UBS Group downgraded shares of Buckeye Partners (NYSE:BPL) from a buy rating to a neutral rating in a research report released on Wednesday, BenzingaRatingsTable reports. The firm currently has $41.50 price objective on the pipeline company’s stock, up from their prior price objective of $36.00.
Several other equities analysts have also weighed in on the stock. ValuEngine lowered shares of Buckeye Partners from a sell rating to a strong sell rating in a report on Tuesday, January 29th. Barclays upgraded shares of Buckeye Partners from an equal weight rating to an overweight rating and increased their price objective for the company from $35.00 to $38.00 in a report on Wednesday, January 16th. Zacks Investment Research downgraded shares of Buckeye Partners from a hold rating to a sell rating in a research note on Wednesday, January 16th. Finally, Mizuho assumed coverage on shares of Buckeye Partners in a research note on Monday, March 11th. They issued a neutral rating and a $36.00 target price for the company. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has issued a buy rating to the company. Buckeye Partners presently has an average rating of Hold and an average price target of $39.79.
Shares of NYSE BPL opened at $40.98 on Wednesday. Buckeye Partners has a fifty-two week low of $25.71 and a fifty-two week high of $42.65. The company has a market capitalization of $6.31 billion, a P/E ratio of 15.88 and a beta of 1.09. The company has a current ratio of 0.92, a quick ratio of 0.28 and a debt-to-equity ratio of 0.90.
Buckeye Partners (NYSE:BPL) last announced its quarterly earnings data 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 business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the prior year, the company earned $0.74 earnings per share. The company’s quarterly revenue was down 13.0% on a year-over-year basis. Research analysts predict that Buckeye Partners will post 2.43 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Monday, May 20th will be paid a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 7.32%. The ex-dividend date of this dividend is Friday, May 17th. Buckeye Partners’s payout ratio is presently 167.60%.
In other Buckeye Partners news, VP Gary L. Bohnsack sold 2,500 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $41.73, for a total value of $104,325.00. Following the completion of the sale, the vice president now owns 422 shares of the company’s stock, valued at $17,610.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.54% of the stock is currently owned by corporate insiders.
Several hedge funds have recently modified their holdings of BPL. Harvest Fund Advisors LLC increased 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 worth $161,556,000 after acquiring an additional 2,749,735 shares in the last quarter. Alps Advisors Inc. increased 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 worth $421,265,000 after acquiring an additional 1,626,804 shares in the last quarter. Bank of Montreal Can increased 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 worth $62,199,000 after acquiring an additional 1,061,307 shares in the last quarter. OppenheimerFunds Inc. increased its position in shares of Buckeye Partners by 6.5% during the first quarter. OppenheimerFunds Inc. now owns 15,054,028 shares of the pipeline company’s stock worth $512,138,000 after acquiring an additional 922,274 shares in the last quarter. Finally, Eagle Global Advisors LLC bought a new stake in shares of Buckeye Partners during the first quarter worth $22,206,000. 69.33% of the stock is owned by institutional investors.
About Buckeye Partners
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.
Further Reading: Support Level
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