BidaskClub Downgrades Buckeye Partners L.P. (NYSE:BPL) to Strong Sell

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

Other analysts have also recently issued research reports about the company. Guggenheim initiated coverage on Buckeye Partners L.P. in a research report on Monday, April 17th. They set a neutral rating and a $72.00 price objective for the company. Zacks Investment Research lowered Buckeye Partners L.P. from a hold rating to a sell rating in a report on Tuesday, July 11th. Stifel Nicolaus upgraded 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. Finally, Royal Bank Of Canada restated a hold rating and set a $73.00 target price on shares of Buckeye Partners L.P. in a report on Wednesday, April 19th. Two 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. The company currently has an average rating of Hold and an average target price of $73.36.

Buckeye Partners L.P. (BPL) opened at 55.68 on Monday. The stock’s 50 day moving average price is $62.28 and its 200-day moving average price is $65.86. The stock has a market cap of $7.86 billion, a price-to-earnings ratio of 15.40 and a beta of 1.11. Buckeye Partners L.P. has a 12 month low of $55.30 and a 12 month high of $73.01.

Buckeye Partners L.P. (NYSE:BPL) last released its quarterly earnings data 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 for 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%. Buckeye Partners L.P.’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same period in the previous year, the business posted $1.07 EPS. Equities research analysts predict that Buckeye Partners L.P. will post $3.65 EPS for the current year.

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The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 14th will be paid a $1.2625 dividend. 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 dividend yield of 9.07%. Buckeye Partners L.P.’s payout ratio is presently 138.36%.

In other news, Director Barbara J. Duganier bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were acquired at an average cost of $58.19 per share, with a total value of $58,190.00. Following the completion of the transaction, the director now directly owns 9,000 shares in the company, valued at $523,710. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, SVP Todd J. Russo sold 3,280 shares of Buckeye Partners L.P. stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total value of $219,760.00. Following the sale, the senior vice president now directly owns 14,106 shares in the company, valued at $945,102. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

A number of large investors have recently added to or reduced their stakes in the stock. Cetera Investment Advisers bought a new stake in Buckeye Partners L.P. during the second quarter worth $498,000. Advisory Services Network LLC increased its stake in Buckeye Partners L.P. by 7.4% in the second quarter. Advisory Services Network LLC now owns 2,900 shares of the pipeline company’s stock worth $185,000 after buying an additional 200 shares during the last quarter. Public Employees Retirement System of Ohio increased its stake in Buckeye Partners L.P. by 25.0% in the second quarter. Public Employees Retirement System of Ohio now owns 10,000 shares of the pipeline company’s stock worth $639,000 after buying an additional 2,000 shares during the last quarter. BB&T Investment Services Inc. bought a new stake in Buckeye Partners L.P. during the second quarter worth $311,000. Finally, Castleark Management LLC increased its stake in Buckeye Partners L.P. by 89.7% in the second quarter. Castleark Management LLC now owns 27,211 shares of the pipeline company’s stock worth $1,740,000 after buying an additional 12,870 shares during the last quarter. 70.49% of the stock is currently owned by 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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