Buckeye Partners (BPL) Price Target Raised to $38.00

Buckeye Partners (NYSE:BPL) had its price objective increased by Bank of America from $37.00 to $38.00 in a research note issued to investors on Monday. The brokerage currently has a neutral rating on the pipeline company’s stock.

Several other brokerages have also issued reports on BPL. JPMorgan Chase & Co. cut their target price on Buckeye Partners from $42.00 to $39.00 and set a neutral rating for the company in a research note on Friday, August 24th. Stifel Nicolaus cut their target price on Buckeye Partners from $45.00 to $43.00 and set a buy rating for the company in a research note on Monday, August 6th. Zacks Investment Research raised Buckeye Partners from a sell rating to a hold rating in a research note on Tuesday, August 28th. Credit Suisse Group began coverage on Buckeye Partners in a research note on Thursday, October 11th. They issued a neutral rating and a $35.00 target price for the company. Finally, Citigroup cut their target price on Buckeye Partners from $39.00 to $34.00 and set a neutral rating for the company in a research note on Tuesday, July 31st. Two equities research analysts have rated the stock with a sell rating, twelve have given a hold rating and one has assigned a buy rating to the company. The company currently has a consensus rating of Hold and an average price target of $42.38.

Shares of BPL opened at $32.90 on Monday. The company has a market capitalization of $4.83 billion, a price-to-earnings ratio of 9.91 and a beta of 1.25. The company has a quick ratio of 0.70, a current ratio of 0.96 and a debt-to-equity ratio of 1.29. Buckeye Partners has a 1 year low of $31.41 and a 1 year high of $57.19.

Buckeye Partners (NYSE:BPL) last issued its earnings results on Friday, November 2nd. The pipeline company reported $0.57 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.68 by ($0.11). The firm had revenue of $909.55 million during the quarter, compared to analysts’ expectations of $921.74 million. Buckeye Partners had a positive return on equity of 8.98% and a negative net margin of 10.43%. The firm’s quarterly revenue was down 1.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.81 EPS. Sell-side analysts anticipate that Buckeye Partners will post 0.69 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 20th. Shareholders of record on Tuesday, November 13th will be given a $0.75 dividend. The ex-dividend date is Friday, November 9th. This represents a $3.00 annualized dividend and a yield of 9.12%. Buckeye Partners’s payout ratio is currently 152.11%.

A number of hedge funds have recently made changes to their positions in the business. Alps Advisors Inc. lifted its position in Buckeye Partners by 6.4% in the third quarter. Alps Advisors Inc. now owns 12,904,583 shares of the pipeline company’s stock valued at $460,823,000 after purchasing an additional 778,840 shares during the last quarter. OppenheimerFunds Inc. lifted its position in Buckeye Partners by 2.3% in the second quarter. OppenheimerFunds Inc. now owns 12,103,336 shares of the pipeline company’s stock valued at $425,432,000 after purchasing an additional 273,511 shares during the last quarter. Tortoise Capital Advisors L.L.C. lifted its position in Buckeye Partners by 27.4% in the third quarter. Tortoise Capital Advisors L.L.C. now owns 11,790,497 shares of the pipeline company’s stock valued at $419,636,000 after purchasing an additional 2,537,274 shares during the last quarter. Kayne Anderson Capital Advisors LP lifted its position in Buckeye Partners by 0.8% in the second quarter. Kayne Anderson Capital Advisors LP now owns 11,049,392 shares of the pipeline company’s stock valued at $370,133,000 after purchasing an additional 86,776 shares during the last quarter. Finally, Chickasaw Capital Management LLC lifted its position in Buckeye Partners by 35.5% in the third quarter. Chickasaw Capital Management LLC now owns 7,879,285 shares of the pipeline company’s stock valued at $281,369,000 after purchasing an additional 2,065,317 shares during the last quarter. Hedge funds and other institutional investors own 68.87% of the company’s stock.

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; refined petroleum products; and crude oil.

Recommended Story: How Investors Use a Balance Sheet

Analyst Recommendations for Buckeye Partners (NYSE:BPL)

Receive News & Ratings for Buckeye Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Buckeye Partners and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply