Buckeye Partners (BPL) Sees Significant Drop in Short Interest

Buckeye Partners (NYSE:BPL) was the target of a large decrease in short interest in March. As of March 29th, there was short interest totalling 2,160,645 shares, a decrease of 38.4% from the March 15th total of 3,509,616 shares. Currently, 1.5% of the shares of the company are sold short. Based on an average daily volume of 1,431,561 shares, the short-interest ratio is presently 1.5 days.

BPL has been the topic of several recent research reports. Stifel Nicolaus set a $56.00 price objective on Buckeye Partners and gave the stock a “buy” rating in a research report on Sunday, February 11th. UBS restated a “buy” rating and issued a $55.00 price objective (down previously from $64.00) on shares of Buckeye Partners in a research report on Friday, March 2nd. Citigroup lowered their price objective on Buckeye Partners from $60.00 to $55.00 and set a “buy” rating on the stock in a research report on Tuesday, March 27th. Morgan Stanley lowered Buckeye Partners from an “overweight” rating to an “equal” rating and set a $44.00 price objective on the stock. in a research report on Friday, March 23rd. Finally, Barclays lowered their price objective on Buckeye Partners from $58.00 to $55.00 and set an “equal weight” rating on the stock in a research report on Monday, February 12th. Three research analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus target price of $53.25.

How to Become a New Pot Stock Millionaire

Shares of BPL stock opened at $41.72 on Wednesday. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.96 and a quick ratio of 0.52. The company has a market cap of $5,687.74, a PE ratio of 12.57 and a beta of 1.20. Buckeye Partners has a 1-year low of $35.24 and a 1-year high of $69.95.

Buckeye Partners (NYSE:BPL) last announced its earnings results on Friday, February 9th. The pipeline company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.03). The business had revenue of $946.05 million for the quarter, compared to analyst estimates of $905.02 million. Buckeye Partners had a return on equity of 10.02% and a net margin of 13.13%. The company’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same period in the previous year, the company earned $0.78 earnings per share. sell-side analysts forecast that Buckeye Partners will post 3.12 earnings per share for the current fiscal year.

In other Buckeye Partners news, SVP Joseph Sauger sold 11,013 shares of the company’s stock in a transaction that occurred on Friday, March 9th. The stock was sold at an average price of $43.92, for a total value of $483,690.96. Following the sale, the senior vice president now owns 27,416 shares in the company, valued at approximately $1,204,110.72. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Also, Director Mark C. Mckinley acquired 1,000 shares of the stock in a transaction on Friday, March 23rd. The stock was bought at an average price of $38.46 per share, for a total transaction of $38,460.00. Following the transaction, the director now owns 26,000 shares in the company, valued at approximately $999,960. The disclosure for this purchase can be found here. Corporate insiders own 0.42% of the company’s stock.

Hedge funds have recently made changes to their positions in the company. Aevitas Wealth Management Inc. acquired a new position in Buckeye Partners in the 4th quarter valued at $102,000. IFG Advisory LLC acquired a new position in Buckeye Partners in the 4th quarter valued at $810,000. Captrust Financial Advisors acquired a new position in Buckeye Partners in the 4th quarter valued at $160,000. Strategic Capital Advisers Inc. acquired a new position in Buckeye Partners in the 4th quarter valued at $207,000. Finally, Haverford Trust Co. acquired a new position in Buckeye Partners in the 4th quarter valued at $209,000. 70.39% of the stock is owned by institutional investors and hedge funds.

COPYRIGHT VIOLATION WARNING: “Buckeye Partners (BPL) Sees Significant Drop in Short Interest” was first posted by Week Herald and is the property of of Week Herald. If you are accessing this story on another publication, it was illegally copied and reposted in violation of US and international trademark & copyright law. The legal version of this story can be read at https://weekherald.com/2018/04/18/buckeye-partners-bpl-sees-significant-drop-in-short-interest.html.

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; refined petroleum products; and crude oil.

Receive News & Ratings for Buckeye Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Buckeye Partners and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply