Buckeye Partners L.P. (BPL) Shares Sold by Bridges Investment Counsel Inc.

Bridges Investment Counsel Inc. cut its position in shares of Buckeye Partners L.P. (NYSE:BPL) by 58.6% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 16,778 shares of the pipeline company’s stock after selling 23,719 shares during the period. Bridges Investment Counsel Inc.’s holdings in Buckeye Partners L.P. were worth $957,000 at the end of the most recent quarter.

A number of other hedge funds have also recently modified their holdings of BPL. Ffcm LLC increased its stake in Buckeye Partners L.P. by 221.3% during the 2nd quarter. Ffcm LLC now owns 1,764 shares of the pipeline company’s stock worth $115,000 after buying an additional 1,215 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in Buckeye Partners L.P. during the 1st quarter worth approximately $128,000. Pathstone Family Office LLC purchased a new stake in Buckeye Partners L.P. during the 2nd quarter worth approximately $142,000. IHT Wealth Management LLC purchased a new stake in Buckeye Partners L.P. during the 1st quarter worth approximately $170,000. Finally, MCF Advisors LLC increased its stake in Buckeye Partners L.P. by 1.9% during the 2nd quarter. MCF Advisors LLC now owns 2,508 shares of the pipeline company’s stock worth $160,000 after buying an additional 46 shares during the period. 69.37% of the stock is currently owned by institutional investors.

Shares of Buckeye Partners L.P. (NYSE:BPL) traded up 0.40% during trading on Friday, reaching $52.25. 352,817 shares of the company’s stock were exchanged. The stock has a market capitalization of $7.38 billion, a PE ratio of 14.45 and a beta of 1.16. The company’s 50-day moving average is $56.06 and its 200 day moving average is $61.48. Buckeye Partners L.P. has a 52 week low of $50.14 and a 52 week high of $73.01.

Buckeye Partners L.P. (NYSE:BPL) last announced its quarterly earnings results on Friday, August 4th. The pipeline company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.20). The company had revenue of $810.20 million during the quarter, compared to the consensus estimate of $797.47 million. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. The business’s revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the company earned $1.07 earnings per share. On average, analysts forecast that Buckeye Partners L.P. will post $3.56 earnings per share for the current year.

In other Buckeye Partners L.P. news, Director Barbara J. Duganier bought 1,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The shares were bought at an average price of $58.19 per share, for a total transaction of $58,190.00. Following the completion of the acquisition, the director now owns 9,000 shares of the company’s stock, valued at $523,710. The purchase was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.42% of the stock is currently owned by corporate insiders.

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Several equities research analysts recently weighed in on BPL shares. Zacks Investment Research downgraded shares of Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. BidaskClub cut shares of Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Credit Suisse Group set a $74.00 price target on shares of Buckeye Partners L.P. and gave the stock a “hold” rating in a report on Monday, August 7th. Barclays PLC lowered their price target on shares of Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating for the company in a report on Monday, August 7th. Finally, Stifel Nicolaus reiterated a “buy” rating and set a $69.00 price target on shares of Buckeye Partners L.P. in a report on Sunday, September 10th. One analyst has rated the stock with a sell rating, ten have issued a hold rating and three have assigned a buy rating to the company’s stock. Buckeye Partners L.P. has an average rating of “Hold” and an average price target of $69.50.

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.

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

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