The Manufacturers Life Insurance Company Has $277,000 Position in Buckeye Partners L.P. (BPL)
The Manufacturers Life Insurance Company boosted its holdings in Buckeye Partners L.P. (NYSE:BPL) by 8.3% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 4,339 shares of the pipeline company’s stock after purchasing an additional 332 shares during the period. The Manufacturers Life Insurance Company ‘s holdings in Buckeye Partners were worth $277,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other institutional investors have also added to or reduced their stakes in BPL. Nordea Investment Management AB bought a new position in Buckeye Partners in the second quarter valued at $54,426,000. Alps Advisors Inc. grew its position in Buckeye Partners by 3.6% in the second quarter. Alps Advisors Inc. now owns 10,257,328 shares of the pipeline company’s stock valued at $655,751,000 after purchasing an additional 352,443 shares in the last quarter. Balyasny Asset Management LLC bought a new position in Buckeye Partners in the second quarter valued at $15,151,000. Goldman Sachs Group Inc. grew its position in Buckeye Partners by 2.2% in the second quarter. Goldman Sachs Group Inc. now owns 5,146,972 shares of the pipeline company’s stock valued at $329,046,000 after purchasing an additional 113,242 shares in the last quarter. Finally, Wells Fargo & Company MN grew its position in Buckeye Partners by 37.6% in the second quarter. Wells Fargo & Company MN now owns 284,792 shares of the pipeline company’s stock valued at $18,206,000 after purchasing an additional 77,896 shares in the last quarter. 69.93% of the stock is owned by institutional investors and hedge funds.
A number of research analysts recently weighed in on the stock. SunTrust Banks set a $58.00 target price on shares of Buckeye Partners and gave the company a “hold” rating in a research report on Tuesday, November 14th. Royal Bank Of Canada decreased their price objective on shares of Buckeye Partners from $67.00 to $56.00 and set a “sector perform” rating for the company in a research report on Wednesday, November 8th. Barclays decreased their price objective on shares of Buckeye Partners from $64.00 to $60.00 and set an “equal weight” rating for the company in a research report on Monday, November 6th. Mizuho reissued a “hold” rating and issued a $60.00 price objective on shares of Buckeye Partners in a research report on Sunday, November 5th. Finally, Stifel Nicolaus decreased their price objective on shares of Buckeye Partners from $68.00 to $63.00 and set a “buy” rating for the company in a research report on Monday, November 6th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company. Buckeye Partners currently has a consensus rating of “Hold” and a consensus price target of $65.33.
Buckeye Partners (NYSE:BPL) last announced its quarterly earnings data on Friday, November 3rd. The pipeline company reported $0.81 EPS for the quarter, missing analysts’ consensus estimates of $0.86 by ($0.05). The firm had revenue of $922.60 million during the quarter, compared to the consensus estimate of $795.12 million. Buckeye Partners had a net margin of 12.69% and a return on equity of 9.72%. The business’s revenue was up 20.3% on a year-over-year basis. During the same period last year, the business earned $1.19 EPS. sell-side analysts expect that Buckeye Partners L.P. will post 3.4 earnings per share for the current year.
The business also recently announced a quarterly dividend, which was paid on Monday, November 20th. Investors of record on Monday, November 13th were issued a dividend of $1.2625 per share. This is an increase from Buckeye Partners’s previous quarterly dividend of $1.24. The ex-dividend date was Friday, November 10th. This represents a $5.05 annualized dividend and a dividend yield of 10.70%. Buckeye Partners’s payout ratio is presently 154.43%.
In related news, SVP Joseph Sauger sold 5,481 shares of Buckeye Partners stock in a transaction dated Monday, December 4th. The shares were sold at an average price of $47.04, for a total transaction of $257,826.24. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.42% of the company’s stock.
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Buckeye Partners 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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