Buckeye Partners, L.P. (BPL) Shares Down 1.7%
Buckeye Partners, L.P. (NYSE:BPL) shares were down 1.7% during trading on Thursday . The stock traded as low as $71.89 and last traded at $72.20, with a volume of 141,765 shares traded. The stock had previously closed at $73.45.
Several research analysts recently commented on BPL shares. Zacks Investment Research upgraded Buckeye Partners, L.P. from a “hold” rating to a “buy” rating and set a $82.00 price target on the stock in a research note on Monday, July 25th. Stifel Nicolaus boosted their price target on Buckeye Partners, L.P. from $68.00 to $75.00 and gave the stock a “buy” rating in a research note on Monday, May 9th. Finally, Barclays PLC boosted their price objective on Buckeye Partners, L.P. from $69.00 to $73.00 and gave the company an “equal weight” rating in a report on Thursday, May 12th. Four analysts have rated the stock with a hold rating and five have issued a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $72.78.
The company’s 50-day moving average is $71.77 and its 200-day moving average is $67.81. The company has a market capitalization of $9.49 billion and a P/E ratio of 18.61.
Buckeye Partners, L.P. (NYSE:BPL) last posted its earnings results on Friday, August 5th. The company reported $1.07 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.96 by $0.11. The business had revenue of $777.12 million for the quarter, compared to analyst estimates of $759.98 million. During the same period in the previous year, the company earned $0.71 earnings per share. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts predict that Buckeye Partners, L.P. will post $4.15 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 22nd. Shareholders of record on Monday, August 15th will be given a dividend of $1.2125 per share. This is a positive change from Buckeye Partners, L.P.’s previous quarterly dividend of $1.09. This represents a $4.85 annualized dividend and a yield of 6.70%. The ex-dividend date of this dividend is Thursday, August 11th.
In other Buckeye Partners, L.P. news, SVP Khalid A. Muslih sold 7,500 shares of the company’s stock in a transaction dated Monday, July 18th. The shares were sold at an average price of $75.00, for a total transaction of $562,500.00. Following the completion of the sale, the senior vice president now directly owns 23,177 shares in the company, valued at $1,738,275. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CAO Patrick L. Pelton sold 2,090 shares of the company’s stock in a transaction dated Friday, May 20th. The shares were sold at an average price of $71.79, for a total transaction of $150,041.10. Following the sale, the chief accounting officer now owns 1,684 shares of the company’s stock, valued at $120,894.36. The disclosure for this sale can be found here.
Other large investors have recently added to or reduced their stakes in the company. Homrich & Berg boosted its stake in Buckeye Partners, L.P. by 154.2% in the fourth quarter. Homrich & Berg now owns 16,391 shares of the company’s stock worth $1,081,000 after buying an additional 9,943 shares during the period. Advantus Capital Management Inc bought a new stake in Buckeye Partners, L.P. during the fourth quarter valued at $1,095,000. Advisors Asset Management Inc. boosted its stake in Buckeye Partners, L.P. by 11.6% in the fourth quarter. Advisors Asset Management Inc. now owns 65,787 shares of the company’s stock valued at $4,339,000 after buying an additional 6,859 shares during the last quarter. Bank of Montreal Can boosted its stake in Buckeye Partners, L.P. by 386.7% in the fourth quarter. Bank of Montreal Can now owns 166,628 shares of the company’s stock valued at $10,992,000 after buying an additional 132,391 shares during the last quarter. Finally, Jennison Associates LLC boosted its stake in Buckeye Partners, L.P. by 60.2% in the fourth quarter. Jennison Associates LLC now owns 188,813 shares of the company’s stock valued at $12,454,000 after buying an additional 70,971 shares during the last quarter.
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.
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