Buckeye Partners Sees Unusually High Options Volume (BPL)

Buckeye Partners, L.P. (NYSE:BPL) was the recipient of some unusual options trading activity on Tuesday. Investors purchased 3,128 put options on the company. This represents an increase of approximately 1,546% compared to the typical volume of 190 put options.

Shares of NYSE BPL opened at $35.06 on Thursday. Buckeye Partners has a twelve month low of $32.03 and a twelve month high of $57.19. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.01 and a quick ratio of 0.70. The stock has a market capitalization of $5.25 billion, a price-to-earnings ratio of 10.56 and a beta of 1.27.

Buckeye Partners (NYSE:BPL) last issued its quarterly earnings results on Friday, August 3rd. The pipeline company reported $0.59 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by ($0.10). Buckeye Partners had a net margin of 11.19% and a return on equity of 9.12%. The business had revenue of $940.84 million during the quarter, compared to analyst estimates of $811.12 million. During the same period in the previous year, the company posted $0.80 earnings per share. Buckeye Partners’s revenue was up 16.1% compared to the same quarter last year. On average, equities research analysts forecast that Buckeye Partners will post 2.85 EPS for the current year.

A number of equities analysts recently issued reports on the stock. JPMorgan Chase & Co. decreased their target price on shares of Buckeye Partners from $42.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, August 24th. Stifel Nicolaus decreased their target price on shares of Buckeye Partners from $45.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, August 6th. Zacks Investment Research upgraded shares of Buckeye Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, August 28th. Credit Suisse Group assumed coverage on shares of Buckeye Partners in a research report on Thursday, October 11th. They issued a “neutral” rating and a $35.00 target price for the company. Finally, Citigroup decreased their target price on shares of Buckeye Partners from $39.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday, July 31st. Two analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the stock. The stock currently has a consensus rating of “Hold” and an average target price of $44.58.

A number of hedge funds and other institutional investors have recently modified their holdings of BPL. Kayne Anderson Capital Advisors LP lifted its stake in Buckeye Partners by 104.8% during the first quarter. Kayne Anderson Capital Advisors LP now owns 10,962,616 shares of the pipeline company’s stock valued at $388,338,000 after buying an additional 5,608,858 shares in the last quarter. Chickasaw Capital Management LLC lifted its stake in Buckeye Partners by 35.5% during the third quarter. Chickasaw Capital Management LLC now owns 7,879,285 shares of the pipeline company’s stock valued at $281,369,000 after buying an additional 2,065,317 shares in the last quarter. Summit Trail Advisors LLC lifted its stake in Buckeye Partners by 3,193.5% during the first quarter. Summit Trail Advisors LLC now owns 1,102,071 shares of the pipeline company’s stock valued at $1,102,000 after buying an additional 1,068,609 shares in the last quarter. Alps Advisors Inc. lifted its stake in Buckeye Partners by 5.7% during the second quarter. Alps Advisors Inc. now owns 12,185,717 shares of the pipeline company’s stock valued at $603,802,000 after buying an additional 661,654 shares in the last quarter. Finally, Brookfield Asset Management Inc. lifted its stake in Buckeye Partners by 19.5% during the first quarter. Brookfield Asset Management Inc. now owns 3,449,482 shares of the pipeline company’s stock valued at $128,976,000 after buying an additional 563,639 shares in the last quarter. 66.97% of the stock is owned by institutional investors.

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.

See Also: What kind of dividend yield to CEF’s pay?

Receive News & Ratings for Buckeye Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Buckeye Partners and related companies with MarketBeat.com's FREE daily email newsletter.


Leave a Reply