Buckeye Partners (NYSE:BPL) had its price target reduced by Bank of America from $55.00 to $52.00 in a research report report published on Tuesday morning. They currently have a neutral rating on the pipeline company’s stock.
BPL has been the subject of several other research reports. Royal Bank of Canada decreased their price objective on Buckeye Partners from $67.00 to $56.00 and set a sector perform rating for the company in a report on Wednesday, November 8th. Barclays decreased their price objective on Buckeye Partners from $64.00 to $60.00 and set an equal weight rating for the company in a report on Monday, November 6th. Zacks Investment Research lowered Buckeye Partners from a hold rating to a sell rating in a report on Tuesday, December 19th. Stifel Nicolaus decreased their price objective on Buckeye Partners from $68.00 to $63.00 and set a buy rating for the company in a report on Monday, November 6th. Finally, UBS Group reissued a buy rating and issued a $55.00 price objective (down previously from $64.00) on shares of Buckeye Partners in a report on Friday, March 2nd. Two equities research analysts have rated the stock with a sell rating, eight have given a hold rating and three have issued a buy rating to the company. The stock has an average rating of Hold and a consensus target price of $60.55.
Shares of Buckeye Partners (NYSE BPL) opened at $44.10 on Tuesday. The company has a market capitalization of $6,470.00, a price-to-earnings ratio of 13.20 and a beta of 1.14. Buckeye Partners has a 52 week low of $42.96 and a 52 week high of $69.95. The company has a debt-to-equity ratio of 0.96, a quick ratio of 0.52 and a current ratio of 0.96.
The business also recently announced a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 20th were issued a dividend of $1.2625 per share. This represents a $5.05 dividend on an annualized basis and a yield of 11.45%. The ex-dividend date of this dividend was Friday, February 16th. This is a positive change from Buckeye Partners’s previous quarterly dividend of $1.24. Buckeye Partners’s payout ratio is presently 151.20%.
In other Buckeye Partners news, Director Pieter Bakker sold 2,000 shares of Buckeye Partners stock in a transaction dated Tuesday, February 27th. The stock was sold at an average price of $46.05, for a total transaction of $92,100.00. Following the completion of the transaction, the director now owns 19,552 shares of the company’s stock, valued at approximately $900,369.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. 0.42% of the stock is owned by insiders.
A number of hedge funds have recently bought and sold shares of BPL. Brookfield Asset Management Inc. purchased a new position in Buckeye Partners during the 4th quarter valued at about $142,994,000. Alps Advisors Inc. grew its holdings in Buckeye Partners by 11.7% during the 3rd quarter. Alps Advisors Inc. now owns 11,461,563 shares of the pipeline company’s stock valued at $653,309,000 after buying an additional 1,204,235 shares in the last quarter. Kayne Anderson Capital Advisors LP grew its holdings in Buckeye Partners by 20.7% during 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 in the last quarter. OppenheimerFunds Inc. grew its holdings in Buckeye Partners by 8.3% during 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 in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in Buckeye Partners by 23.5% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,832,115 shares of the pipeline company’s stock valued at $158,201,000 after buying an additional 539,206 shares in the last quarter. 70.52% of the stock is owned by institutional investors and hedge funds.
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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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