Buckeye Partners (NYSE:BPL) has been given a $48.00 target price by investment analysts at SunTrust Banks in a note issued to investors on Thursday, March 15th. The firm presently has a “hold” rating on the pipeline company’s stock. SunTrust Banks’ price objective suggests a potential upside of 28.72% from the company’s current price. SunTrust Banks also issued estimates for Buckeye Partners’ Q1 2018 earnings at $0.75 EPS, Q2 2018 earnings at $0.71 EPS, Q3 2018 earnings at $0.75 EPS, Q4 2018 earnings at $0.91 EPS and FY2019 earnings at $3.24 EPS.
BPL has been the subject of several other reports. Barclays upped their price objective on Buckeye Partners from $56.00 to $58.00 and gave the company an “equal weight” rating in a research note on Friday, January 26th. UBS reiterated a “buy” rating and set a $55.00 target price (down previously from $64.00) on shares of Buckeye Partners in a research note on Friday, March 2nd. Bank of America initiated coverage on Buckeye Partners in a research note on Tuesday, January 9th. They set a “neutral” rating on the stock. Zacks Investment Research lowered Buckeye Partners from a “hold” rating to a “sell” rating in a research note on Tuesday, December 19th. Finally, JPMorgan Chase reiterated a “neutral” rating and set a $50.00 target price (down previously from $56.00) on shares of Buckeye Partners in a research note on Tuesday, March 13th. Four analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the stock. Buckeye Partners presently has an average rating of “Hold” and a consensus price target of $55.46.
NYSE BPL traded down $0.56 on Thursday, reaching $37.29. The company had a trading volume of 1,408,172 shares, compared to its average volume of 1,146,330. The company has a market capitalization of $5,479.09, a PE ratio of 11.23 and a beta of 1.20. The company has a current ratio of 0.96, a quick ratio of 0.52 and a debt-to-equity ratio of 0.96. Buckeye Partners has a 52 week low of $35.24 and a 52 week high of $69.95.
Buckeye Partners (NYSE:BPL) last posted its earnings results 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). The business had revenue of $946.05 million during the quarter, compared to analyst estimates of $905.02 million. Buckeye Partners had a net margin of 13.13% and a return on equity of 10.02%. The firm’s revenue was up 2.4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.78 earnings per share. sell-side analysts predict that Buckeye Partners will post 3.12 earnings per share for the current fiscal year.
In related news, Director Pieter Bakker sold 2,000 shares of the firm’s stock in a transaction on Tuesday, February 27th. The stock was sold at an average price of $46.05, for a total transaction of $92,100.00. Following the sale, the director now owns 19,552 shares of the company’s stock, valued at approximately $900,369.60. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, SVP Joseph Sauger sold 11,013 shares of the firm’s stock in a transaction on Friday, March 9th. The shares were sold at an average price of $43.92, for a total value of $483,690.96. Following the sale, the senior vice president now directly owns 27,416 shares in the company, valued at approximately $1,204,110.72. The disclosure for this sale can be found here. Company insiders own 0.42% of the company’s stock.
A number of large investors have recently made changes to their positions in BPL. The Manufacturers Life Insurance Company raised its position in Buckeye Partners by 8.3% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 4,339 shares of the pipeline company’s stock worth $277,000 after purchasing an additional 332 shares during the last quarter. Raymond James Financial Services Advisors Inc. raised its position in Buckeye Partners by 11.0% during the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 56,747 shares of the pipeline company’s stock worth $3,235,000 after purchasing an additional 5,628 shares during the last quarter. Jennison Associates LLC raised its position in Buckeye Partners by 11.7% during the 3rd quarter. Jennison Associates LLC now owns 297,155 shares of the pipeline company’s stock worth $16,938,000 after purchasing an additional 31,201 shares during the last quarter. BNP Paribas Arbitrage SA raised its position in Buckeye Partners by 315.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,075 shares of the pipeline company’s stock worth $118,000 after purchasing an additional 1,575 shares during the last quarter. Finally, Commerce Bank raised its position in Buckeye Partners by 12.7% during the 3rd quarter. Commerce Bank now owns 11,575 shares of the pipeline company’s stock worth $660,000 after purchasing an additional 1,300 shares during the last quarter. 70.32% of the stock is owned by institutional investors and hedge funds.
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Buckeye Partners Company Profile
Buckeye Partners, L.P. owns and operates liquid petroleum products pipelines in the United States and internationally. The company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals, and Merchant Services. The Domestic Pipelines & Terminals segment transports liquid petroleum products, including gasoline, jet fuel, and various distillates; refined petroleum products; and crude oil.
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