Buckeye Partners (BPL) Upgraded by ValuEngine to “Hold”

Buckeye Partners (NYSE:BPL) was upgraded by investment analysts at ValuEngine from a “sell” rating to a “hold” rating in a research report issued on Wednesday, May 1st, ValuEngine reports.

BPL has been the topic of several other reports. Zacks Investment Research cut shares of Buckeye Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, January 16th. Barclays upgraded shares of Buckeye Partners from an “equal weight” rating to an “overweight” rating and upped their price objective for the stock from $35.00 to $38.00 in a research report on Wednesday, January 16th. UBS Group cut shares of Buckeye Partners from a “buy” rating to a “neutral” rating and set a $33.25 price objective on the stock. in a research report on Friday, March 8th. Goldman Sachs Group cut shares of Buckeye Partners from a “neutral” rating to a “sell” rating and decreased their price objective for the stock from $34.00 to $30.00 in a research report on Wednesday, January 2nd. Finally, Mizuho initiated coverage on Buckeye Partners in a research note on Monday, March 11th. They issued a “neutral” rating and a $36.00 target price for the company. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has issued a buy rating to the company. The stock presently has an average rating of “Hold” and an average price target of $39.79.

Shares of BPL opened at $40.98 on Wednesday. Buckeye Partners has a twelve month low of $25.71 and a twelve month high of $42.65. The stock has a market cap of $6.43 billion, a PE ratio of 22.89 and a beta of 1.09. The company has a current ratio of 0.92, a quick ratio of 0.28 and a debt-to-equity ratio of 0.90.

Buckeye Partners (NYSE:BPL) last announced its quarterly earnings results on Friday, May 10th. The pipeline company reported $0.52 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.07). Buckeye Partners had a negative net margin of 2.29% and a positive return on equity of 9.46%. The company had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the prior year, the company earned $0.74 earnings per share. The company’s quarterly revenue was down 13.0% on a year-over-year basis. As a group, sell-side analysts predict that Buckeye Partners will post 2.43 earnings per share for the current fiscal year.

In other news, VP Gary L. Bohnsack sold 2,500 shares of the stock in a transaction that occurred on Tuesday, May 14th. The stock was sold at an average price of $41.73, for a total transaction of $104,325.00. Following the completion of the sale, the vice president now owns 422 shares of the company’s stock, valued at $17,610.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.54% of the company’s stock.

A number of institutional investors and hedge funds have recently bought and sold shares of the business. Cypress Wealth Advisors LLC bought a new position in Buckeye Partners in the first quarter worth $1,741,000. Jane Street Group LLC increased its holdings in shares of Buckeye Partners by 6.8% during the first quarter. Jane Street Group LLC now owns 45,499 shares of the pipeline company’s stock valued at $1,548,000 after acquiring an additional 2,916 shares in the last quarter. HighTower Advisors LLC increased its holdings in shares of Buckeye Partners by 25.7% during the first quarter. HighTower Advisors LLC now owns 70,682 shares of the pipeline company’s stock valued at $2,404,000 after acquiring an additional 14,463 shares in the last quarter. Schonfeld Strategic Advisors LLC bought a new position in shares of Buckeye Partners during the first quarter valued at $13,608,000. Finally, Coastal Investment Advisors Inc. bought a new position in shares of Buckeye Partners during the first quarter valued at $76,000. Institutional investors and hedge funds own 69.33% 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.

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Analyst Recommendations for Buckeye Partners (NYSE:BPL)

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