Wade G W & Inc. boosted its position in shares of Buckeye Partners, L.P. (NYSE:BPL) by 2.2% in the first quarter, Holdings Channel reports. The fund owned 19,611 shares of the pipeline company’s stock after purchasing an additional 425 shares during the quarter. Wade G W & Inc.’s holdings in Buckeye Partners were worth $667,000 as of its most recent filing with the SEC.
A number of other institutional investors have also recently bought and sold shares of BPL. Harvest Fund Advisors LLC increased its position in Buckeye Partners by 97.4% during the fourth quarter. Harvest Fund Advisors LLC now owns 5,572,816 shares of the pipeline company’s stock valued at $161,556,000 after acquiring an additional 2,749,735 shares during the last quarter. Alps Advisors Inc. increased its position in Buckeye Partners by 12.6% during the fourth quarter. Alps Advisors Inc. now owns 14,531,387 shares of the pipeline company’s stock valued at $421,265,000 after acquiring an additional 1,626,804 shares during the last quarter. Eagle Global Advisors LLC purchased a new stake in Buckeye Partners during the first quarter valued at $22,206,000. Ellis Investment Partners LLC increased its position in Buckeye Partners by 3,215.6% during the first quarter. Ellis Investment Partners LLC now owns 669,818 shares of the pipeline company’s stock valued at $669,000 after acquiring an additional 649,616 shares during the last quarter. Finally, Hsbc Holdings PLC increased its position in Buckeye Partners by 222.6% during the fourth quarter. Hsbc Holdings PLC now owns 363,900 shares of the pipeline company’s stock valued at $10,549,000 after acquiring an additional 251,100 shares during the last quarter. Institutional investors own 71.89% of the company’s stock.
BPL has been the subject of a number of research reports. Zacks Investment Research cut Buckeye Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, April 24th. ValuEngine upgraded Buckeye Partners from a “strong sell” rating to a “sell” rating in a research report on Friday, February 8th. Mizuho initiated coverage on Buckeye Partners in a research report on Monday, March 11th. They set a “neutral” rating and a $36.00 price objective for the company. Argus cut Buckeye Partners from a “hold” rating to a “sell” rating and set a $41.80 price objective for the company. in a research report on Wednesday, May 15th. Finally, UBS Group upgraded Buckeye Partners from a “neutral” rating to a “buy” rating and upped their price objective for the company from $33.00 to $36.00 in a research report on Thursday, March 7th. Two analysts have rated the stock with a sell rating, fourteen have given a hold rating and one has issued a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $39.79.
Buckeye Partners (NYSE:BPL) last issued its quarterly earnings results on Friday, May 10th. The pipeline company reported $0.52 EPS for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.07). The company had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Buckeye Partners had a positive return on equity of 9.46% and a negative net margin of 2.29%. The business’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.74 EPS. On average, equities analysts anticipate that Buckeye Partners, L.P. will post 2.42 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Monday, May 20th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a yield of 7.32%. The ex-dividend date of this dividend is Friday, May 17th. Buckeye Partners’s payout ratio is 167.60%.
In other news, SVP Todd J. Russo sold 8,740 shares of the company’s stock in a transaction dated Monday, May 20th. The stock was sold at an average price of $40.96, for a total value of $357,990.40. Following the completion of the transaction, the senior vice president now owns 5,092 shares of the company’s stock, valued at $208,568.32. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, VP Gary L. Bohnsack sold 2,500 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $41.73, for a total value of $104,325.00. Following the completion of the transaction, the vice president now directly owns 422 shares of the company’s stock, valued at approximately $17,610.06. The disclosure for this sale can be found here. Corporate insiders own 0.54% 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.
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