Buckeye Partners (BPL) – Analysts’ Recent Ratings Changes

Several brokerages have updated their recommendations and price targets on shares of Buckeye Partners (NYSE: BPL) in the last few weeks:

  • 11/6/2018 – Buckeye Partners had its “hold” rating reaffirmed by analysts at Royal Bank of Canada. They now have a $38.00 price target on the stock.
  • 11/5/2018 – Buckeye Partners had its price target raised by analysts at Bank of America Corp from $37.00 to $38.00. They now have a “neutral” rating on the stock.
  • 11/5/2018 – Buckeye Partners had its “hold” rating reaffirmed by analysts at Guggenheim. They now have a $38.00 price target on the stock.
  • 11/4/2018 – Buckeye Partners had its “buy” rating reaffirmed by analysts at Stifel Nicolaus. They now have a $37.00 price target on the stock.
  • 11/2/2018 – Buckeye Partners was upgraded by analysts at SunTrust Banks, Inc. from a “sell” rating to a “hold” rating.
  • 10/24/2018 – Buckeye Partners was downgraded by analysts at Zacks Investment Research from a “hold” rating to a “sell” rating. According to Zacks, “Rising debt expenses and gradual stability in energy prices are a matter of great concern for Buckeye Partners. The Buckeye Partners’ dependence on limited group of customers for bulk of its storage revenues could adversely impact the partnership’s performance. Buckeye utilizes both fixed and floating debt rates to fund its requirements for capital projects. Buckeye is currently incurring higher interests and debt expenses related to funding for its capital investments compared with the past year. Also, stringent government regulations are headwinds. Its shares also underformed its industry in the last six months. However, Buckeye Partners has an attractive portfolio of refined petroleum-product transportation and storage assets in key geographical markets. Its organic capital growth projects will drive the performance in the domestic as well as in the international arenas.”
  • 10/11/2018 – Buckeye Partners is now covered by analysts at Credit Suisse Group AG. They set a “neutral” rating and a $35.00 price target on the stock.

Shares of NYSE BPL traded down $0.10 during trading hours on Tuesday, hitting $32.90. 1,050,062 shares of the stock were exchanged, compared to its average volume of 889,740. The company has a current ratio of 1.01, a quick ratio of 0.70 and a debt-to-equity ratio of 1.02. The company has a market cap of $4.96 billion, a P/E ratio of 9.91 and a beta of 1.25. Buckeye Partners, L.P. has a one year low of $31.41 and a one year high of $57.19.

Buckeye Partners (NYSE:BPL) last posted its quarterly earnings data on Friday, November 2nd. The pipeline company reported $0.57 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by ($0.11). The firm had revenue of $909.55 million for the quarter, compared to the consensus estimate of $921.74 million. Buckeye Partners had a positive return on equity of 8.50% and a negative net margin of 10.43%. Buckeye Partners’s quarterly revenue was down 1.4% on a year-over-year basis. During the same period in the prior year, the company posted $0.81 earnings per share. Equities research analysts forecast that Buckeye Partners, L.P. will post 2.83 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 20th. Investors of record on Tuesday, November 13th will be issued a dividend of $0.75 per share. This represents a $3.00 annualized dividend and a dividend yield of 9.12%. The ex-dividend date of this dividend is Friday, November 9th. Buckeye Partners’s dividend payout ratio is currently 152.11%.

Several hedge funds and other institutional investors have recently bought and sold shares of BPL. Commonwealth Equity Services LLC boosted its holdings in Buckeye Partners by 1.8% in the 3rd quarter. Commonwealth Equity Services LLC now owns 104,089 shares of the pipeline company’s stock valued at $3,717,000 after purchasing an additional 1,849 shares during the period. Quadrant Private Wealth Management LLC boosted its holdings in Buckeye Partners by 13.1% in the 3rd quarter. Quadrant Private Wealth Management LLC now owns 38,975 shares of the pipeline company’s stock valued at $1,392,000 after purchasing an additional 4,500 shares during the period. Chicago Partners Investment Group LLC boosted its holdings in Buckeye Partners by 2.9% in the 3rd quarter. Chicago Partners Investment Group LLC now owns 116,924 shares of the pipeline company’s stock valued at $3,759,000 after purchasing an additional 3,306 shares during the period. Crescent Grove Advisors LLC bought a new stake in Buckeye Partners in the 3rd quarter valued at $210,000. Finally, LVW Advisors LLC boosted its holdings in Buckeye Partners by 110.0% in the 3rd quarter. LVW Advisors LLC now owns 17,274 shares of the pipeline company’s stock valued at $617,000 after purchasing an additional 9,050 shares during the period. 68.87% of the stock is owned by institutional investors and hedge funds.

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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