Buckeye Partners L.P. (BPL) Price Target Cut to $72.00 by Analysts at Citigroup Inc.
Buckeye Partners L.P. (NYSE:BPL) had its price objective reduced by Citigroup Inc. from $77.00 to $72.00 in a report released on Tuesday morning. Citigroup Inc. currently has a buy rating on the pipeline company’s stock.
BPL has been the subject of several other reports. Zacks Investment Research upgraded shares of Buckeye Partners L.P. from a strong sell rating to a hold rating in a research report on Monday, September 18th. Wells Fargo & Company cut their price objective on shares of Buckeye Partners L.P. from $66.00 to $61.00 and set a market perform rating for the company in a research report on Tuesday. Stifel Nicolaus restated a buy rating and set a $69.00 price objective on shares of Buckeye Partners L.P. in a research report on Sunday, September 10th. Royal Bank Of Canada restated a hold rating and set a $67.00 price objective on shares of Buckeye Partners L.P. in a research report on Wednesday, September 13th. Finally, Credit Suisse Group set a $74.00 price objective on shares of Buckeye Partners L.P. and gave the stock a hold rating in a research report on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of Hold and an average price target of $71.33.
Shares of Buckeye Partners L.P. (BPL) traded down 0.03% during trading on Tuesday, hitting $57.82. 60,972 shares of the company’s stock were exchanged. Buckeye Partners L.P. has a 12-month low of $54.33 and a 12-month high of $73.01. The company has a market cap of $8.17 billion, a P/E ratio of 15.97 and a beta of 1.16. The company has a 50-day moving average of $56.63 and a 200-day moving average of $62.55.
Buckeye Partners L.P. (NYSE:BPL) last issued its earnings results on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.20). The business had revenue of $810.20 million during the quarter, compared to analyst estimates of $797.47 million. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. Buckeye Partners L.P.’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company earned $1.07 earnings per share. On average, equities analysts expect that Buckeye Partners L.P. will post $3.56 earnings per share for the current fiscal year.
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In related news, Director Barbara J. Duganier bought 1,000 shares of the stock in a transaction on 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 completion of the purchase, the director now directly owns 9,000 shares in the company, valued at approximately $523,710. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Company insiders own 0.42% of the company’s stock.
A number of hedge funds have recently made changes to their positions in BPL. Nordea Investment Management AB purchased a new position in Buckeye Partners L.P. during the second quarter worth about $54,426,000. Tortoise Capital Advisors L.L.C. boosted its stake in Buckeye Partners L.P. by 4.8% during the second quarter. Tortoise Capital Advisors L.L.C. now owns 10,633,690 shares of the pipeline company’s stock worth $679,812,000 after buying an additional 482,248 shares during the period. Bank of Montreal Can boosted its stake in Buckeye Partners L.P. by 35.8% during the second quarter. Bank of Montreal Can now owns 1,636,442 shares of the pipeline company’s stock worth $104,618,000 after buying an additional 431,040 shares during the period. Alps Advisors Inc. boosted its stake in Buckeye Partners L.P. by 3.6% during the second quarter. Alps Advisors Inc. now owns 10,257,328 shares of the pipeline company’s stock worth $655,751,000 after buying an additional 352,443 shares during the period. Finally, Balyasny Asset Management LLC purchased a new position in Buckeye Partners L.P. during the second quarter worth about $15,151,000. 68.84% of the stock is owned by institutional investors.
Buckeye Partners L.P. Company Profile
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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