Green Square Capital LLC Lowers Stake in Buckeye Partners, L.P. (BPL)
Green Square Capital LLC decreased its stake in Buckeye Partners, L.P. (NYSE:BPL) by 2.0% during the second quarter, Holdings Channel reports. The firm owned 139,181 shares of the company’s stock after selling 2,860 shares during the period. Buckeye Partners, L.P. comprises 2.4% of Green Square Capital LLC’s investment portfolio, making the stock its 7th largest position. Green Square Capital LLC owned about 0.11% of Buckeye Partners, L.P. worth $9,789,000 at the end of the most recent reporting period.
Other hedge funds and other institutional investors also recently made changes to their positions in the company. Oakworth Capital Inc. acquired a new position in Buckeye Partners, L.P. during the second quarter valued at approximately $116,000. Envestnet Asset Management Inc. acquired a new position in Buckeye Partners, L.P. during the first quarter valued at approximately $178,000. Joel Isaacson & Co. LLC raised its position in Buckeye Partners, L.P. by 1,263.2% in the second quarter. Joel Isaacson & Co. LLC now owns 2,590 shares of the company’s stock valued at $182,000 after buying an additional 2,400 shares during the last quarter. Telemus Capital LLC acquired a new position in Buckeye Partners, L.P. during the second quarter valued at approximately $201,000. Finally, Chilton Capital Management LLC acquired a new position in Buckeye Partners, L.P. during the first quarter valued at approximately $222,000.
Buckeye Partners, L.P. (NYSE:BPL) traded up 2.90% during mid-day trading on Wednesday, reaching $70.93. 375,074 shares of the company’s stock were exchanged. The company has a market capitalization of $9.30 billion, a P/E ratio of 18.23 and a beta of 0.95. Buckeye Partners, L.P. has a 52 week low of $47.07 and a 52 week high of $75.10. The company’s 50 day moving average price is $70.56 and its 200-day moving average price is $70.12.
Buckeye Partners, L.P. (NYSE:BPL) last posted its quarterly earnings data on Friday, August 5th. The company reported $1.07 EPS for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.11. The company had revenue of $777.12 million for the quarter, compared to analyst estimates of $759.98 million. During the same period in the prior year, the company earned $0.71 EPS. The company’s revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts expect that Buckeye Partners, L.P. will post $0.01 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which was paid on Monday, August 22nd. Stockholders of record on Monday, August 15th were paid a dividend of $1.2125 per share. The ex-dividend date was Thursday, August 11th. This represents a $4.85 dividend on an annualized basis and a dividend yield of 6.84%. This is an increase from Buckeye Partners, L.P.’s previous quarterly dividend of $1.09.
BPL has been the subject of several recent research reports. Goldman Sachs Group Inc. raised shares of Buckeye Partners, L.P. from a “neutral” rating to a “buy” rating and set a $78.00 price objective for the company in a research note on Monday. US Capital Advisors raised shares of Buckeye Partners, L.P. from a “hold” rating to a “buy” rating in a research note on Thursday, September 8th. Finally, Zacks Investment Research raised shares of Buckeye Partners, L.P. from a “hold” rating to a “buy” rating and set a $82.00 price objective for the company in a research note on Monday, July 25th. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company’s stock. The stock presently has a consensus rating of “Buy” and a consensus price target of $73.33.
In other 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 transaction, the senior vice president now owns 23,177 shares of the company’s stock, valued at approximately $1,738,275. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, Director Pieter Bakker acquired 3,500 shares of the company’s stock in a transaction dated Tuesday, August 23rd. The shares were bought at an average cost of $70.25 per share, with a total value of $245,875.00. Following the purchase, the director now owns 17,552 shares in the company, valued at $1,233,028. The disclosure for this purchase can be found here.
About Buckeye Partners, L.P.
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.
Want to see what other hedge funds are holding BPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Buckeye Partners, L.P. (NYSE:BPL).
Receive News & Ratings for Buckeye Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Buckeye Partners L.P. and related companies with MarketBeat.com's FREE daily email newsletter.