Buckeye Partners (NYSE:BPL) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a research report issued on Monday, February 5th.
According to Zacks, “In last one month, the partnership units have outrperformed the industry. 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.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.”
A number of other equities research analysts have also issued reports on BPL. TheStreet lowered shares of Buckeye Partners from a “b-” rating to a “c+” rating in a report on Wednesday, October 25th. Stifel Nicolaus reissued a “buy” rating and issued a $68.00 price objective on shares of Buckeye Partners in a report on Sunday, October 29th. Mizuho reaffirmed a “hold” rating and set a $60.00 target price on shares of Buckeye Partners in a research note on Sunday, November 5th. Royal Bank of Canada lowered their target price on shares of Buckeye Partners from $67.00 to $56.00 and set a “sector perform” rating for the company in a research note on Wednesday, November 8th. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $72.00 target price on shares of Buckeye Partners in a research note on Friday, November 3rd. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company. Buckeye Partners currently has a consensus rating of “Hold” and an average price target of $62.30.
Buckeye Partners (NYSE:BPL) last issued its earnings results on Friday, February 9th. The pipeline company reported $0.85 EPS for the quarter, missing the Zacks’ consensus estimate of $0.88 by ($0.03). The business had revenue of $946.05 million during the quarter, compared to analyst estimates of $905.02 million. Buckeye Partners had a net margin of 13.13% and a return on equity of 10.09%. Buckeye Partners’s quarterly revenue was up 2.4% on a year-over-year basis. During the same quarter last year, the company earned $0.78 earnings per share. equities research analysts predict that Buckeye Partners will post 3.45 earnings per share for the current year.
In other news, SVP Joseph Sauger sold 5,481 shares of Buckeye Partners stock in a transaction 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 SEC, which can be accessed through this hyperlink. Insiders own 0.42% of the company’s stock.
Several institutional investors have recently made changes to their positions in BPL. Alps Advisors Inc. grew its position in Buckeye Partners by 6.3% in the 4th quarter. Alps Advisors Inc. now owns 12,185,717 shares of the pipeline company’s stock valued at $603,802,000 after buying an additional 724,154 shares during the last quarter. OppenheimerFunds Inc. grew its position in Buckeye Partners by 8.3% in the 4th quarter. OppenheimerFunds Inc. now owns 11,438,381 shares of the pipeline company’s stock valued at $566,772,000 after buying an additional 877,671 shares during the last quarter. Tortoise Capital Advisors L.L.C. grew its position in Buckeye Partners by 1.9% in the 3rd quarter. Tortoise Capital Advisors L.L.C. now owns 10,837,570 shares of the pipeline company’s stock valued at $617,741,000 after buying an additional 203,880 shares during the last quarter. Kayne Anderson Capital Advisors LP grew its position in Buckeye Partners by 20.7% in the 4th quarter. Kayne Anderson Capital Advisors LP now owns 5,353,758 shares of the pipeline company’s stock valued at $265,264,000 after buying an additional 916,900 shares during the last quarter. Finally, Advisory Research Inc. grew its position in Buckeye Partners by 7.2% in the 4th quarter. Advisory Research Inc. now owns 3,599,716 shares of the pipeline company’s stock valued at $178,366,000 after buying an additional 243,273 shares during the last quarter. 70.52% of the stock is currently owned by institutional investors and hedge funds.
Buckeye Partners 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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