Buckeye Partners L.P. (NYSE:BPL) Issues Quarterly Earnings Results
Buckeye Partners L.P. (NYSE:BPL) announced its quarterly earnings data on Friday. The pipeline company reported $0.80 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.20, MarketWatch Earnings reports. The company had revenue of $810.20 million during the quarter, compared to analyst estimates of $797.47 million. Buckeye Partners L.P. had a net margin of 15.36% and a return on equity of 12.03%. Buckeye Partners L.P.’s revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 earnings per share.
Shares of Buckeye Partners L.P. (NYSE:BPL) traded down 1.62% during midday trading on Friday, reaching $61.39. The company had a trading volume of 692,517 shares. The company has a market capitalization of $8.63 billion, a PE ratio of 15.76 and a beta of 1.11. Buckeye Partners L.P. has a one year low of $59.73 and a one year high of $73.98. The company has a 50 day moving average of $63.24 and a 200 day moving average of $66.53.
The firm also recently declared a dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 14th will be paid a $1.2625 dividend. This is a positive change from Buckeye Partners L.P.’s previous dividend of $1.24. The ex-dividend date is Thursday, August 10th. Buckeye Partners L.P.’s dividend payout ratio (DPR) is presently 127.55%.
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BPL has been the subject of several analyst reports. Guggenheim initiated coverage on Buckeye Partners L.P. in a report on Monday, April 17th. They issued a “neutral” rating and a $72.00 price objective for the company. Royal Bank Of Canada reiterated a “hold” rating and issued a $73.00 price target on shares of Buckeye Partners L.P. in a research note on Wednesday, April 19th. Stifel Nicolaus upgraded Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 price target on the stock in a research note on Monday, May 8th. They noted that the move was a valuation call. BidaskClub upgraded Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Finally, Zacks Investment Research lowered Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. The company presently has an average rating of “Hold” and a consensus price target of $74.36.
In related news, SVP Todd J. Russo sold 3,280 shares of the stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total value of $219,760.00. Following the sale, the senior vice president now owns 14,106 shares in the company, valued at $945,102. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Company insiders own 0.42% of the company’s stock.
Several large investors have recently modified their holdings of BPL. Guggenheim Capital LLC boosted its position in Buckeye Partners L.P. by 5.1% in the fourth quarter. Guggenheim Capital LLC now owns 23,386 shares of the pipeline company’s stock worth $1,547,000 after buying an additional 1,134 shares in the last quarter. Creative Planning boosted its position in Buckeye Partners L.P. by 14.6% in the first quarter. Creative Planning now owns 1,133,117 shares of the pipeline company’s stock worth $77,687,000 after buying an additional 144,771 shares in the last quarter. Country Club Trust Company n.a. purchased a new position in Buckeye Partners L.P. during the first quarter worth approximately $208,000. Americafirst Capital Management LLC purchased a new position in Buckeye Partners L.P. during the first quarter worth approximately $210,000. Finally, Peoples Financial Services CORP. boosted its position in Buckeye Partners L.P. by 24.0% in the first quarter. Peoples Financial Services CORP. now owns 3,100 shares of the pipeline company’s stock worth $213,000 after buying an additional 600 shares in the last quarter. Institutional investors own 71.06% of the company’s stock.
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, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
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