Buckeye Partners L.P. (BPL) Shares Bought by Peapack Gladstone Financial Corp
Peapack Gladstone Financial Corp raised its position in shares of Buckeye Partners L.P. (NYSE:BPL) by 30.0% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 30,404 shares of the pipeline company’s stock after buying an additional 7,015 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Buckeye Partners L.P. were worth $1,944,000 as of its most recent SEC filing.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in BPL. Evergreen Capital Management LLC lifted its stake in shares of 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 lifted its stake in shares of Buckeye Partners L.P. by 2.1% in the 1st quarter. Global Endowment Management LP now owns 34,490 shares of the pipeline company’s stock valued at $2,365,000 after purchasing an additional 700 shares during the last quarter. Boyer & Corporon Wealth Management LLC bought a new stake in shares of Buckeye Partners L.P. in the 2nd quarter valued at approximately $2,172,000. Investment Centers of America Inc. bought a new stake in shares of Buckeye Partners L.P. in the 1st quarter valued at approximately $375,000. Finally, Brookfield Asset Management Inc. lifted its stake in shares of Buckeye Partners L.P. by 3.0% in the 1st quarter. Brookfield Asset Management Inc. now owns 27,290 shares of the pipeline company’s stock valued at $1,871,000 after purchasing an additional 800 shares during the last quarter. Institutional investors and hedge funds own 68.84% of the company’s stock.
In other news, Director Barbara J. Duganier purchased 1,000 shares of the firm’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 of the company’s stock, valued at $523,710. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.42% of the stock is owned by corporate insiders.
Buckeye Partners L.P. (BPL) traded down 0.3271% on Friday, reaching $58.9067. The company’s stock had a trading volume of 64,215 shares. Buckeye Partners L.P. has a 52 week low of $54.33 and a 52 week high of $73.01. The firm has a market capitalization of $8.32 billion, a price-to-earnings ratio of 16.2906 and a beta of 1.16. The company has a 50 day moving average of $56.37 and a 200 day moving average of $62.77.
Buckeye Partners L.P. (NYSE:BPL) last released 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). Buckeye Partners L.P. had a return on equity of 11.04% and a net margin of 14.42%. The firm had revenue of $810.20 million for the quarter, compared to analyst estimates of $797.47 million. During the same quarter last year, the company earned $1.07 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, analysts forecast that Buckeye Partners L.P. will post $3.56 earnings per share for the current year.
BPL has been the subject of several analyst reports. BidaskClub raised Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Zacks Investment Research lowered Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Credit Suisse Group AG set a $74.00 price target on Buckeye Partners L.P. and gave the stock a “hold” rating in a research note on Monday, August 7th. Barclays PLC decreased their price target on Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating for the company in a research note on Monday, August 7th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $69.00 price target on shares of Buckeye Partners L.P. in a research note on Sunday, September 10th. One investment analyst has rated the stock with a sell rating, nine have given a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus price target of $72.30.
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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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