Buckeye Partners (BPL) Earns Hold Rating from Royal Bank of Canada

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Royal Bank of Canada reaffirmed their hold rating on shares of Buckeye Partners (NYSE:BPL) in a research note issued to investors on Tuesday. Royal Bank of Canada currently has a $38.00 price target on the pipeline company’s stock.

Several other equities research analysts have also recently issued reports on the company. Zacks Investment Research raised Buckeye Partners from a sell rating to a hold rating in a research note on Wednesday, July 18th. SunTrust Banks cut Buckeye Partners from a hold rating to a sell rating and set a $72.00 target price for the company. in a research note on Monday, July 23rd. JPMorgan Chase & Co. cut their target price on Buckeye Partners from $42.00 to $39.00 and set a neutral rating for the company in a research note on Friday, August 24th. Credit Suisse Group assumed coverage on Buckeye Partners in a research note on Thursday, October 11th. They issued a neutral rating and a $35.00 price objective for the company. Finally, Bank of America dropped their price objective on Buckeye Partners from $41.00 to $36.00 and set a neutral rating for the company in a research note on Tuesday, July 24th. Two research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has assigned a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $42.38.

BPL stock opened at $32.41 on Tuesday. The company has a quick ratio of 0.70, a current ratio of 0.96 and a debt-to-equity ratio of 1.29. The firm has a market cap of $4.85 billion, a price-to-earnings ratio of 12.00 and a beta of 1.25. Buckeye Partners has a 52-week low of $31.29 and a 52-week high of $57.19.

Buckeye Partners (NYSE:BPL) last posted its earnings results on Friday, November 2nd. The pipeline company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.11). The business had revenue of $909.55 million for the quarter, compared to analyst estimates of $921.74 million. Buckeye Partners had a positive return on equity of 8.98% and a negative net margin of 10.43%. Buckeye Partners’s revenue was down 1.4% compared to the same quarter last year. During the same period last year, the business earned $0.81 EPS. As a group, equities research analysts anticipate that Buckeye Partners will post 0.69 earnings per share for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 20th. Stockholders of record on Tuesday, November 13th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, November 9th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 9.26%. Buckeye Partners’s payout ratio is presently 152.11%.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Alps Advisors Inc. grew its stake in shares of Buckeye Partners by 6.4% in the third quarter. Alps Advisors Inc. now owns 12,904,583 shares of the pipeline company’s stock valued at $460,823,000 after buying an additional 778,840 shares in the last quarter. OppenheimerFunds Inc. grew its stake in shares of Buckeye Partners by 2.3% in the second quarter. OppenheimerFunds Inc. now owns 12,103,336 shares of the pipeline company’s stock valued at $425,432,000 after buying an additional 273,511 shares in the last quarter. Tortoise Capital Advisors L.L.C. boosted its holdings in Buckeye Partners by 27.4% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 11,790,497 shares of the pipeline company’s stock valued at $419,636,000 after purchasing an additional 2,537,274 shares during the period. Kayne Anderson Capital Advisors LP boosted its holdings in Buckeye Partners by 0.8% in the second quarter. Kayne Anderson Capital Advisors LP now owns 11,049,392 shares of the pipeline company’s stock valued at $370,133,000 after purchasing an additional 86,776 shares during the period. Finally, Chickasaw Capital Management LLC boosted its holdings in Buckeye Partners by 35.5% in the third quarter. Chickasaw Capital Management LLC now owns 7,879,285 shares of the pipeline company’s stock valued at $281,369,000 after purchasing an additional 2,065,317 shares during the period. 68.87% of the stock is owned by institutional investors and hedge funds.

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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Analyst Recommendations for Buckeye Partners (NYSE:BPL)

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