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.
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.
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.
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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.
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