Buckeye Partners L.P. (NYSE:BPL) Stake Held by State of New Jersey Common Pension Fund D
State of New Jersey Common Pension Fund D maintained its position in shares of Buckeye Partners L.P. (NYSE:BPL) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 158,000 shares of the pipeline company’s stock at the end of the second quarter. State of New Jersey Common Pension Fund D’s holdings in Buckeye Partners L.P. were worth $10,101,000 as of its most recent SEC filing.
Other hedge funds and other institutional investors also recently modified their holdings of the company. Valley National Advisers Inc. increased its position in shares of Buckeye Partners L.P. by 11.5% in the first quarter. Valley National Advisers Inc. now owns 1,649 shares of the pipeline company’s stock valued at $113,000 after buying an additional 170 shares in the last quarter. Crestwood Advisors Group LLC bought a new position in shares of Buckeye Partners L.P. during the first quarter valued at approximately $117,000. Hirtle Callaghan & Co LLC bought a new position in shares of Buckeye Partners L.P. during the first quarter valued at approximately $118,000. Oppenheimer Asset Management Inc. bought a new position in shares of Buckeye Partners L.P. during the first quarter valued at approximately $128,000. Finally, MCF Advisors LLC increased its position in shares of Buckeye Partners L.P. by 1.9% in the second quarter. MCF Advisors LLC now owns 2,508 shares of the pipeline company’s stock valued at $160,000 after buying an additional 46 shares in the last quarter. Institutional investors and hedge funds own 70.68% of the company’s stock.
Shares of Buckeye Partners L.P. (BPL) opened at 60.51 on Thursday. The stock’s 50 day moving average price is $63.24 and its 200-day moving average price is $66.37. The company has a market cap of $8.50 billion, a P/E ratio of 15.54 and a beta of 1.11. Buckeye Partners L.P. has a 12 month low of $59.73 and a 12 month high of $73.38.
Buckeye Partners L.P. (NYSE:BPL) last announced its quarterly 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 11.04%. The firm had revenue of $810.20 million for the quarter, compared to the consensus estimate of $797.47 million. During the same period in the previous year, the company posted $1.07 earnings per share. Buckeye Partners L.P.’s quarterly revenue was up 4.3% on a year-over-year basis. Equities research analysts expect that Buckeye Partners L.P. will post $3.78 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Monday, August 14th will be paid a dividend of $1.2625 per share. The ex-dividend date of this dividend is Thursday, August 10th. This is a positive change from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. This represents a $5.05 dividend on an annualized basis and a yield of 8.35%. Buckeye Partners L.P.’s dividend payout ratio is presently 136.99%.
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BPL has been the subject of several analyst reports. Stifel Nicolaus upgraded 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 note on Monday, May 15th. Barclays PLC dropped 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 report on Monday. Credit Suisse Group set a $74.00 price target on Buckeye Partners L.P. and gave the company a “hold” rating in a research report on Monday. Royal Bank Of Canada reiterated a “hold” rating and set a $73.00 price target on shares of Buckeye Partners L.P. in a research report on Wednesday, April 19th. Finally, Guggenheim began coverage on Buckeye Partners L.P. in a research report on Monday, April 17th. They set a “neutral” rating and a $72.00 price target for the company. Two analysts have rated the stock with a sell rating, eight have given a hold rating and three have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $73.36.
In related news, SVP Todd J. Russo sold 3,280 shares of the 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 transaction, the senior vice president now directly owns 14,106 shares of the company’s stock, valued at $945,102. The sale was disclosed in a filing with the SEC, which is available through this link. 0.42% of the stock is currently owned by corporate insiders.
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, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
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