Buckeye Partners, L.P. (NYSE:BPL) shares reached a new 52-week low during mid-day trading on Tuesday . The company traded as low as $28.87 and last traded at $29.28, with a volume of 670866 shares changing hands. The stock had previously closed at $30.32.
A number of research firms recently issued reports on BPL. Zacks Investment Research downgraded shares of Buckeye Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. Guggenheim restated a “hold” rating and set a $38.00 target price on shares of Buckeye Partners in a research report on Monday, November 5th. Stifel Nicolaus decreased their target price on shares of Buckeye Partners from $45.00 to $43.00 and set a “buy” rating for the company in a research report on Monday, August 6th. Credit Suisse Group began coverage on shares of Buckeye Partners in a research report on Thursday, October 11th. They set a “neutral” rating and a $35.00 target price for the company. Finally, SunTrust Banks upgraded shares of Buckeye Partners from a “sell” rating to a “hold” rating in a research report on Friday, November 2nd. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $42.08.
The stock has a market capitalization of $4.34 billion, a price-to-earnings ratio of 8.75 and a beta of 1.23. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.63 and a current ratio of 0.96.
The company also recently disclosed a quarterly dividend, which was paid on Tuesday, November 20th. Shareholders of record on Tuesday, November 13th were given a $0.75 dividend. The ex-dividend date of this dividend was Friday, November 9th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 10.32%. Buckeye Partners’s dividend payout ratio (DPR) is currently 90.36%.
In other Buckeye Partners news, SVP Todd J. Russo sold 6,800 shares of the company’s stock in a transaction dated Monday, November 12th. The shares were sold at an average price of $32.25, for a total value of $219,300.00. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 0.48% of the company’s stock.
Several institutional investors have recently modified their holdings of the business. Poehling Capital Management LLC purchased a new stake in shares of Buckeye Partners during the second quarter worth about $105,000. Sun Life Financial INC increased its stake in shares of Buckeye Partners by 2,566.7% during the second quarter. Sun Life Financial INC now owns 4,000 shares of the pipeline company’s stock worth $141,000 after purchasing an additional 3,850 shares in the last quarter. Advisors Asset Management Inc. increased its stake in shares of Buckeye Partners by 3,747.9% during the second quarter. Advisors Asset Management Inc. now owns 167,229 shares of the pipeline company’s stock worth $142,000 after purchasing an additional 162,883 shares in the last quarter. First Hawaiian Bank purchased a new stake in shares of Buckeye Partners during the third quarter worth about $143,000. Finally, Adviser Investments LLC purchased a new stake in shares of Buckeye Partners during the second quarter worth about $155,000. Institutional investors and hedge funds own 76.22% of the company’s stock.
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About Buckeye Partners (NYSE:BPL)
Buckeye Partners, L.P. owns and operates liquid petroleum products pipelines in the United States and internationally. The company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals, and Merchant Services. The Domestic Pipelines & Terminals segment transports liquid petroleum products, including gasoline, jet fuel, and various distillates; refined petroleum products; and crude oil.
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