Buckeye Partners, L.P. (NYSE:BPL) was downgraded by stock analysts at TheStreet from a “b-” rating to a “c+” rating in a report released on Wednesday, October 25th.
A number of other analysts also recently issued reports on BPL. Barclays PLC cut their price objective 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. BidaskClub downgraded shares of Buckeye Partners, L.P. from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Zacks Investment Research downgraded shares of Buckeye Partners, L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Credit Suisse Group set a $74.00 price objective on shares of Buckeye Partners, L.P. and gave the company a “hold” rating in a report on Monday, August 7th. Finally, Citigroup Inc. cut their price objective on shares of Buckeye Partners, L.P. from $77.00 to $72.00 and set a “buy” rating for the company in a report on Tuesday, October 10th. One investment analyst has rated the stock with a sell rating, ten have issued a hold rating and three have issued a buy rating to the company’s stock. The company has a consensus rating of “Hold” and a consensus target price of $66.50.
Shares of Buckeye Partners, L.P. (NYSE:BPL) traded down $1.14 on Wednesday, reaching $50.51. 534,900 shares of the company were exchanged, compared to its average volume of 712,551. Buckeye Partners, L.P. has a twelve month low of $50.10 and a twelve month high of $73.01. 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. (NYSE:BPL) last announced its quarterly earnings results on Friday, November 3rd. The pipeline company reported $0.81 EPS for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.05). Buckeye Partners, L.P. had a net margin of 13.03% and a return on equity of 10.34%. The company had revenue of $922.60 million during the quarter, compared to analyst estimates of $795.12 million. During the same quarter last year, the company posted $1.19 EPS. The firm’s quarterly revenue was up 20.3% on a year-over-year basis. analysts anticipate that Buckeye Partners, L.P. will post 3.4 earnings per share for the current year.
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In other news, Director Barbara J. Duganier acquired 1,000 shares of the firm’s stock in a transaction dated Monday, August 14th. The stock was bought 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 directly owns 9,000 shares in the company, valued at approximately $523,710. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Corporate insiders own 0.42% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of BPL. Bank of New York Mellon Corp increased its position in shares of Buckeye Partners, L.P. by 3.4% during the first quarter. Bank of New York Mellon Corp now owns 44,845 shares of the pipeline company’s stock worth $3,075,000 after buying an additional 1,491 shares during the period. Ameriprise Financial Inc. lifted its stake in shares of Buckeye Partners, L.P. by 26.5% in the first quarter. Ameriprise Financial Inc. now owns 13,902 shares of the pipeline company’s stock valued at $953,000 after buying an additional 2,911 shares in the last quarter. Alliancebernstein L.P. lifted its position in shares of Buckeye Partners, L.P. by 40.6% during the first quarter. Alliancebernstein L.P. now owns 32,068 shares of the pipeline company’s stock valued at $2,199,000 after purchasing an additional 9,259 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new position in shares of Buckeye Partners, L.P. during the first quarter valued at about $128,000. Finally, Private Trust Co. NA lifted its position in shares of Buckeye Partners, L.P. by 1.7% during the second quarter. Private Trust Co. NA now owns 3,565 shares of the pipeline company’s stock valued at $227,000 after purchasing an additional 60 shares in the last quarter. Institutional investors own 69.33% 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.
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