Diversified Trust Co trimmed its holdings in Buckeye Partners, L.P. (NYSE:BPL) by 19.4% during the third quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,161 shares of the pipeline company’s stock after selling 1,722 shares during the quarter. Diversified Trust Co’s holdings in Buckeye Partners were worth $294,000 as of its most recent SEC filing.
Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Steward Partners Investment Advisory LLC purchased a new position in Buckeye Partners in the 2nd quarter worth approximately $36,000. North Star Investment Management Corp. purchased a new position in Buckeye Partners in the 3rd quarter worth approximately $63,000. HM Payson & Co. purchased a new position in Buckeye Partners in the 2nd quarter worth approximately $90,000. Coastal Investment Advisors Inc. lifted its stake in Buckeye Partners by 74.8% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 3,919 shares of the pipeline company’s stock worth $160,000 after purchasing an additional 1,677 shares in the last quarter. Finally, Kavar Capital Partners LLC purchased a new position in Buckeye Partners in the 2nd quarter worth approximately $205,000. 79.97% of the stock is currently owned by institutional investors and hedge funds.
In other news, Director Joseph A. Lasala, Jr. sold 4,000 shares of Buckeye Partners stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $41.00, for a total transaction of $164,000.00. Following the sale, the director now owns 10,000 shares of the company’s stock, valued at approximately $410,000. The transaction was disclosed in a filing with the SEC, which can be accessed through this link. Also, SVP Todd J. Russo sold 2,000 shares of Buckeye Partners stock in a transaction that occurred on Friday, August 30th. The shares were sold at an average price of $41.12, for a total transaction of $82,240.00. Following the completion of the sale, the senior vice president now owns 3,092 shares of the company’s stock, valued at approximately $127,143.04. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,000 shares of company stock worth $452,090. Corporate insiders own 0.54% of the company’s stock.
Buckeye Partners (NYSE:BPL) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.58 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.55 by $0.03. The firm had revenue of $791.70 million for the quarter, compared to analyst estimates of $1.01 billion. Buckeye Partners had a negative net margin of 2.43% and a positive return on equity of 9.82%. Equities research analysts predict that Buckeye Partners, L.P. will post 2.45 EPS for the current fiscal year.
BPL has been the topic of a number of research reports. Argus reissued a “sell” rating on shares of Buckeye Partners in a research note on Monday, August 12th. ValuEngine lowered shares of Buckeye Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Three research analysts have rated the stock with a sell rating and twelve have given a hold rating to the company. The stock currently has an average rating of “Hold” and an average price target of $37.23.
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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