Buckeye Partners (BPL) Price Target Lowered to $43.00 at Barclays

Buckeye Partners (NYSE:BPL) had its price target cut by Barclays from $55.00 to $43.00 in a research report sent to investors on Thursday morning, Marketbeat.com reports. They currently have an equal weight rating on the pipeline company’s stock.

Other equities analysts have also recently issued reports about the stock. UBS restated a buy rating and issued a $55.00 target price (down from $64.00) on shares of Buckeye Partners in a research report on Friday, March 2nd. Stifel Nicolaus set a $56.00 target price on shares of Buckeye Partners and gave the company a buy rating in a research report on Sunday, February 11th. Citigroup dropped their target price on shares of Buckeye Partners from $60.00 to $55.00 and set a buy rating for the company in a research report on Tuesday, March 27th. Morgan Stanley cut shares of Buckeye Partners from an overweight rating to an equal rating and set a $44.00 target price for the company. in a research report on Friday, March 23rd. Finally, Mizuho set a $55.00 price objective on shares of Buckeye Partners and gave the stock a hold rating in a research report on Friday, February 9th. Four research analysts have rated the stock with a sell rating, nine have given a hold rating and three have assigned a buy rating to the company. The stock currently has an average rating of Hold and an average price target of $55.46.

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Shares of NYSE:BPL opened at $37.29 on Thursday. The company has a market capitalization of $5,479.09, a PE ratio of 11.23 and a beta of 1.20. 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 has a 12 month low of $35.24 and a 12 month high of $69.95.

Buckeye Partners (NYSE:BPL) last issued its earnings results on Friday, February 9th. The pipeline company reported $0.85 EPS for the quarter, missing the consensus estimate of $0.88 by ($0.03). The firm had revenue of $946.05 million during the quarter, compared to analyst estimates of $905.02 million. Buckeye Partners had a net margin of 13.13% and a return on equity of 10.02%. Buckeye Partners’s quarterly revenue was up 2.4% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.78 earnings per share. research analysts expect that Buckeye Partners will post 3.12 EPS for the current year.

In other Buckeye Partners news, SVP Joseph Sauger sold 11,013 shares of the business’s stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $43.92, for a total transaction of $483,690.96. Following the sale, the senior vice president now directly owns 27,416 shares of the company’s stock, valued at approximately $1,204,110.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Mark C. Mckinley bought 1,000 shares of Buckeye Partners stock in a transaction on Friday, March 23rd. The shares were acquired at an average cost of $38.46 per share, for a total transaction of $38,460.00. Following the completion of the acquisition, the director now directly owns 26,000 shares in the company, valued at $999,960. The disclosure for this purchase can be found here. 0.42% of the stock is owned by corporate insiders.

A number of institutional investors and hedge funds have recently bought and sold shares of BPL. Brookfield Asset Management Inc. bought a new stake in Buckeye Partners during the 4th quarter worth approximately $142,994,000. 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 worth $265,264,000 after acquiring an additional 916,900 shares during 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 worth $566,772,000 after acquiring an additional 877,671 shares during the last quarter. Alps Advisors Inc. grew its holdings in Buckeye Partners by 6.3% during the 4th 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, Chickasaw Capital Management LLC grew its holdings in Buckeye Partners by 14.7% during the 4th quarter. Chickasaw Capital Management LLC now owns 3,583,695 shares of the pipeline company’s stock worth $177,572,000 after acquiring an additional 459,586 shares during the last quarter. 70.32% of the stock is currently owned by hedge funds and other 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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