Westbourne Investment Advisors Inc. decreased its position in Buckeye Partners L.P. (NYSE:BPL) by 1.6% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 12,200 shares of the pipeline company’s stock after selling 200 shares during the period. Westbourne Investment Advisors Inc.’s holdings in Buckeye Partners L.P. were worth $780,000 at the end of the most recent reporting period.
Several other large investors have also modified their holdings of the stock. Winslow Evans & Crocker Inc. increased its stake in shares of 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 worth $287,000 after buying an additional 50 shares in the last quarter. Private Trust Co. NA boosted its position in shares of 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 worth $227,000 after buying an additional 60 shares during the last quarter. Linscomb & Williams Inc. boosted its position in shares of 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 worth $864,000 after buying an additional 78 shares during the last quarter. Franklin Resources Inc. boosted its position in shares of Buckeye Partners L.P. by 1.0% in the fourth quarter. Franklin Resources Inc. now owns 9,750 shares of the pipeline company’s stock worth $645,000 after buying an additional 100 shares during the last quarter. Finally, Clark Capital Management Group Inc. boosted its position in shares of 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 worth $238,000 after buying an additional 102 shares during the last quarter. 70.68% of the stock is currently owned by hedge funds and other institutional investors.
Buckeye Partners L.P. (NYSE:BPL) traded down 0.94% during trading on Friday, reaching $57.90. 496,191 shares of the company were exchanged. The company’s 50-day moving average price is $63.19 and its 200-day moving average price is $66.32. Buckeye Partners L.P. has a 1-year low of $57.77 and a 1-year high of $73.36. The stock has a market capitalization of $8.18 billion, a P/E ratio of 16.01 and a beta of 1.11.
Buckeye Partners L.P. (NYSE:BPL) last released its quarterly earnings data on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing the consensus estimate of $1.00 by $0.20. Buckeye Partners L.P. had a return on equity of 11.04% and a net margin of 14.42%. The business had revenue of $810.20 million during the quarter, compared to analysts’ expectations of $797.47 million. During the same quarter in the prior year, the firm earned $1.07 earnings per share. Buckeye Partners L.P.’s quarterly revenue was up 4.3% on a year-over-year basis. On average, equities analysts forecast that Buckeye Partners L.P. will post $3.78 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Monday, August 21st. Investors of record on Monday, August 14th will be paid a $1.2625 dividend. This is an increase from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. The ex-dividend date is Thursday, August 10th. This represents a $5.05 annualized dividend and a yield of 8.72%. Buckeye Partners L.P.’s payout ratio is presently 136.99%.
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BPL has been the subject of several analyst reports. Stifel Nicolaus upgraded 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 note on Monday, May 15th. Barclays PLC reduced their target price on Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating for the company in a research note on Monday. Credit Suisse Group set a $74.00 price target on Buckeye Partners L.P. and gave the company a “hold” rating in a research note on Monday. Royal Bank Of Canada reiterated a “hold” rating and set a $73.00 price target on shares of Buckeye Partners L.P. in a research note on Wednesday, April 19th. Finally, Guggenheim assumed coverage on Buckeye Partners L.P. in a research note on Monday, April 17th. They set a “neutral” rating and a $72.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. Buckeye Partners L.P. has an average rating of “Hold” and a consensus price target of $73.36.
In related news, SVP Todd J. Russo sold 3,280 shares of the business’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $67.00, for a total value of $219,760.00. Following the completion of the transaction, the senior vice president now owns 14,106 shares of the company’s stock, valued at approximately $945,102. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 0.42% of the company’s stock.
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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