Buckeye Partners, L.P. (NYSE:BPL) Director Joseph A. Lasala, Jr. sold 9,000 shares of Buckeye Partners stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.77, for a total transaction of $366,930.00. Following the completion of the sale, the director now owns 14,000 shares of the company’s stock, valued at $570,780. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink.
Shares of Buckeye Partners stock traded down $0.02 on Friday, reaching $40.73. The stock had a trading volume of 1,432,356 shares, compared to its average volume of 2,336,792. The company has a current ratio of 0.92, a quick ratio of 0.63 and a debt-to-equity ratio of 0.90. Buckeye Partners, L.P. has a fifty-two week low of $25.71 and a fifty-two week high of $42.65. The stock has a market capitalization of $6.27 billion, a price-to-earnings ratio of 22.75 and a beta of 0.74.
Buckeye Partners (NYSE:BPL) last issued its quarterly earnings data on Friday, May 10th. The pipeline company reported $0.52 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.07). Buckeye Partners had a positive return on equity of 9.46% and a negative net margin of 2.29%. The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter in the previous year, the firm posted $0.74 earnings per share. Buckeye Partners’s quarterly revenue was down 13.0% compared to the same quarter last year. As a group, research analysts predict that Buckeye Partners, L.P. will post 2.43 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, May 28th. Stockholders of record on Monday, May 20th were paid a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.37%. The ex-dividend date of this dividend was Friday, May 17th. Buckeye Partners’s payout ratio is 167.60%.
Several institutional investors have recently modified their holdings of BPL. Advisors Asset Management Inc. lifted its stake in shares of Buckeye Partners by 23.7% in the fourth quarter. Advisors Asset Management Inc. now owns 12,545 shares of the pipeline company’s stock worth $364,000 after buying an additional 2,404 shares during the last quarter. Capital Investment Advisory Services LLC bought a new position in Buckeye Partners during the fourth quarter worth $36,000. PNC Financial Services Group Inc. increased its position in Buckeye Partners by 1.9% during the fourth quarter. PNC Financial Services Group Inc. now owns 66,231 shares of the pipeline company’s stock worth $1,919,000 after acquiring an additional 1,256 shares during the period. Summit Financial LLC bought a new position in Buckeye Partners during the fourth quarter worth $451,000. Finally, Mirae Asset Global Investments Co. Ltd. increased its position in Buckeye Partners by 2.3% during the fourth quarter. Mirae Asset Global Investments Co. Ltd. now owns 1,494,509 shares of the pipeline company’s stock worth $43,326,000 after acquiring an additional 33,244 shares during the period. Institutional investors and hedge funds own 71.84% of the company’s stock.
A number of research firms have issued reports on BPL. ValuEngine cut shares of Buckeye Partners from a “hold” rating to a “sell” rating in a research note on Monday, April 1st. Zacks Investment Research upgraded shares of Buckeye Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, May 8th. Stifel Nicolaus cut shares of Buckeye Partners from a “buy” rating to a “hold” rating and lifted their target price for the company from $34.00 to $41.50 in a research note on Monday, May 13th. UBS Group cut shares of Buckeye Partners from a “buy” rating to a “neutral” rating and lifted their target price for the company from $36.00 to $41.50 in a research note on Wednesday, May 15th. Finally, Argus cut shares of Buckeye Partners from a “hold” rating to a “sell” rating and set a $41.80 target price for the company. in a research note on Wednesday, May 15th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $39.84.
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About Buckeye Partners
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.
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