Stock analysts at Credit Suisse Group assumed coverage on shares of Buckeye Partners (NYSE:BPL) in a report issued on Thursday, January 4th, Marketbeat.com reports. The firm set an “underperform” rating on the pipeline company’s stock.
Several other equities analysts also recently weighed in on the stock. Zacks Investment Research downgraded shares of Buckeye Partners from a “hold” rating to a “sell” rating in a report on Tuesday, December 19th. SunTrust Banks set a $58.00 price target on shares of Buckeye Partners and gave the stock a “hold” rating in a research note on Tuesday, November 14th. Royal Bank of Canada decreased their price target on shares of 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 decreased their price target on shares of 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. Finally, Mizuho reaffirmed a “hold” rating and set a $60.00 price target on shares of Buckeye Partners in a research note on Sunday, November 5th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. The company currently has an average rating of “Hold” and an average price target of $64.91.
Shares of Buckeye Partners (BPL) traded up $1.03 during trading hours on Thursday, reaching $53.51. 883,100 shares of the company were exchanged, compared to its average volume of 859,818. The firm has a market cap of $7,850.00, a PE ratio of 16.41 and a beta of 1.10. 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 has a 12-month low of $43.90 and a 12-month high of $73.01.
Buckeye Partners (NYSE:BPL) last announced its quarterly earnings results on Friday, November 3rd. The pipeline company reported $0.81 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.05). Buckeye Partners had a net margin of 12.69% and a return on equity of 9.72%. The company had revenue of $922.60 million during the quarter, compared to analysts’ expectations of $795.12 million. During the same quarter in the prior year, the business earned $1.19 EPS. The business’s revenue for the quarter was up 20.3% compared to the same quarter last year. analysts anticipate that Buckeye Partners will post 3.37 earnings per share for the current fiscal year.
In other news, SVP Joseph Sauger sold 5,481 shares of Buckeye Partners stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $47.04, for a total transaction of $257,826.24. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.42% of the company’s stock.
Several institutional investors and hedge funds have recently bought and sold shares of BPL. Alps Advisors Inc. raised its stake in shares of Buckeye Partners by 11.7% during the third quarter. Alps Advisors Inc. now owns 11,461,563 shares of the pipeline company’s stock valued at $653,309,000 after purchasing an additional 1,204,235 shares during the period. Nordea Investment Management AB bought a new stake in shares of Buckeye Partners in the second quarter worth $54,426,000. JPMorgan Chase & Co. increased its stake in shares of Buckeye Partners by 23.5% in the third quarter. JPMorgan Chase & Co. now owns 2,832,115 shares of the pipeline company’s stock worth $158,201,000 after buying an additional 539,206 shares during the last quarter. Chickasaw Capital Management LLC increased its stake in shares of Buckeye Partners by 14.7% in the fourth quarter. Chickasaw Capital Management LLC now owns 3,583,695 shares of the pipeline company’s stock worth $177,572,000 after buying an additional 459,586 shares during the last quarter. Finally, Center Coast Capital Advisors LP increased its stake in shares of Buckeye Partners by 13.5% in the third quarter. Center Coast Capital Advisors LP now owns 3,478,788 shares of the pipeline company’s stock worth $198,291,000 after buying an additional 414,445 shares during the last quarter. Institutional investors own 69.88% of the company’s stock.
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About Buckeye Partners
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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