Westwood Holdings Group Inc. lowered its stake in shares of Buckeye Partners, L.P. (NYSE:BPL) by 33.4% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 130,697 shares of the pipeline company’s stock after selling 65,684 shares during the quarter. Westwood Holdings Group Inc.’s holdings in Buckeye Partners were worth $4,446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Several other hedge funds and other institutional investors also recently made changes to their positions in BPL. Harvest Fund Advisors LLC grew its holdings in Buckeye Partners by 97.4% in the fourth quarter. Harvest Fund Advisors LLC now owns 5,572,816 shares of the pipeline company’s stock worth $161,556,000 after purchasing an additional 2,749,735 shares during the period. OppenheimerFunds Inc. grew its holdings in Buckeye Partners by 6.5% in the first quarter. OppenheimerFunds Inc. now owns 15,054,028 shares of the pipeline company’s stock worth $512,138,000 after purchasing an additional 922,274 shares during the period. Eagle Global Advisors LLC purchased a new stake in Buckeye Partners in the first quarter worth about $22,206,000. Ellis Investment Partners LLC grew its holdings in Buckeye Partners by 3,215.6% in the first quarter. Ellis Investment Partners LLC now owns 669,818 shares of the pipeline company’s stock worth $669,000 after purchasing an additional 649,616 shares during the period. Finally, BlackRock Inc. grew its holdings in Buckeye Partners by 13,749.9% in the first quarter. BlackRock Inc. now owns 512,448 shares of the pipeline company’s stock worth $17,434,000 after purchasing an additional 508,748 shares during the period. Institutional investors own 71.84% of the company’s stock.
BPL has been the topic of a number of recent research reports. UBS Group upgraded shares of Buckeye Partners from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $33.00 to $36.00 in a report on Thursday, March 7th. Barclays restated a “buy” rating and issued a $38.00 price objective on shares of Buckeye Partners in a report on Tuesday, February 19th. ValuEngine upgraded shares of Buckeye Partners from a “sell” rating to a “hold” rating in a report on Wednesday, May 1st. Mizuho initiated coverage on shares of Buckeye Partners in a report on Monday, March 11th. They issued a “neutral” rating and a $36.00 price objective on the stock. Finally, Zacks Investment Research upgraded shares of Buckeye Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 14th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has assigned a buy rating to the stock. Buckeye Partners presently has an average rating of “Hold” and an average price target of $39.84.
Shares of NYSE BPL traded down $0.01 during midday trading on Friday, hitting $40.74. The stock had a trading volume of 51,059 shares, compared to its average volume of 2,396,875. The company has a market cap of $6.27 billion, a PE ratio of 22.77 and a beta of 0.74. Buckeye Partners, L.P. has a 52 week low of $25.71 and a 52 week high of $42.65. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.63 and a current ratio of 0.92.
Buckeye Partners (NYSE:BPL) last issued its earnings results on Friday, May 10th. The pipeline company reported $0.52 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.59 by ($0.07). The firm had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.13 billion. Buckeye Partners had a positive return on equity of 9.46% and a negative net margin of 2.29%. The company’s quarterly revenue was down 13.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.74 EPS. On average, analysts forecast that Buckeye Partners, L.P. will post 2.43 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which was paid on Tuesday, May 28th. Stockholders of record on Monday, May 20th were paid a $0.75 dividend. The ex-dividend date was Friday, May 17th. This represents a $3.00 annualized dividend and a dividend yield of 7.36%. Buckeye Partners’s dividend payout ratio is presently 167.60%.
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Buckeye Partners Company Profile
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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