SunTrust Banks, Inc. reissued their hold rating on shares of Buckeye Partners L.P. (NYSE:BPL) in a research report sent to investors on Friday, November 3rd. The firm currently has a $72.00 price target on the pipeline company’s stock.
A number of other research firms have also weighed in on BPL. Zacks Investment Research lowered Buckeye Partners L.P. from a hold rating to a sell rating in a research report on Tuesday, July 11th. BidaskClub lowered Buckeye Partners L.P. from a sell rating to a strong sell rating in a research report on Monday, July 31st. Barclays PLC decreased their price objective on Buckeye Partners L.P. from $68.00 to $66.00 and set an equal weight rating for the company in a research report on Monday, August 7th. Credit Suisse Group set a $74.00 price objective on Buckeye Partners L.P. and gave the stock a hold rating in a research report on Monday, August 7th. Finally, Citigroup Inc. cut their price objective on Buckeye Partners L.P. from $77.00 to $72.00 and set a buy rating on the stock in a research note on Tuesday, October 10th. One equities research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. The company has a consensus rating of Hold and a consensus target price of $66.50.
Buckeye Partners L.P. (NYSE BPL) opened at $50.51 on Friday. Buckeye Partners L.P. has a one year low of $50.10 and a one year high of $73.01. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.64 and a current ratio of 1.10. The stock has a market capitalization of $7,406.99, a price-to-earnings ratio of 15.45 and a beta of 1.16.
Buckeye Partners L.P. (NYSE:BPL) last issued its earnings results on Friday, November 3rd. The pipeline company reported $0.81 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.05). Buckeye Partners L.P. had a return on equity of 9.72% and a net margin of 12.69%. The company had revenue of $922.60 million during the quarter, compared to analyst estimates of $795.12 million. During the same period in the prior year, the business earned $1.19 earnings per share. Buckeye Partners L.P.’s quarterly revenue was up 20.3% on a year-over-year basis. analysts predict that Buckeye Partners L.P. will post 3.4 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Monday, November 20th. Stockholders of record on Monday, November 13th will be given a dividend of $1.2625 per share. The ex-dividend date of this dividend is Friday, November 10th. This represents a $5.05 dividend on an annualized basis and a dividend yield of 10.00%. This is an increase from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. Buckeye Partners L.P.’s payout ratio is presently 154.43%.
Several hedge funds have recently added to or reduced their stakes in BPL. Bank of New York Mellon Corp increased its holdings in Buckeye Partners L.P. by 3.4% in the first quarter. Bank of New York Mellon Corp now owns 44,845 shares of the pipeline company’s stock valued at $3,075,000 after purchasing an additional 1,491 shares during the last quarter. Ameriprise Financial Inc. increased its holdings in shares of Buckeye Partners L.P. by 26.5% in the first quarter. Ameriprise Financial Inc. now owns 13,902 shares of the pipeline company’s stock worth $953,000 after acquiring an additional 2,911 shares in the last quarter. Alliancebernstein L.P. increased its holdings in shares of Buckeye Partners L.P. by 40.6% in the first quarter. Alliancebernstein L.P. now owns 32,068 shares of the pipeline company’s stock worth $2,199,000 after acquiring an additional 9,259 shares in the last quarter. Oppenheimer Asset Management Inc. bought a new stake in shares of Buckeye Partners L.P. in the first quarter worth about $128,000. Finally, Private Trust Co. NA increased its holdings 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 acquiring an additional 60 shares in the last quarter. Institutional investors own 68.03% 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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