Ronna Sue Cohen Reduces Stake in Buckeye Partners L.P. (NYSE:BPL)

Ronna Sue Cohen cut its stake in Buckeye Partners L.P. (NYSE:BPL) by 3.1% during the second quarter, Holdings Channel reports. The firm owned 30,135 shares of the pipeline company’s stock after selling 950 shares during the period. Ronna Sue Cohen’s holdings in Buckeye Partners L.P. were worth $1,927,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of BPL. Clearbridge Investments LLC boosted its position in Buckeye Partners L.P. by 1.1% in the first quarter. Clearbridge Investments LLC now owns 5,007,043 shares of the pipeline company’s stock valued at $343,283,000 after buying an additional 55,420 shares during the period. Center Coast Capital Advisors LP boosted its stake in shares of Buckeye Partners L.P. by 2.2% in the first quarter. Center Coast Capital Advisors LP now owns 3,946,163 shares of the pipeline company’s stock valued at $270,549,000 after buying an additional 85,804 shares during the last quarter. Bank of America Corp DE boosted its stake in shares of Buckeye Partners L.P. by 6.6% in the first quarter. Bank of America Corp DE now owns 3,471,008 shares of the pipeline company’s stock valued at $237,973,000 after buying an additional 213,555 shares during the last quarter. UBS Group AG boosted its stake in shares of Buckeye Partners L.P. by 1.1% in the first quarter. UBS Group AG now owns 3,400,418 shares of the pipeline company’s stock valued at $233,133,000 after buying an additional 35,883 shares during the last quarter. Finally, Chickasaw Capital Management LLC boosted its stake in shares of Buckeye Partners L.P. by 15.2% in the first quarter. Chickasaw Capital Management LLC now owns 3,189,567 shares of the pipeline company’s stock valued at $218,677,000 after buying an additional 420,068 shares during the last quarter. Hedge funds and other institutional investors own 70.86% of the company’s stock.

Shares of Buckeye Partners L.P. (NYSE:BPL) traded down 1.50% during trading on Monday, hitting $64.91. 295,581 shares of the stock traded hands. The firm has a market capitalization of $9.12 billion, a price-to-earnings ratio of 16.66 and a beta of 1.11. The firm has a 50-day moving average of $63.88 and a 200-day moving average of $66.79. Buckeye Partners L.P. has a 1-year low of $59.73 and a 1-year high of $75.10.

Buckeye Partners L.P. (NYSE:BPL) last announced its earnings results on Friday, May 5th. The pipeline company reported $0.88 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by $0.12. Buckeye Partners L.P. had a return on equity of 12.03% and a net margin of 15.36%. The firm had revenue of $969.30 million for the quarter, compared to the consensus estimate of $848.34 million. During the same period in the prior year, the business earned $1.01 EPS. Buckeye Partners L.P.’s quarterly revenue was up 24.2% on a year-over-year basis. On average, equities analysts forecast that Buckeye Partners L.P. will post $3.94 earnings per share for the current year.

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Several analysts have commented on the stock. Guggenheim assumed coverage on shares of Buckeye Partners L.P. in a research report on Monday, April 17th. They set a “neutral” rating and a $72.00 target price for the company. Stifel Nicolaus upgraded shares of Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research report on Monday, May 15th. SunTrust Banks, Inc. assumed coverage on shares of Buckeye Partners L.P. in a research report on Monday, March 20th. They set a “hold” rating and a $72.00 target price for the company. Royal Bank Of Canada reiterated a “hold” rating and set a $73.00 target price on shares of Buckeye Partners L.P. in a research report on Wednesday, April 19th. Finally, Zacks Investment Research cut shares of Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. Buckeye Partners L.P. has an average rating of “Hold” and a consensus target price of $74.36.

In other Buckeye Partners L.P. news, EVP Robert A. Malecky sold 6,955 shares of Buckeye Partners L.P. stock in a transaction on Tuesday, April 25th. The shares were sold at an average price of $69.00, for a total value of $479,895.00. Following the completion of the sale, the executive vice president now directly owns 80,559 shares of the company’s stock, valued at $5,558,571. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, SVP Todd J. Russo sold 3,280 shares of Buckeye Partners L.P. stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $67.00, for a total transaction of $219,760.00. Following the completion of the sale, the senior vice president now directly owns 14,106 shares of the company’s stock, valued at $945,102. The disclosure for this sale can be found here. 0.42% of the stock is owned by company insiders.

Buckeye Partners L.P. Company Profile

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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Institutional Ownership by Quarter for Buckeye Partners L.P. (NYSE:BPL)

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