Buckeye Partners L.P. (BPL) Downgraded to Hold at Stifel Nicolaus

Stifel Nicolaus cut shares of Buckeye Partners L.P. (NYSE:BPL) from a buy rating to a hold rating in a research note issued to investors on Monday morning. The brokerage currently has $74.00 price objective on the stock, up from their prior price objective of $73.00.

A number of other equities research analysts have also issued reports on the stock. Zacks Investment Research raised shares of Buckeye Partners L.P. from a hold rating to a buy rating and set a $73.00 price objective for the company in a report on Tuesday, January 24th. Barclays PLC began coverage on shares of Buckeye Partners L.P. in a report on Tuesday, January 17th. They set an equal weight rating and a $72.00 price objective for the company. RBC Capital Markets reaffirmed a hold rating and set a $71.00 price objective on shares of Buckeye Partners L.P. in a report on Friday, January 6th. Goldman Sachs Group, Inc. (The) lowered shares of Buckeye Partners L.P. from a buy rating to a neutral rating and cut their price objective for the company from $78.00 to $70.00 in a report on Thursday, December 15th. Finally, Mizuho cut their price objective on shares of Buckeye Partners L.P. from $76.00 to $70.00 and set a neutral rating for the company in a report on Monday, November 7th. Eight investment analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The company presently has a consensus rating of Hold and a consensus target price of $73.00.

Shares of Buckeye Partners L.P. (NYSE:BPL) traded down 0.97% on Monday, hitting $71.41. The stock had a trading volume of 181,229 shares. Buckeye Partners L.P. has a one year low of $51.57 and a one year high of $75.10. The company has a price-to-earnings ratio of 17.72. The firm’s 50-day moving average is $67.70 and its 200-day moving average is $68.06.

Buckeye Partners L.P. (NYSE:BPL) last announced its quarterly earnings data on Friday, February 10th. The company reported $0.78 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.03 by $0.25. Buckeye Partners L.P. had a net margin of 16.49% and a return on equity of 13.13%. The company had revenue of $924.06 million for the quarter, compared to analysts’ expectations of $860.16 million. During the same period last year, the business earned $1.03 earnings per share. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. On average, analysts expect that Buckeye Partners L.P. will post $4.42 EPS for the current fiscal year.

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The firm also recently announced a dividend, which will be paid on Tuesday, February 28th. Stockholders of record on Tuesday, February 21st will be given a dividend of $1.2375 per share. This is an increase from Buckeye Partners L.P.’s previous dividend of $1.09. The ex-dividend date is Thursday, February 16th. Buckeye Partners L.P.’s dividend payout ratio (DPR) is 120.99%.

In other news, CFO Clair Keith St sold 3,500 shares of Buckeye Partners L.P. stock in a transaction on Wednesday, December 21st. The stock was sold at an average price of $65.10, for a total transaction of $227,850.00. Following the completion of the sale, the chief financial officer now directly owns 93,174 shares in the company, valued at $6,065,627.40. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Larry C. Payne bought 1,000 shares of the firm’s stock in a transaction dated Wednesday, December 7th. The shares were acquired at an average price of $62.95 per share, with a total value of $62,950.00. Following the completion of the transaction, the director now owns 4,667 shares of the company’s stock, valued at approximately $293,787.65. The disclosure for this purchase can be found here. 0.38% of the stock is currently owned by company insiders.

Several hedge funds have recently added to or reduced their stakes in BPL. Cypress Capital Management LLC WY increased its stake in Buckeye Partners L.P. by 25.0% in the third quarter. Cypress Capital Management LLC WY now owns 1,500 shares of the company’s stock valued at $107,000 after buying an additional 300 shares during the period. Penserra Capital Management LLC increased its stake in Buckeye Partners L.P. by 149.4% in the third quarter. Penserra Capital Management LLC now owns 1,544 shares of the company’s stock valued at $110,000 after buying an additional 925 shares during the last quarter. FineMark National Bank & Trust increased its stake in Buckeye Partners L.P. by 8.7% in the third quarter. FineMark National Bank & Trust now owns 1,546 shares of the company’s stock valued at $111,000 after buying an additional 124 shares during the last quarter. Kings Point Capital Management increased its stake in Buckeye Partners L.P. by 205.6% in the third quarter. Kings Point Capital Management now owns 2,081 shares of the company’s stock valued at $149,000 after buying an additional 1,400 shares during the last quarter. Finally, Sei Investments Co. increased its stake in Buckeye Partners L.P. by 943.4% in the third quarter. Sei Investments Co. now owns 2,212 shares of the company’s stock valued at $159,000 after buying an additional 2,000 shares during the last quarter. Institutional investors and hedge funds own 67.12% of the company’s stock.

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 and marketing of liquid petroleum products. The Company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.

5 Day Chart for NYSE:BPL

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