Buckeye Partners L.P. (NYSE:BPL) had its price target decreased by Wells Fargo & Company from $66.00 to $61.00 in a report published on Tuesday. Wells Fargo & Company currently has a market perform rating on the pipeline company’s stock.
Other equities analysts have also issued reports about the stock. Zacks Investment Research upgraded shares of Buckeye Partners L.P. from a strong sell rating to a hold rating in a research report on Monday, September 18th. BidaskClub downgraded shares of Buckeye Partners L.P. from a sell rating to a strong sell rating in a research note on Monday, July 31st. Stifel Nicolaus reaffirmed a buy rating and issued a $69.00 target price on shares of Buckeye Partners L.P. in a research note on Sunday, September 10th. Barclays PLC dropped their target price on shares of 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, August 7th. Finally, Royal Bank Of Canada reaffirmed a hold rating and issued a $67.00 target price on shares of Buckeye Partners L.P. in a research note on Wednesday, September 13th. One analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have given a buy rating to the company. Buckeye Partners L.P. presently has an average rating of Hold and an average price target of $71.33.
Shares of Buckeye Partners L.P. (NYSE:BPL) opened at 56.72 on Tuesday. The firm has a market cap of $8.01 billion, a price-to-earnings ratio of 15.69 and a beta of 1.16. The firm has a 50 day moving average of $56.75 and a 200 day moving average of $62.47. Buckeye Partners L.P. has a 52 week low of $54.33 and a 52 week high of $73.01.
Buckeye Partners L.P. (NYSE:BPL) last released its quarterly earnings results on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing the Zacks’ consensus estimate 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%. Buckeye Partners L.P.’s quarterly revenue was up 4.3% on a year-over-year basis. During the same quarter last year, the firm earned $1.07 earnings per share. Equities analysts predict that Buckeye Partners L.P. will post $3.55 earnings per share for the current fiscal year.
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In related news, Director Barbara J. Duganier purchased 1,000 shares of Buckeye Partners L.P. stock in a transaction dated Monday, August 14th. The stock was bought at an average price of $58.19 per share, for a total transaction of $58,190.00. Following the completion of the acquisition, the director now directly owns 9,000 shares of the company’s stock, valued at $523,710. The acquisition was disclosed in a filing with the SEC, which is available through this hyperlink. 0.42% of the stock is currently owned by corporate insiders.
Institutional investors have recently added to or reduced their stakes in the company. Ffcm LLC boosted its holdings in shares of Buckeye Partners L.P. by 221.3% in the second quarter. Ffcm LLC now owns 1,764 shares of the pipeline company’s stock valued at $115,000 after buying an additional 1,215 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in shares of Buckeye Partners L.P. in the first quarter valued at approximately $128,000. Pathstone Family Office LLC acquired a new position in shares of Buckeye Partners L.P. in the second quarter valued at approximately $142,000. IHT Wealth Management LLC acquired a new position in shares of Buckeye Partners L.P. in the first quarter valued at approximately $170,000. Finally, MCF Advisors LLC boosted its holdings in shares of 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 period. Institutional investors own 68.84% 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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