Buckeye Partners (BPL) Downgraded to Sell at Zacks Investment Research

Buckeye Partners (NYSE:BPL) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday, December 19th.

According to Zacks, “In the last three months, the partnership units have underperformed the industry.  Adverse weather conditions adversely impacted operations of the partnership. Intensifying competition and stringent government regulations are persistent headwinds for Buckeye Partners. The partnership depends on its operating subsidiaries to service debt obligations and pay cash distributions to its unitholders. Rising debt expenses are a matter of great concern for the partnership. Buckeye Partners has an attractive portfolio of refined petroleum-product transportation and storage assets in key geographical markets. Strategic VTTI acquisitions and organic growth projects will drive the partnership’s performance in the domestic as well as international arena.”

Other equities analysts have also recently issued research reports about the stock. UBS Group lowered their price objective on shares of Buckeye Partners from $76.00 to $64.00 and set a “buy” rating for the company in a research report on Tuesday, October 17th. Royal Bank of Canada reaffirmed a “hold” rating and set a $67.00 price objective on shares of Buckeye Partners in a research report on Monday, October 16th. SunTrust Banks set a $58.00 price objective on shares of Buckeye Partners and gave the stock a “hold” rating in a research report on Tuesday, November 14th. Wells Fargo & Co lowered their price objective on shares of Buckeye Partners from $66.00 to $61.00 and set a “market perform” rating for the company in a research report on Tuesday, October 10th. Finally, Citigroup lowered their price objective on shares of Buckeye Partners from $77.00 to $72.00 and set a “buy” rating for the company in a research report on Tuesday, October 10th. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the stock. Buckeye Partners has an average rating of “Hold” and an average target price of $64.91.

Shares of Buckeye Partners (BPL) traded up $0.55 during midday trading on Tuesday, hitting $54.06. 1,113,516 shares of the stock were exchanged, compared to its average volume of 862,289. The firm has a market cap of $7,930.00, a P/E ratio of 16.58 and a beta of 1.10. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.10 and a quick ratio of 0.64. Buckeye Partners has a fifty-two week low of $43.90 and a fifty-two week high of $73.01.

Buckeye Partners (NYSE:BPL) last announced its quarterly earnings results on Friday, November 3rd. The pipeline company reported $0.81 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.05). The firm had revenue of $922.60 million for the quarter, compared to analyst estimates of $795.12 million. Buckeye Partners had a return on equity of 9.72% and a net margin of 12.69%. The firm’s quarterly revenue was up 20.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.19 EPS. equities research analysts forecast that Buckeye Partners will post 3.37 earnings per share for the current fiscal year.

In other Buckeye Partners news, SVP Joseph Sauger sold 5,481 shares of the firm’s stock in a transaction that occurred on Monday, December 4th. The shares were sold at an average price of $47.04, for a total value of $257,826.24. The sale 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.

Hedge funds have recently modified their holdings of the business. Hudock Capital Group LLC lifted its position in shares of Buckeye Partners by 1,564.7% during the 3rd quarter. Hudock Capital Group LLC now owns 1,931 shares of the pipeline company’s stock worth $110,000 after purchasing an additional 1,815 shares during the last quarter. Moisand Fitzgerald Tamayo LLC acquired a new stake in Buckeye Partners during the 3rd quarter worth $114,000. Ffcm LLC raised its stake in Buckeye Partners by 221.3% during the 2nd quarter. Ffcm LLC now owns 1,764 shares of the pipeline company’s stock worth $115,000 after acquiring an additional 1,215 shares in the last quarter. BNP Paribas Arbitrage SA raised its stake in Buckeye Partners by 315.0% during the 3rd quarter. BNP Paribas Arbitrage SA now owns 2,075 shares of the pipeline company’s stock worth $118,000 after acquiring an additional 1,575 shares in the last quarter. Finally, Pathstone Family Office LLC acquired a new position in Buckeye Partners in the second quarter valued at $142,000. 69.88% of the stock is owned by institutional investors.

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About Buckeye Partners

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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