Buckeye Partners, L.P. (NYSE:BPL) was upgraded by equities researchers at Goldman Sachs Group Inc. from a “neutral” rating to a “buy” rating in a research note issued on Monday. The brokerage currently has a $78.00 price target on the stock. Goldman Sachs Group Inc.’s price target would indicate a potential upside of 13.16% from the stock’s previous close.

Other analysts have also issued research reports about the company. Zacks Investment Research lowered Buckeye Partners, L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 12th. US Capital Advisors raised Buckeye Partners, L.P. from a “hold” rating to a “buy” rating in a research note on Thursday, September 8th. Three investment analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. Buckeye Partners, L.P. currently has a consensus rating of “Buy” and an average target price of $73.33.

Analyst Recommendations for Buckeye Partners, L.P. (NYSE:BPL)

Buckeye Partners, L.P. (NYSE:BPL) opened at 68.93 on Monday. The stock has a market capitalization of $9.03 billion, a P/E ratio of 17.72 and a beta of 0.95. The company has a 50 day moving average of $70.57 and a 200-day moving average of $70.12. Buckeye Partners, L.P. has a one year low of $47.07 and a one year high of $75.10.

Buckeye Partners, L.P. (NYSE:BPL) last announced its quarterly earnings results on Friday, August 5th. The company reported $1.07 EPS for the quarter, topping analysts’ consensus estimates of $0.96 by $0.11. The business earned $777.12 million during the quarter, compared to analysts’ expectations of $759.98 million. During the same period in the previous year, the business earned $0.71 EPS. The business’s revenue was down 2.5% compared to the same quarter last year. Equities research analysts predict that Buckeye Partners, L.P. will post $0.01 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Monday, August 22nd. Stockholders of record on Monday, August 15th were issued a dividend of $1.2125 per share. The ex-dividend date of this dividend was Thursday, August 11th. This is an increase from Buckeye Partners, L.P.’s previous quarterly dividend of $1.09. This represents a $4.85 annualized dividend and a dividend yield of 7.04%.

In related news, CEO Clark C. Smith sold 910 shares of Buckeye Partners, L.P. stock in a transaction dated Monday, July 18th. The stock was sold at an average price of $75.02, for a total value of $68,268.20. Following the completion of the sale, the chief executive officer now directly owns 59,273 shares in the company, valued at approximately $4,446,660.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, Director Pieter Bakker acquired 3,500 shares of Buckeye Partners, L.P. stock in a transaction that occurred on Tuesday, August 23rd. The stock was acquired at an average price of $70.25 per share, with a total value of $245,875.00. Following the completion of the acquisition, the director now directly owns 17,552 shares in the company, valued at approximately $1,233,028. The disclosure for this purchase can be found here.

A number of large investors have recently added to or reduced their stakes in BPL. Private Trust Co. NA increased its stake in Buckeye Partners, L.P. by 9.1% in the first quarter. Private Trust Co. NA now owns 3,855 shares of the company’s stock valued at $261,000 after buying an additional 320 shares during the last quarter. Chicago Partners Investment Group LLC increased its stake in Buckeye Partners, L.P. by 3.2% in the first quarter. Chicago Partners Investment Group LLC now owns 63,230 shares of the company’s stock valued at $4,296,000 after buying an additional 1,941 shares during the last quarter. Wade G W & Inc. increased its stake in Buckeye Partners, L.P. by 1.4% in the first quarter. Wade G W & Inc. now owns 19,763 shares of the company’s stock valued at $1,343,000 after buying an additional 279 shares during the last quarter. Sanders Morris Harris Inc. acquired a new stake in Buckeye Partners, L.P. during the first quarter valued at approximately $446,000. Finally, Commonwealth Equity Services Inc increased its stake in Buckeye Partners, L.P. by 1.4% in the first quarter. Commonwealth Equity Services Inc now owns 64,824 shares of the company’s stock valued at $4,404,000 after buying an additional 901 shares during the last quarter.

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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