issued a hold rating and two have given a buy rating to the company. Buckeye Partners L.P. has an average rating of “Hold” and a consensus price target of $72.30.
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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