Groesbeck Investment Management Corp NJ raised its position in Buckeye Partners, L.P. (NYSE:BPL) by 43.1% during the 4th quarter, HoldingsChannel reports. The fund owned 10,013 shares of the pipeline company’s stock after buying an additional 3,015 shares during the quarter. Groesbeck Investment Management Corp NJ’s holdings in Buckeye Partners were worth $496,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the business. Advisory Services Network LLC lifted its stake in Buckeye Partners by 7.4% in the 2nd quarter. Advisory Services Network LLC now owns 2,900 shares of the pipeline company’s stock valued at $185,000 after acquiring an additional 200 shares in the last quarter. The Manufacturers Life Insurance Company lifted its stake in Buckeye Partners by 8.3% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,339 shares of the pipeline company’s stock valued at $277,000 after acquiring an additional 332 shares in the last quarter. Raymond James Financial Services Advisors Inc. lifted its stake in Buckeye Partners by 1.0% in the 2nd quarter. Raymond James Financial Services Advisors Inc. now owns 51,119 shares of the pipeline company’s stock valued at $3,268,000 after acquiring an additional 497 shares in the last quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO lifted its stake in Buckeye Partners by 25.0% in the 3rd quarter. Town & Country Bank & Trust CO dba First Bankers Trust CO now owns 5,000 shares of the pipeline company’s stock valued at $285,000 after acquiring an additional 1,000 shares in the last quarter. Finally, Albert D Mason Inc. lifted its stake in Buckeye Partners by 4.0% in the 4th quarter. Albert D Mason Inc. now owns 31,933 shares of the pipeline company’s stock valued at $1,582,000 after acquiring an additional 1,240 shares in the last quarter. Hedge funds and other institutional investors own 70.24% of the company’s stock.

In other news, SVP Joseph Sauger sold 5,481 shares of the company’s stock in a transaction that occurred on Monday, December 4th. The stock was sold at an average price of $47.04, for a total transaction of $257,826.24. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Corporate insiders own 0.42% of the company’s stock.

BPL has been the topic of several research reports. Stifel Nicolaus restated a “buy” rating and issued a $68.00 target price on shares of Buckeye Partners in a research note on Sunday, October 29th. Royal Bank of Canada cut their target price on Buckeye Partners from $67.00 to $56.00 and set a “sector perform” rating on the stock in a research note on Wednesday, November 8th. Barclays cut their target price on Buckeye Partners from $64.00 to $60.00 and set an “equal weight” rating on the stock in a research note on Monday, November 6th. TheStreet cut Buckeye Partners from a “b-” rating to a “c+” rating in a research note on Wednesday, October 25th. Finally, Zacks Investment Research cut Buckeye Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, December 19th. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have assigned a buy rating to the company’s stock. Buckeye Partners has an average rating of “Hold” and an average price target of $64.27.

Shares of Buckeye Partners, L.P. (BPL) opened at $49.95 on Friday. Buckeye Partners, L.P. has a 12 month low of $43.90 and a 12 month high of $73.01. The stock has a market capitalization of $7,372.01, a P/E ratio of 15.37 and a beta of 1.03. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.64 and a current ratio of 1.10.

Buckeye Partners (NYSE:BPL) last announced its quarterly earnings data on Friday, February 9th. The pipeline company reported $0.85 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.88 by ($0.03). Buckeye Partners had a return on equity of 9.72% and a net margin of 12.69%. The company had revenue of $946.05 million for the quarter, compared to the consensus estimate of $905.02 million. During the same quarter in the prior year, the company earned $0.78 EPS. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. research analysts forecast that Buckeye Partners, L.P. will post 3.37 earnings per share for the current year.

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Buckeye Partners 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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Institutional Ownership by Quarter for Buckeye Partners (NYSE:BPL)

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