Buckeye Partners L.P. (BPL) PT Set at $74.00 by Credit Suisse Group
Buckeye Partners L.P. (NYSE:BPL) has been given a $74.00 price target by stock analysts at Credit Suisse Group in a note issued to investors on Monday. The firm presently has a “hold” rating on the pipeline company’s stock. Credit Suisse Group’s target price would suggest a potential upside of 20.54% from the company’s current price.
Other analysts have also issued reports about the company. Guggenheim assumed coverage on Buckeye Partners L.P. in a research report on Monday, April 17th. They issued a “neutral” rating and a $72.00 target price for the company. Zacks Investment Research lowered Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. BidaskClub lowered Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Stifel Nicolaus raised Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research report on Monday, May 8th. They noted that the move was a valuation call. Finally, Royal Bank Of Canada reaffirmed a “hold” rating and issued a $73.00 target price on shares of Buckeye Partners L.P. in a research report on Wednesday, April 19th. Two equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have issued a buy rating to the company’s stock. Buckeye Partners L.P. currently has a consensus rating of “Hold” and an average target price of $74.00.
Buckeye Partners L.P. (NYSE BPL) traded down 0.62% on Monday, hitting $61.01. The company had a trading volume of 48,302 shares. The company has a market capitalization of $8.57 billion, a P/E ratio of 15.66 and a beta of 1.11. The stock’s 50-day moving average price is $63.24 and its 200 day moving average price is $66.53. Buckeye Partners L.P. has a one year low of $59.73 and a one year high of $73.98.
Buckeye Partners L.P. (NYSE:BPL) last issued its earnings results on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by $0.20. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.14%. The firm had revenue of $810.20 million during the quarter, compared to the consensus estimate of $797.47 million. During the same period in the previous year, the firm earned $1.07 earnings per share. The business’s quarterly revenue was up 4.3% on a year-over-year basis. On average, analysts expect that Buckeye Partners L.P. will post $3.85 EPS for the current fiscal year.
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In other Buckeye Partners L.P. news, SVP Todd J. Russo sold 3,280 shares of the business’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total transaction of $219,760.00. Following the completion of the sale, the senior vice president now directly owns 14,106 shares of the company’s stock, valued at approximately $945,102. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.42% of the company’s stock.
Several institutional investors have recently added to or reduced their stakes in the stock. Tortoise Capital Advisors L.L.C. raised its position in Buckeye Partners L.P. by 4.8% in the second quarter. Tortoise Capital Advisors L.L.C. now owns 10,633,690 shares of the pipeline company’s stock valued at $679,812,000 after buying an additional 482,248 shares in the last quarter. Bank of Montreal Can raised its position in Buckeye Partners L.P. by 35.8% in the second quarter. Bank of Montreal Can now owns 1,636,442 shares of the pipeline company’s stock valued at $104,618,000 after buying an additional 431,040 shares in the last quarter. Chickasaw Capital Management LLC raised its position in Buckeye Partners L.P. by 15.2% in the first quarter. Chickasaw Capital Management LLC now owns 3,189,567 shares of the pipeline company’s stock valued at $218,677,000 after buying an additional 420,068 shares in the last quarter. Alps Advisors Inc. raised its position in Buckeye Partners L.P. by 3.6% in the second quarter. Alps Advisors Inc. now owns 10,257,328 shares of the pipeline company’s stock valued at $655,751,000 after buying an additional 352,443 shares in the last quarter. Finally, Infrastructure Capital Advisors LLC raised its position in Buckeye Partners L.P. by 103.8% in the first quarter. Infrastructure Capital Advisors LLC now owns 472,652 shares of the pipeline company’s stock valued at $32,405,000 after buying an additional 240,709 shares in the last quarter. 70.68% of the stock is owned by institutional investors.
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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