Buckeye Partners (BPL) Hits New 1-Year Low at $38.87

Buckeye Partners (NYSE:BPL) shares hit a new 52-week low on Friday . The company traded as low as $38.87 and last traded at $38.77, with a volume of 605420 shares changing hands. The stock had previously closed at $39.33.

A number of research analysts recently weighed in on BPL shares. Bank of America reduced their target price on Buckeye Partners from $55.00 to $52.00 and set a “neutral” rating on the stock in a report on Tuesday, March 6th. Mizuho set a $55.00 target price on Buckeye Partners and gave the company a “hold” rating in a report on Friday, February 9th. Zacks Investment Research upgraded Buckeye Partners from a “sell” rating to a “hold” rating in a report on Thursday, March 15th. Barclays reduced their target price on Buckeye Partners from $58.00 to $55.00 and set an “equal weight” rating on the stock in a report on Monday, February 12th. Finally, Credit Suisse Group started coverage on Buckeye Partners in a report on Thursday, January 4th. They issued an “underperform” rating on the stock. Two equities research analysts have rated the stock with a sell rating, nine have assigned a hold rating and three have issued a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $57.69.

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The firm has a market capitalization of $5,778.84, a P/E ratio of 11.50 and a beta of 1.14. 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 issued its quarterly earnings data 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). The company 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 revenue for the quarter was up 2.4% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.78 EPS. equities analysts forecast that Buckeye Partners will post 3.22 earnings per share for the current year.

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, February 27th. Shareholders of record on Tuesday, February 20th were paid a dividend of $1.2625 per share. This represents a $5.05 dividend on an annualized basis and a dividend yield of 13.14%. The ex-dividend date was Friday, February 16th. This is a boost from Buckeye Partners’s previous quarterly dividend of $1.24. Buckeye Partners’s payout ratio is currently 151.20%.

In other Buckeye Partners 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 transaction, the director now owns 19,552 shares in the company, valued at $900,369.60. The sale was disclosed in a legal filing with the SEC, which is available at 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 owns 27,416 shares in the company, valued at approximately $1,204,110.72. The disclosure for this sale can be found here. Insiders own 0.42% of the company’s stock.

Several institutional investors and hedge funds have recently modified their holdings of BPL. Brookfield Asset Management Inc. acquired a new position in shares of Buckeye Partners during the fourth quarter worth about $142,994,000. Kayne Anderson Capital Advisors LP increased its position in shares of Buckeye Partners by 20.7% during the fourth quarter. Kayne Anderson Capital Advisors LP now owns 5,353,758 shares of the pipeline company’s stock worth $265,264,000 after acquiring an additional 916,900 shares during the last quarter. OppenheimerFunds Inc. increased its position in shares of Buckeye Partners by 8.3% during the fourth quarter. OppenheimerFunds Inc. now owns 11,438,381 shares of the pipeline company’s stock worth $566,772,000 after acquiring an additional 877,671 shares during the last quarter. Alps Advisors Inc. increased its position in shares of Buckeye Partners by 6.3% during the fourth quarter. Alps Advisors Inc. now owns 12,185,717 shares of the pipeline company’s stock worth $603,802,000 after acquiring an additional 724,154 shares during the last quarter. Finally, JPMorgan Chase & Co. increased its position in shares of Buckeye Partners by 23.5% during the third quarter. JPMorgan Chase & Co. now owns 2,832,115 shares of the pipeline company’s stock worth $158,201,000 after acquiring an additional 539,206 shares during the last quarter. Institutional investors own 70.30% of the company’s stock.

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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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