Valley National Advisers Inc. boosted its holdings in Buckeye Partners, L.P. (NYSE:BPL) by 295.8% in the first quarter, according to its most recent filing with the SEC. The institutional investor owned 2,929 shares of the pipeline company’s stock after buying an additional 2,189 shares during the period. Valley National Advisers Inc.’s holdings in Buckeye Partners were worth $100,000 as of its most recent SEC filing.
A number of other hedge funds have also modified their holdings of BPL. Harvest Fund Advisors LLC grew its position in shares of Buckeye Partners by 97.4% during the fourth quarter. Harvest Fund Advisors LLC now owns 5,572,816 shares of the pipeline company’s stock valued at $161,556,000 after purchasing an additional 2,749,735 shares in the last quarter. Tortoise Capital Advisors L.L.C. grew its position in shares of Buckeye Partners by 27.4% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 11,790,497 shares of the pipeline company’s stock valued at $419,636,000 after purchasing an additional 2,537,274 shares in the last quarter. Alps Advisors Inc. grew its position in shares of Buckeye Partners by 12.6% during the fourth quarter. Alps Advisors Inc. now owns 14,531,387 shares of the pipeline company’s stock valued at $421,265,000 after purchasing an additional 1,626,804 shares in the last quarter. Bank of Montreal Can grew its position in shares of Buckeye Partners by 97.9% during the fourth quarter. Bank of Montreal Can now owns 2,145,556 shares of the pipeline company’s stock valued at $62,199,000 after purchasing an additional 1,061,307 shares in the last quarter. Finally, Eagle Global Advisors LLC purchased a new position in shares of Buckeye Partners during the first quarter valued at about $22,206,000. Institutional investors and hedge funds own 69.33% of the company’s stock.
A number of brokerages have recently weighed in on BPL. UBS Group lowered Buckeye Partners from a “buy” rating to a “neutral” rating and raised their price objective for the company from $36.00 to $41.50 in a research report on Wednesday, May 15th. Argus lowered Buckeye Partners from a “hold” rating to a “sell” rating and set a $41.80 price objective for the company. in a research report on Wednesday, May 15th. Zacks Investment Research upgraded Buckeye Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 14th. Mizuho set a $42.00 price target on shares of Buckeye Partners and gave the company a “hold” rating in a report on Friday, May 10th. Finally, Stifel Nicolaus downgraded shares of Buckeye Partners from a “buy” rating to a “hold” rating and increased their price target for the company from $34.00 to $41.50 in a report on Monday, May 13th. Two research analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has given a buy rating to the stock. Buckeye Partners presently has an average rating of “Hold” and a consensus price target of $39.79.
NYSE BPL traded down $0.08 during trading on Wednesday, hitting $40.88. The stock had a trading volume of 3,439,175 shares, compared to its average volume of 1,391,597. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.92 and a quick ratio of 0.28. The company has a market cap of $6.31 billion, a P/E ratio of 22.84 and a beta of 1.09. Buckeye Partners, L.P. has a one year low of $25.71 and a one year high of $42.65.
Buckeye Partners (NYSE:BPL) last posted its quarterly earnings results on Friday, May 10th. The pipeline company reported $0.52 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.07). Buckeye Partners had a negative net margin of 2.29% and a positive return on equity of 9.46%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same period in the prior year, the firm posted $0.74 EPS. The business’s revenue was down 13.0% on a year-over-year basis. As a group, equities research analysts expect that Buckeye Partners, L.P. will post 2.43 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Monday, May 20th will be paid a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 7.34%. The ex-dividend date of this dividend is Friday, May 17th. Buckeye Partners’s dividend payout ratio is presently 167.60%.
In related news, SVP Todd J. Russo sold 8,740 shares of Buckeye Partners stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $40.96, for a total transaction of $357,990.40. Following the transaction, the senior vice president now directly owns 5,092 shares of the company’s stock, valued at $208,568.32. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, VP Gary L. Bohnsack sold 2,500 shares of Buckeye Partners stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $41.73, for a total transaction of $104,325.00. Following the transaction, the vice president now directly owns 422 shares in the company, valued at $17,610.06. The disclosure for this sale can be found here. Insiders own 0.54% of the company’s stock.
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Buckeye Partners Profile
Buckeye Partners, L.P. owns and operates liquid petroleum products pipelines in the United States and internationally. The company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals, and Merchant Services. The Domestic Pipelines & Terminals segment transports liquid petroleum products, including gasoline, jet fuel, and various distillates.
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