Bank of America Corporation lowered shares of Buckeye Partners L.P. (NYSE:BPL) from a buy rating to a hold rating in a research note issued to investors on Monday morning. They currently have $74.00 price objective on the stock, up from their previous price objective of $72.11.

Several other research analysts have also recently weighed in on the company. Goldman Sachs Group, Inc. (The) cut Buckeye Partners L.P. from a buy rating to a neutral rating and decreased their target price for the company from $78.00 to $70.00 in a research note on Thursday, December 15th. Mizuho reduced their target price on Buckeye Partners L.P. from $76.00 to $70.00 and set a neutral rating for the company in a report on Monday, November 7th. Stifel Nicolaus reduced their target price on Buckeye Partners L.P. from $78.00 to $73.00 and set a buy rating for the company in a report on Wednesday, October 26th. Barclays PLC began coverage on Buckeye Partners L.P. in a report on Tuesday, January 17th. They set an equal weight rating and a $72.00 target price for the company. Finally, RBC Capital Markets reaffirmed a hold rating and set a $71.00 target price on shares of Buckeye Partners L.P. in a report on Friday, January 6th. Nine equities research analysts have rated the stock with a hold rating and two have issued a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $73.00.

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

Shares of Buckeye Partners L.P. (NYSE:BPL) opened at 70.64 on Monday. The stock has a market cap of $9.91 billion, a PE ratio of 17.53 and a beta of 1.24. Buckeye Partners L.P. has a one year low of $57.36 and a one year high of $75.10. The stock’s 50 day moving average price is $68.29 and its 200-day moving average price is $68.05.

Buckeye Partners L.P. (NYSE:BPL) last announced its earnings results on Friday, February 10th. The company reported $0.78 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.03 by $0.25. Buckeye Partners L.P. had a net margin of 16.49% and a return on equity of 13.13%. The firm had revenue of $924.06 million for the quarter, compared to the consensus estimate of $860.16 million. During the same period in the prior year, the business earned $1.03 EPS. The company’s quarterly revenue was up 10.0% compared to the same quarter last year. On average, equities analysts predict that Buckeye Partners L.P. will post $4.34 earnings per share for the current fiscal year.

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The business also recently announced a quarterly dividend, which will be paid on Tuesday, February 21st. Stockholders of record on Tuesday, February 21st will be issued a dividend of $1.2375 per share. This represents a $4.95 annualized dividend and a dividend yield of 7.01%. This is an increase from Buckeye Partners L.P.’s previous quarterly dividend of $1.23. The ex-dividend date of this dividend is Thursday, February 16th. Buckeye Partners L.P.’s dividend payout ratio is currently 120.99%.

In related news, Director Larry C. Payne bought 1,000 shares of Buckeye Partners L.P. stock in a transaction dated Wednesday, December 7th. The stock was acquired at an average cost of $62.95 per share, with a total value of $62,950.00. Following the completion of the acquisition, the director now directly owns 4,667 shares in the company, valued at approximately $293,787.65. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Martin A. White bought 3,938 shares of Buckeye Partners L.P. stock in a transaction dated Monday, December 5th. The shares were bought at an average cost of $63.00 per share, with a total value of $248,094.00. Following the completion of the acquisition, the director now owns 19,242 shares of the company’s stock, valued at $1,212,246. The disclosure for this purchase can be found here. Corporate insiders own 0.38% of the company’s stock.

Large investors have recently made changes to their positions in the company. HighTower Advisors LLC increased its stake in shares of Buckeye Partners L.P. by 2.0% in the second quarter. HighTower Advisors LLC now owns 129,208 shares of the company’s stock valued at $9,086,000 after buying an additional 2,473 shares in the last quarter. Freestone Capital Holdings LLC increased its stake in shares of Buckeye Partners L.P. by 6.2% in the second quarter. Freestone Capital Holdings LLC now owns 58,734 shares of the company’s stock valued at $4,131,000 after buying an additional 3,413 shares in the last quarter. Global X Management Co. LLC increased its stake in shares of Buckeye Partners L.P. by 3.6% in the second quarter. Global X Management Co. LLC now owns 258,340 shares of the company’s stock valued at $18,169,000 after buying an additional 8,979 shares in the last quarter. Ameriprise Financial Inc. increased its stake in shares of Buckeye Partners L.P. by 28.2% in the second quarter. Ameriprise Financial Inc. now owns 10,466 shares of the company’s stock valued at $736,000 after buying an additional 2,300 shares in the last quarter. Finally, Wade G W & Inc. increased its stake in shares of Buckeye Partners L.P. by 1.3% in the second quarter. Wade G W & Inc. now owns 20,012 shares of the company’s stock valued at $1,407,000 after buying an additional 249 shares in the last quarter. 67.12% of the stock is owned by hedge funds and other institutional investors.

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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