Buckeye Partners L.P. (BPL) Position Cut by Dividend Assets Capital LLC
Dividend Assets Capital LLC reduced its position in shares of Buckeye Partners L.P. (NYSE:BPL) by 15.4% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 460,822 shares of the pipeline company’s stock after selling 83,980 shares during the period. Dividend Assets Capital LLC’s holdings in Buckeye Partners L.P. were worth $29,460,000 as of its most recent SEC filing.
A number of other large investors have also added to or reduced their stakes in the stock. Americafirst Capital Management LLC acquired a new stake in Buckeye Partners L.P. during the first quarter worth approximately $210,000. Peoples Financial Services CORP. increased its stake 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 during the period. Cohen Capital Management Inc. increased its stake in Buckeye Partners L.P. by 2.1% in the first quarter. Cohen Capital Management Inc. now owns 88,134 shares of the pipeline company’s stock worth $6,042,000 after buying an additional 1,800 shares during the period. Bollard Group LLC increased its stake in Buckeye Partners L.P. by 12.4% in the first quarter. Bollard Group LLC now owns 266,852 shares of the pipeline company’s stock worth $18,295,000 after buying an additional 29,437 shares during the period. Finally, Huntington National Bank increased its stake in Buckeye Partners L.P. by 17.5% in the first quarter. Huntington National Bank now owns 33,965 shares of the pipeline company’s stock worth $2,329,000 after buying an additional 5,049 shares during the period. 70.68% of the stock is owned by institutional investors.
Buckeye Partners L.P. (BPL) opened at 57.90 on Friday. Buckeye Partners L.P. has a 1-year low of $57.77 and a 1-year high of $73.06. The firm has a market cap of $8.18 billion, a P/E ratio of 16.01 and a beta of 1.11. The stock’s 50 day moving average price is $63.12 and its 200 day moving average price is $66.27.
Buckeye Partners L.P. (NYSE:BPL) last released its earnings results on Friday, August 4th. The pipeline company reported $0.80 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.00 by $0.20. Buckeye Partners L.P. had a return on equity of 11.04% and a net margin of 14.42%. The company had revenue of $810.20 million for the quarter, compared to the consensus estimate of $797.47 million. During the same quarter in the previous year, the company posted $1.07 EPS. The business’s revenue was up 4.3% on a year-over-year basis. Equities research analysts predict that Buckeye Partners L.P. will post $3.78 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Monday, August 14th will be issued a dividend of $1.2625 per share. This represents a $5.05 annualized dividend and a yield of 8.72%. 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. Buckeye Partners L.P.’s dividend payout ratio is presently 138.36%.
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A number of equities research analysts have commented on BPL shares. Guggenheim started coverage on Buckeye Partners L.P. in a report on Monday, April 17th. They issued a “neutral” rating and a $72.00 target price for the company. Royal Bank Of Canada reissued a “hold” rating and issued a $73.00 target price on shares of Buckeye Partners L.P. in a report on Wednesday, April 19th. 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 report on Monday, May 8th. They noted that the move was a valuation call. BidaskClub raised Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Finally, Zacks Investment Research downgraded Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $73.36.
In related news, SVP Todd J. Russo sold 3,280 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total transaction of $219,760.00. Following the sale, the senior vice president now owns 14,106 shares in the company, valued at $945,102. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.42% of the company’s stock.
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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