Advantus Capital Management Inc trimmed its stake in Buckeye Partners, L.P. (NYSE:BPL) by 65.9% during the third quarter, according to its most recent 13F filing with the SEC. The firm owned 11,346 shares of the pipeline company’s stock after selling 21,954 shares during the period. Advantus Capital Management Inc owned about 8,034.27% of Buckeye Partners, L.P. worth $647,000 as of its most recent filing with the SEC.
Several other institutional investors also recently added to or reduced their stakes in BPL. Hudock Capital Group LLC raised its stake in shares of Buckeye Partners, L.P. by 1,564.7% in the 3rd quarter. Hudock Capital Group LLC now owns 1,931 shares of the pipeline company’s stock valued at $110,000 after acquiring an additional 1,815 shares during the period. Ffcm LLC raised its stake in shares of Buckeye Partners, L.P. by 221.3% in the 2nd quarter. Ffcm LLC now owns 1,764 shares of the pipeline company’s stock valued at $115,000 after acquiring an additional 1,215 shares during the period. Oppenheimer Asset Management Inc. purchased a new stake in shares of Buckeye Partners, L.P. in the 1st quarter valued at approximately $128,000. Pathstone Family Office LLC purchased a new stake in shares of Buckeye Partners, L.P. in the 2nd quarter valued at approximately $142,000. Finally, MCF Advisors LLC raised its stake in shares of Buckeye Partners, L.P. by 1.9% in the 2nd quarter. MCF Advisors LLC now owns 2,508 shares of the pipeline company’s stock valued at $160,000 after acquiring an additional 46 shares during the period. 69.33% of the stock is currently owned by institutional investors and hedge funds.
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In other news, Director Barbara J. Duganier acquired 1,000 shares of the business’s stock in a transaction on Monday, August 14th. The stock was bought at an average price of $58.19 per share, for a total transaction of $58,190.00. Following the transaction, the director now owns 9,000 shares in the company, valued at $523,710. The purchase was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.42% of the stock is owned by corporate insiders.
Several equities research analysts recently weighed in on the stock. Citigroup Inc. cut their target price on shares of Buckeye Partners, L.P. from $77.00 to $72.00 and set a “buy” rating on the stock in a research note on Tuesday, October 10th. Stifel Nicolaus reaffirmed a “buy” rating and set a $69.00 target price on shares of Buckeye Partners, L.P. in a research note on Sunday, September 10th. UBS AG cut their target price on shares of Buckeye Partners, L.P. from $76.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, October 17th. TheStreet downgraded shares of Buckeye Partners, L.P. from a “b-” rating to a “c+” rating in a research report on Wednesday, October 25th. Finally, Barclays PLC dropped their price objective on shares of Buckeye Partners, L.P. from $68.00 to $66.00 and set an “equal weight” rating on the stock in a research report on Monday, August 7th. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and three have given a buy rating to the company. Buckeye Partners, L.P. has an average rating of “Hold” and an average price target of $66.50.
Shares of Buckeye Partners, L.P. (BPL) opened at $50.51 on Friday. The firm has a market cap of $7,406.99, a price-to-earnings ratio of 15.45 and a beta of 1.16. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.54 and a current ratio of 1.10. Buckeye Partners, L.P. has a 52 week low of $50.10 and a 52 week high of $73.01.
Buckeye Partners, L.P. (NYSE:BPL) last issued its quarterly earnings results on Friday, November 3rd. The pipeline company reported $0.81 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.05). The business had revenue of $922.60 million for the quarter, compared to analyst estimates of $795.12 million. Buckeye Partners, L.P. had a return on equity of 10.34% and a net margin of 13.03%. The firm’s revenue for the quarter was up 20.3% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.19 EPS. analysts forecast that Buckeye Partners, L.P. will post 3.4 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Investors of record on Monday, November 13th will be paid a dividend of $1.2625 per share. The ex-dividend date of this dividend is Friday, November 10th. This represents a $5.05 dividend on an annualized basis and a yield of 10.00%. This is a boost from Buckeye Partners, L.P.’s previous quarterly dividend of $1.24. Buckeye Partners, L.P.’s dividend payout ratio is currently 154.43%.
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.
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