Buckeye Partners’ (BPL) “Sell” Rating Reiterated at Argus

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Argus reaffirmed their sell rating on shares of Buckeye Partners (NYSE:BPL) in a research note published on Monday morning, 24/7 WallStreet reports.

A number of other research firms also recently weighed in on BPL. UBS Group downgraded shares of Buckeye Partners from a buy rating to a neutral rating and lifted their price target for the company from $36.00 to $41.50 in a research report on Wednesday, May 15th. Barclays downgraded shares of Buckeye Partners from an overweight rating to an equal weight rating in a research report on Monday, May 13th. Mizuho set a $42.00 price target on shares of Buckeye Partners and gave the company a hold rating in a research report on Friday, May 10th. ValuEngine downgraded shares of Buckeye Partners from a buy rating to a hold rating in a research report on Thursday, August 1st. Finally, Stifel Nicolaus downgraded shares of Buckeye Partners from a buy rating to a hold rating and lifted their price target for the company from $34.00 to $41.50 in a research report on Monday, May 13th. Two analysts have rated the stock with a sell rating and fourteen have given a hold rating to the stock. The stock has a consensus rating of Hold and a consensus target price of $37.37.

Shares of BPL stock opened at $41.01 on Monday. The firm has a 50 day moving average price of $41.35 and a two-hundred day moving average price of $37.18. The company has a quick ratio of 0.64, a current ratio of 0.91 and a debt-to-equity ratio of 0.91. The company has a market capitalization of $6.30 billion, a PE ratio of 22.91 and a beta of 0.69. Buckeye Partners has a 12-month low of $25.71 and a 12-month high of $42.65.

Buckeye Partners (NYSE:BPL) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.58 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. Buckeye Partners had a negative net margin of 2.43% and a positive return on equity of 9.82%. The company had revenue of $791.70 million during the quarter, compared to the consensus estimate of $1.01 billion. As a group, research analysts expect that Buckeye Partners will post 2.43 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, August 19th. Shareholders of record on Monday, August 12th will be given a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, August 9th. This represents a $3.00 annualized dividend and a yield of 7.32%. Buckeye Partners’s dividend payout ratio is currently 167.60%.

In other Buckeye Partners news, SVP Todd J. Russo sold 8,740 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $40.96, for a total transaction of $357,990.40. Following the completion of the transaction, the senior vice president now directly owns 5,092 shares in the company, valued at $208,568.32. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, Director Joseph A. Lasala, Jr. sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.77, for a total transaction of $366,930.00. Following the transaction, the director now owns 14,000 shares of the company’s stock, valued at $570,780. The disclosure for this sale can be found here. 0.54% of the stock is owned by insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Pennsylvania Trust Co acquired a new position in Buckeye Partners during the first quarter valued at approximately $257,000. Conning Inc. grew its stake in shares of Buckeye Partners by 70.5% during the first quarter. Conning Inc. now owns 101,065 shares of the pipeline company’s stock worth $3,438,000 after buying an additional 41,772 shares during the last quarter. Eagle Global Advisors LLC bought a new stake in shares of Buckeye Partners during the first quarter worth $22,206,000. Ellevest Inc. bought a new stake in shares of Buckeye Partners during the first quarter worth $31,000. Finally, Zions Bancorporation N.A. bought a new stake in shares of Buckeye Partners during the first quarter worth $356,000. Institutional investors and hedge funds own 68.59% of the company’s stock.

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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Analyst Recommendations for Buckeye Partners (NYSE:BPL)

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