Buckeye Partners L.P. (NYSE:BPL) Cut to “Strong Sell” at BidaskClub

BidaskClub cut shares of Buckeye Partners L.P. (NYSE:BPL) from a sell rating to a strong sell rating in a report published on Monday, July 31st.

A number of other brokerages have also recently issued reports on BPL. Guggenheim assumed coverage on Buckeye Partners L.P. in a research report on Monday, April 17th. They issued a neutral rating and a $72.00 target price for the company. Royal Bank Of Canada reissued a hold rating and issued a $73.00 target price on shares of Buckeye Partners L.P. in a research report on Wednesday, April 19th. Stifel Nicolaus raised 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 8th. They noted that the move was a valuation call. Finally, Zacks Investment Research cut Buckeye Partners L.P. from a hold rating to a sell rating in a research report on Tuesday, July 11th. Two 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’s stock. The company has a consensus rating of Hold and a consensus price target of $73.36.

Shares of Buckeye Partners L.P. (NYSE BPL) traded down 0.94% during midday trading on Monday, reaching $57.90. The company’s stock had a trading volume of 496,191 shares. Buckeye Partners L.P. has a 12-month low of $57.77 and a 12-month high of $73.36. The company has a market cap of $8.18 billion, a P/E ratio of 16.01 and a beta of 1.11. The stock’s 50-day moving average price is $63.19 and its 200-day moving average price is $66.32.

Buckeye Partners L.P. (NYSE:BPL) last announced its earnings results on Friday, August 4th. The pipeline company reported $0.80 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by $0.20. The firm had revenue of $810.20 million during the quarter, compared to analyst estimates of $797.47 million. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. The firm’s revenue for the quarter was up 4.3% compared to the same quarter last year. During the same period last year, the company earned $1.07 earnings per share. On average, analysts expect that Buckeye Partners L.P. will post $3.78 EPS for the current fiscal year.

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The business also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Monday, August 14th will be given a dividend of $1.2625 per share. This represents a $5.05 dividend on an annualized basis and a yield of 8.72%. This is a boost from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. The ex-dividend date of this dividend is Thursday, August 10th. Buckeye Partners L.P.’s dividend payout ratio (DPR) is presently 136.99%.

In other news, SVP Todd J. Russo sold 3,280 shares of the stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total transaction of $219,760.00. Following the completion of the transaction, the senior vice president now directly owns 14,106 shares of the company’s stock, valued at approximately $945,102. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Corporate insiders own 0.42% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in the stock. MCF Advisors LLC increased its position in Buckeye Partners L.P. by 1.9% in the second quarter. MCF Advisors LLC now owns 2,508 shares of the pipeline company’s stock valued at $160,000 after buying an additional 46 shares during the last quarter. Winslow Evans & Crocker Inc. increased its position in Buckeye Partners L.P. by 1.1% in the second quarter. Winslow Evans & Crocker Inc. now owns 4,490 shares of the pipeline company’s stock valued at $287,000 after buying an additional 50 shares during the last quarter. Private Trust Co. NA increased its position in Buckeye Partners L.P. by 1.7% in the second quarter. Private Trust Co. NA now owns 3,565 shares of the pipeline company’s stock valued at $227,000 after buying an additional 60 shares during the last quarter. Linscomb & Williams Inc. increased its position in Buckeye Partners L.P. by 0.6% in the first quarter. Linscomb & Williams Inc. now owns 12,604 shares of the pipeline company’s stock valued at $864,000 after buying an additional 78 shares during the last quarter. Finally, Clark Capital Management Group Inc. increased its position in Buckeye Partners L.P. by 3.0% in the first quarter. Clark Capital Management Group Inc. now owns 3,466 shares of the pipeline company’s stock valued at $238,000 after buying an additional 102 shares during the last quarter. 70.68% of the stock is owned by hedge funds and other institutional investors.

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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