Keybank National Association OH raised its stake in Buckeye Partners L.P. (NYSE:BPL) by 35.8% in the third quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 22,356 shares of the pipeline company’s stock after acquiring an additional 5,890 shares during the quarter. Keybank National Association OH’s holdings in Buckeye Partners L.P. were worth $1,274,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Smith Moore & CO. acquired a new position in shares of Buckeye Partners L.P. in the third quarter worth $211,000. Trust Asset Management LLC raised its holdings in shares of Buckeye Partners L.P. by 16.0% in the third quarter. Trust Asset Management LLC now owns 242,822 shares of the pipeline company’s stock worth $13,841,000 after acquiring an additional 33,442 shares during the last quarter. Ray Gerald L & Associates Ltd. raised its holdings in shares of Buckeye Partners L.P. by 7.5% in the third quarter. Ray Gerald L & Associates Ltd. now owns 21,665 shares of the pipeline company’s stock worth $1,235,000 after acquiring an additional 1,504 shares during the last quarter. SignalPoint Asset Management LLC raised its holdings in shares of Buckeye Partners L.P. by 696.5% in the third quarter. SignalPoint Asset Management LLC now owns 4,094 shares of the pipeline company’s stock worth $232,000 after acquiring an additional 3,580 shares during the last quarter. Finally, Miller Howard Investments Inc. NY raised its holdings in shares of Buckeye Partners L.P. by 9.7% in the third quarter. Miller Howard Investments Inc. NY now owns 529,760 shares of the pipeline company’s stock worth $30,196,000 after acquiring an additional 46,752 shares during the last quarter. 68.03% of the stock is owned by institutional investors.
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Shares of Buckeye Partners L.P. (BPL) opened at $49.74 on Tuesday. The company has a market capitalization of $7,406.99, a PE ratio of 15.45 and a beta of 1.16. The company has a debt-to-equity ratio of 0.93, a quick ratio of 0.64 and a current ratio of 1.10. Buckeye Partners L.P. has a 12 month low of $49.39 and a 12 month high of $73.01.
Buckeye Partners L.P. (NYSE:BPL) last announced its quarterly earnings results on Friday, November 3rd. The pipeline company reported $0.81 EPS for the quarter, missing the Thomson Reuters’ 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 L.P. had a return on equity of 9.72% and a net margin of 12.69%. The business’s revenue was up 20.3% compared to the same quarter last year. During the same quarter in the prior year, the company earned $1.19 earnings per share. sell-side analysts anticipate that Buckeye Partners L.P. will post 3.4 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Monday, November 20th. Shareholders of record on Monday, November 13th will be paid a dividend of $1.2625 per share. The ex-dividend date of this dividend is Friday, November 10th. This is a positive change from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. This represents a $5.05 annualized dividend and a yield of 10.15%. Buckeye Partners L.P.’s dividend payout ratio is currently 154.43%.
A number of research firms have recently weighed in on BPL. Barclays PLC cut their price target on Buckeye Partners L.P. from $64.00 to $60.00 and set an “equal weight” rating for the company in a report on Monday, November 6th. Zacks Investment Research raised Buckeye Partners L.P. from a “strong sell” rating to a “hold” rating in a report on Monday, September 18th. SunTrust Banks, Inc. dropped their target price on Buckeye Partners L.P. to $58.00 and set a “hold” rating for the company in a research note on Tuesday. Royal Bank Of Canada dropped their target price on Buckeye Partners L.P. from $67.00 to $56.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 8th. Finally, Mizuho reiterated a “hold” rating and issued a $60.00 target price on shares of Buckeye Partners L.P. in a research note on Sunday, November 5th. One analyst has rated the stock with a sell rating, ten have given a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $65.33.
Buckeye Partners L.P. 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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