United Capital Financial Advisers LLC reduced its stake in Buckeye Partners L.P. (NYSE:BPL) by 2.7% during the first quarter, according to its most recent 13F filing with the SEC. The fund owned 148,748 shares of the pipeline company’s stock after selling 4,140 shares during the period. United Capital Financial Advisers LLC owned 0.11% of Buckeye Partners L.P. worth $10,198,000 at the end of the most recent reporting period.
Several other large investors also recently added to or reduced their stakes in BPL. Renaissance Technologies LLC boosted its position in shares of Buckeye Partners L.P. by 92.2% in the fourth quarter. Renaissance Technologies LLC now owns 631,434 shares of the pipeline company’s stock worth $41,776,000 after buying an additional 302,900 shares during the period. Advisory Research Inc. boosted its position in Buckeye Partners L.P. by 7.3% in the fourth quarter. Advisory Research Inc. now owns 3,222,028 shares of the pipeline company’s stock worth $213,170,000 after buying an additional 218,751 shares during the last quarter. Koch Industries Inc. purchased a new position in Buckeye Partners L.P. during the fourth quarter worth approximately $220,000. Brown Advisory Inc. boosted its position in Buckeye Partners L.P. by 26.0% in the fourth quarter. Brown Advisory Inc. now owns 6,236 shares of the pipeline company’s stock worth $412,000 after buying an additional 1,285 shares during the last quarter. Finally, Good Life Advisors LLC purchased a new position in Buckeye Partners L.P. during the fourth quarter worth approximately $282,000. 70.52% of the stock is currently owned by institutional investors and hedge funds.
Buckeye Partners L.P. (BPL) traded down 1.61% during trading on Tuesday, hitting $60.38. 797,839 shares of the stock traded hands. The company has a 50-day moving average price of $65.16 and a 200 day moving average price of $66.93. Buckeye Partners L.P. has a one year low of $59.73 and a one year high of $75.10. The stock has a market cap of $8.49 billion, a PE ratio of 15.50 and a beta of 1.15.
Buckeye Partners L.P. (NYSE:BPL) last announced its quarterly earnings results on Friday, May 5th. The pipeline company reported $0.88 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.00 by $0.12. Buckeye Partners L.P. had a net margin of 15.36% and a return on equity of 12.03%. The business had revenue of $969.30 million for the quarter, compared to analysts’ expectations of $848.34 million. During the same quarter in the prior year, the firm earned $1.01 EPS. The firm’s revenue for the quarter was up 24.2% on a year-over-year basis. Analysts expect that Buckeye Partners L.P. will post $4.05 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, May 22nd. Investors of record on Monday, May 15th were issued a dividend of $1.25 per share. This represents a $5.00 dividend on an annualized basis and a yield of 8.28%. The ex-dividend date of this dividend was Thursday, May 11th. This is an increase from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. Buckeye Partners L.P.’s payout ratio is currently 127.55%.
A number of research analysts have recently commented on BPL shares. Barclays PLC reduced their target price on shares of Buckeye Partners L.P. from $75.00 to $73.00 and set an “equal weight” rating on the stock in a research report on Monday, March 6th. SunTrust Banks, Inc. initiated coverage on shares of Buckeye Partners L.P. in a research note on Monday, March 20th. They issued a “hold” rating and a $72.00 price target for the company. Guggenheim initiated coverage on shares of Buckeye Partners L.P. in a research note on Monday, April 17th. They issued a “neutral” rating and a $72.00 price target for the company. Royal Bank Of Canada restated a “hold” rating and issued a $73.00 price target on shares of Buckeye Partners L.P. in a research note on Wednesday, April 19th. Finally, Stifel Nicolaus upgraded shares of Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 price target for the company in a research note on Monday, May 8th. They noted that the move was a valuation call. Nine investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $73.20.
In other Buckeye Partners L.P. news, EVP Robert A. Malecky sold 6,955 shares of the company’s stock in a transaction that occurred on Tuesday, April 25th. The stock was sold at an average price of $69.00, for a total transaction of $479,895.00. Following the transaction, the executive vice president now owns 80,559 shares in the company, valued at approximately $5,558,571. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, SVP Todd J. Russo sold 3,280 shares of the company’s stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total value of $219,760.00. Following the transaction, the senior vice president now owns 14,106 shares in the company, valued at approximately $945,102. The disclosure for this sale can be found here. 0.38% of the stock is owned by insiders.
About Buckeye Partners L.P.
Buckeye Partners, L.P. (Buckeye) owns and operates a network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
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