Buckeye Partners (BPL) Lowered to “Equal” at Morgan Stanley

Morgan Stanley lowered shares of Buckeye Partners (NYSE:BPL) from an overweight rating to an equal rating in a research report report published on Friday morning. They currently have $44.00 price target on the pipeline company’s stock.

BPL has been the subject of several other research reports. Zacks Investment Research lowered Buckeye Partners from a hold rating to a sell rating in a report on Tuesday, December 19th. SunTrust Banks set a $48.00 price objective on Buckeye Partners and gave the stock a hold rating in a report on Thursday, March 15th. Bank of America decreased their price objective on Buckeye Partners from $55.00 to $52.00 and set a neutral rating for the company in a report on Tuesday, March 6th. UBS 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. Finally, Barclays lifted their price objective on Buckeye Partners from $56.00 to $58.00 and gave the stock an equal weight rating in a report on Friday, January 26th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and three have issued a buy rating to the company. Buckeye Partners has a consensus rating of Hold and a consensus target price of $57.69.

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Buckeye Partners (NYSE:BPL) traded down $0.91 during midday trading on Friday, hitting $38.42. The stock had a trading volume of 1,190,441 shares, compared to its average volume of 1,037,584. The company has a market cap of $5,778.84, a PE ratio of 11.50 and a beta of 1.14. Buckeye Partners has a 12 month low of $38.35 and a 12 month high of $69.95. The company has a quick ratio of 0.52, a current ratio of 0.96 and a debt-to-equity ratio of 0.96.

Buckeye Partners (NYSE:BPL) last released 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). Buckeye Partners had a return on equity of 10.02% and a net margin of 13.13%. The business had revenue of $946.05 million for the quarter, compared to the consensus estimate of $905.02 million. During the same quarter in the previous year, the firm earned $0.78 earnings per share. The company’s revenue for the quarter was up 2.4% on a year-over-year basis. equities research analysts forecast that Buckeye Partners will post 3.22 earnings per share for the current fiscal year.

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 13.14%. The ex-dividend date 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 news, Director Pieter Bakker sold 2,000 shares of the business’s 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 $900,369.60. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Joseph Sauger sold 11,013 shares of the business’s stock in a transaction dated Friday, March 9th. The stock was sold at an average price of $43.92, for a total value of $483,690.96. Following the transaction, the senior vice president now directly owns 27,416 shares of the company’s stock, valued at approximately $1,204,110.72. The disclosure for this sale can be found here. 0.42% of the stock is owned by insiders.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Chemical Bank grew its holdings in shares of Buckeye Partners by 100.3% during the fourth quarter. Chemical Bank now owns 23,265 shares of the pipeline company’s stock worth $1,153,000 after purchasing an additional 11,650 shares in the last quarter. Pin Oak Investment Advisors Inc. purchased a new position in shares of Buckeye Partners during the fourth quarter worth about $1,096,000. Probabilities Fund Management LLC bought a new stake in Buckeye Partners in the 4th quarter worth approximately $500,000. Brookfield Asset Management Inc. bought a new stake in Buckeye Partners in the 4th quarter worth approximately $142,994,000. Finally, Lake Street Advisors Group LLC bought a new stake in Buckeye Partners in the 4th quarter worth approximately $327,000. 70.30% of the stock is owned by institutional investors.

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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.

Analyst Recommendations for Buckeye Partners (NYSE:BPL)

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