Ronna Sue Cohen lowered its stake in shares of Buckeye Partners L.P. (NYSE:BPL) by 3.1% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor 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 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. First Manhattan Co. raised its position in Buckeye Partners L.P. by 3.7% in the first quarter. First Manhattan Co. now owns 77,085 shares of the pipeline company’s stock valued at $5,519,000 after buying an additional 2,750 shares in the last quarter. Crestwood Advisors Group LLC acquired a new position in Buckeye Partners L.P. during the first quarter valued at approximately $117,000. Huntington National Bank raised its position in Buckeye Partners L.P. by 17.5% in the first quarter. Huntington National Bank now owns 33,965 shares of the pipeline company’s stock valued at $2,329,000 after buying an additional 5,049 shares in the last quarter. Bollard Group LLC raised its position in Buckeye Partners L.P. by 12.4% in the first quarter. Bollard Group LLC now owns 266,852 shares of the pipeline company’s stock valued at $18,295,000 after buying an additional 29,437 shares in the last quarter. Finally, Cohen Capital Management Inc. raised its position in Buckeye Partners L.P. by 2.1% in the first quarter. Cohen Capital Management Inc. now owns 88,134 shares of the pipeline company’s stock valued at $6,042,000 after buying an additional 1,800 shares in the last quarter. 70.68% of the stock is currently owned by institutional investors.
Shares of Buckeye Partners L.P. (BPL) opened at 57.90 on Friday. The stock’s 50 day moving average is $63.12 and its 200-day moving average is $66.27. The company has a market cap of $8.18 billion, a price-to-earnings ratio of 16.01 and a beta of 1.11. Buckeye Partners L.P. has a 52 week low of $57.77 and a 52 week high of $73.06.
Buckeye Partners L.P. (NYSE:BPL) last posted its quarterly 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. 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 for the quarter, compared to analysts’ expectations of $797.47 million. During the same period in the prior year, the business posted $1.07 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities analysts anticipate that Buckeye Partners L.P. will post $3.78 earnings per share for the current year.
The firm also recently declared 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. The ex-dividend date is Thursday, August 10th. This is a positive change from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. This represents a $5.05 dividend on an annualized basis and a yield of 8.72%. Buckeye Partners L.P.’s dividend payout ratio (DPR) is currently 136.99%.
Several research firms recently commented on BPL. Guggenheim began coverage on shares of Buckeye Partners L.P. in a report on Monday, April 17th. They set a “neutral” rating and a $72.00 target price on the stock. Royal Bank Of Canada reaffirmed a “hold” rating and set a $73.00 target price on shares of Buckeye Partners L.P. in a report on Wednesday, April 19th. Stifel Nicolaus raised shares of Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a report on Monday, May 8th. They noted that the move was a valuation call. Zacks Investment Research lowered shares of Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Finally, BidaskClub lowered shares of Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. Buckeye Partners L.P. currently has an average rating of “Hold” and an average target price of $73.36.
In other Buckeye Partners L.P. news, SVP Todd J. Russo sold 3,280 shares of the firm’s stock in a transaction that occurred 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 transaction, the senior vice president now directly owns 14,106 shares of the company’s stock, valued at approximately $945,102. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.42% of the company’s stock.
About Buckeye Partners L.P.
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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