Buckeye Partners L.P. (BPL) Reaches New 52-Week Low at $59.09
Buckeye Partners L.P. (NYSE:BPL) reached a new 52-week low during trading on Thursday . The company traded as low as $59.09 and last traded at $58.83, with a volume of 205,082 shares trading hands. The stock had previously closed at $59.25.
A number of equities research analysts have commented on the company. Guggenheim assumed coverage on Buckeye Partners L.P. in a research note on Monday, April 17th. They issued a “neutral” rating and a $72.00 price target for the company. Stifel Nicolaus upgraded Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 price target for the company in a research note on Monday, May 15th. 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. Credit Suisse Group set a $74.00 price target on Buckeye Partners L.P. and gave the company a “hold” rating in a research note on Monday. Finally, Barclays PLC decreased their price target on Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating for the company in a research note on Monday. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the stock. Buckeye Partners L.P. currently has a consensus rating of “Hold” and an average price target of $73.36.
The stock has a market cap of $8.29 billion, a price-to-earnings ratio of 16.23 and a beta of 1.11. The firm’s 50-day moving average price is $63.24 and its 200 day moving average price is $66.37.
Buckeye Partners L.P. (NYSE:BPL) last posted its earnings results on Friday, August 4th. The pipeline company reported $0.80 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.20. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. The firm had revenue of $810.20 million during the quarter, compared to analysts’ expectations of $797.47 million. During the same period in the previous year, the firm posted $1.07 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts anticipate that Buckeye Partners L.P. will post $3.78 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 14th will be issued a $1.2625 dividend. This is an increase from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. This represents a $5.05 annualized dividend and a dividend yield of 8.35%. The ex-dividend date is Thursday, August 10th. Buckeye Partners L.P.’s payout ratio is presently 136.99%.
In other news, SVP Todd J. Russo sold 3,280 shares of the business’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total value 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.42% of the stock is currently owned by insiders.
Several hedge funds have recently bought and sold shares of BPL. Tortoise Capital Advisors L.L.C. increased its stake 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 during the last quarter. Bank of Montreal Can increased its stake 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 during the last quarter. Chickasaw Capital Management LLC increased its stake 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 during the last quarter. Alps Advisors Inc. increased its stake 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 during the last quarter. Finally, Infrastructure Capital Advisors LLC increased its stake 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 during the last quarter. 70.68% of the stock is owned by institutional investors and hedge funds.
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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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