Buckeye Partners L.P. (BPL) Stock Rating Reaffirmed by Royal Bank Of Canada
Buckeye Partners L.P. (NYSE:BPL)‘s stock had its “hold” rating reiterated by equities researchers at Royal Bank Of Canada in a research note issued to investors on Wednesday. They currently have a $67.00 price target on the pipeline company’s stock. Royal Bank Of Canada’s price objective suggests a potential upside of 17.90% from the stock’s current price.
BPL has been the subject of a number of other reports. Stifel Nicolaus restated a “buy” rating and issued a $69.00 target price on shares of Buckeye Partners L.P. in a research note on Sunday, September 10th. Credit Suisse Group set a $74.00 target price on Buckeye Partners L.P. and gave the company a “hold” rating in a research note on Monday, August 7th. Barclays PLC decreased their target price 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, August 7th. Zacks Investment Research downgraded Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Finally, BidaskClub upgraded Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a research note on Tuesday, June 27th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and two have given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and a consensus price target of $72.36.
Shares of Buckeye Partners L.P. (NYSE BPL) opened at 56.83 on Wednesday. The stock has a market capitalization of $8.03 billion, a P/E ratio of 15.72 and a beta of 1.14. Buckeye Partners L.P. has a 1-year low of $54.33 and a 1-year high of $73.01. The firm’s 50-day moving average price is $58.04 and its 200 day moving average price is $63.94.
Buckeye Partners L.P. (NYSE:BPL) last announced its quarterly earnings data 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 the consensus estimate of $797.47 million. During the same period in the prior year, the firm earned $1.07 earnings per share. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. Analysts expect that Buckeye Partners L.P. will post $3.56 EPS for the current fiscal year.
In other Buckeye Partners L.P. news, Director Barbara J. Duganier acquired 1,000 shares of Buckeye Partners L.P. stock in a transaction dated Monday, August 14th. The stock was acquired at an average cost of $58.19 per share, for a total transaction of $58,190.00. Following the completion of the transaction, the director now owns 9,000 shares in the company, valued at approximately $523,710. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.42% of the company’s stock.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Griffin Asset Management Inc. acquired a new position in shares of Buckeye Partners L.P. during the second quarter worth approximately $320,000. Cetera Investment Advisers acquired a new position in shares of Buckeye Partners L.P. during the second quarter worth approximately $498,000. Advisory Services Network LLC boosted its position in shares of Buckeye Partners L.P. by 7.4% during the second quarter. Advisory Services Network LLC now owns 2,900 shares of the pipeline company’s stock worth $185,000 after buying an additional 200 shares during the period. Public Employees Retirement System of Ohio boosted its position in shares of Buckeye Partners L.P. by 25.0% during the second quarter. Public Employees Retirement System of Ohio now owns 10,000 shares of the pipeline company’s stock worth $639,000 after buying an additional 2,000 shares during the period. Finally, BB&T Investment Services Inc. acquired a new position in shares of Buckeye Partners L.P. during the second quarter worth approximately $311,000. Institutional investors and hedge funds own 68.87% 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.
Receive News & Ratings for Buckeye Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Buckeye Partners L.P. and related companies with MarketBeat.com's FREE daily email newsletter.