Kavar Capital Partners LLC bought a new position in shares of Buckeye Partners, L.P. (NYSE:BPL) during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The institutional investor bought 5,000 shares of the pipeline company’s stock, valued at approximately $205,000.
Several other institutional investors and hedge funds also recently added to or reduced their stakes in BPL. FMR LLC lifted its position in shares of Buckeye Partners by 150,500.0% in the fourth 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. Pennsylvania Trust Co purchased a new stake in shares of Buckeye Partners in the first quarter worth approximately $257,000. Eagle Global Advisors LLC purchased a new stake in shares of Buckeye Partners in the first quarter worth approximately $22,206,000. Conning Inc. lifted its position in shares of Buckeye Partners by 70.5% in the first quarter. Conning Inc. now owns 101,065 shares of the pipeline company’s stock worth $3,438,000 after purchasing an additional 41,772 shares in the last quarter. Finally, Avalon Advisors LLC purchased a new stake in shares of Buckeye Partners in the first quarter worth approximately $227,000. 68.59% of the stock is currently owned by institutional investors.
In other Buckeye Partners news, SVP Todd J. Russo sold 8,740 shares of the company’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $40.96, for a total transaction of $357,990.40. Following the completion of the transaction, the senior vice president now owns 5,092 shares of the company’s stock, valued at approximately $208,568.32. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, Director Joseph A. Lasala, Jr. sold 9,000 shares of the company’s stock in a transaction that occurred on Thursday, June 13th. The stock was sold at an average price of $40.77, for a total value of $366,930.00. Following the transaction, the director now directly owns 14,000 shares of the company’s stock, valued at approximately $570,780. The disclosure for this sale can be found here. Corporate insiders own 0.54% of the company’s stock.
Shares of Buckeye Partners stock traded up $0.02 during trading on Thursday, hitting $41.07. 33,514 shares of the company were exchanged, compared to its average volume of 1,546,536. The company has a market capitalization of $6.32 billion, a price-to-earnings ratio of 22.95 and a beta of 0.69. Buckeye Partners, L.P. has a 1-year low of $25.71 and a 1-year high of $42.65. The stock has a fifty day moving average price of $41.35. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.64.
Buckeye Partners (NYSE:BPL) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. Buckeye Partners had a positive return on equity of 9.82% and a negative net margin of 2.43%. The business had revenue of $791.70 million during the quarter, compared to analyst estimates of $1.01 billion. Sell-side analysts predict that Buckeye Partners, L.P. will post 2.43 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 19th. Shareholders of record on Monday, August 12th will be given a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a yield of 7.30%. The ex-dividend date of this dividend is Friday, August 9th. Buckeye Partners’s dividend payout ratio (DPR) is currently 167.60%.
A number of analysts have recently issued reports on the stock. Argus reissued a “sell” rating on shares of Buckeye Partners in a research report on Monday. UBS Group lowered shares of Buckeye Partners from a “buy” rating to a “neutral” rating and increased their price target for the stock from $36.00 to $41.50 in a research report on Wednesday, May 15th. Mizuho set a $42.00 price target on shares of Buckeye Partners and gave the stock a “hold” rating in a research report on Friday, May 10th. Stifel Nicolaus lowered shares of Buckeye Partners from a “buy” rating to a “hold” rating and increased their price target for the stock from $34.00 to $41.50 in a research report on Monday, May 13th. Finally, Zacks Investment Research raised shares of Buckeye Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, May 14th. Two equities research analysts have rated the stock with a sell rating and fourteen have issued a hold rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $37.37.
About Buckeye Partners
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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