Stifel Nicolaus cut shares of Buckeye Partners (NYSE:BPL) from a buy rating to a hold rating in a research note released on Monday, 24/7 WallStreet reports. The firm currently has $41.50 price objective on the pipeline company’s stock, up from their previous price objective of $34.00.
A number of other research analysts also recently issued reports on the stock. Zacks Investment Research downgraded shares of Buckeye Partners from a hold rating to a sell rating in a research report on Wednesday, April 24th. ValuEngine upgraded shares of Buckeye Partners from a strong sell rating to a sell rating in a research report on Friday, February 8th. Mizuho initiated coverage on shares of Buckeye Partners in a research report on Monday, March 11th. They set a neutral rating and a $36.00 target price on the stock. UBS Group upgraded shares of Buckeye Partners from a neutral rating to a buy rating and upped their target price for the company from $33.00 to $36.00 in a research report on Thursday, March 7th. Finally, Barclays restated a buy rating and set a $38.00 target price on shares of Buckeye Partners in a research report on Tuesday, February 19th. Two research analysts have rated the stock with a sell rating, thirteen have assigned a hold rating and one has issued a buy rating to the company. Buckeye Partners presently has a consensus rating of Hold and an average target price of $39.79.
Shares of NYSE BPL opened at $41.76 on Monday. The stock has a market cap of $6.42 billion, a P/E ratio of 23.33 and a beta of 1.09. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.28 and a current ratio of 0.92. Buckeye Partners has a 12-month low of $25.71 and a 12-month high of $42.65.
Buckeye Partners (NYSE:BPL) last issued its quarterly earnings results on Friday, May 10th. The pipeline company reported $0.52 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.07). The company had revenue of $1.03 billion for the quarter, compared to analyst estimates of $1.13 billion. Buckeye Partners had a positive return on equity of 9.46% and a negative net margin of 2.29%. The firm’s quarterly revenue was down 13.0% on a year-over-year basis. During the same quarter last year, the company earned $0.74 EPS. On average, sell-side analysts forecast that Buckeye Partners will post 2.45 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Monday, May 20th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, May 17th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.18%. Buckeye Partners’s dividend payout ratio (DPR) is presently 167.60%.
In other news, VP Gary L. Bohnsack sold 2,500 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $41.73, for a total value of $104,325.00. Following the completion of the sale, the vice president now directly owns 422 shares of the company’s stock, valued at approximately $17,610.06. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.54% of the company’s stock.
Hedge funds have recently made changes to their positions in the company. Harvest Group Wealth Management LLC bought a new stake in shares of Buckeye Partners in the 1st quarter valued at about $28,000. Ellevest Inc. bought a new stake in Buckeye Partners during the 1st quarter worth approximately $31,000. Legacy Advisors LLC bought a new stake in Buckeye Partners during the 1st quarter worth approximately $34,000. Capital Investment Advisory Services LLC bought a new stake in Buckeye Partners during the 4th quarter worth approximately $36,000. Finally, FMR LLC increased its stake in Buckeye Partners by 150,500.0% during the 4th quarter. FMR LLC now owns 1,506 shares of the pipeline company’s stock worth $43,000 after purchasing an additional 1,505 shares in the last quarter. 69.33% of the stock is owned by institutional investors.
Buckeye Partners Company Profile
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.
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