Buckeye Partners, L.P. (BPL) Raised to Buy at Goldman Sachs Group Inc.
Goldman Sachs Group Inc. upgraded shares of Buckeye Partners, L.P. (NYSE:BPL) from a neutral rating to a buy rating in a report issued on Monday. The brokerage currently has $78.00 price target on the stock.
Other equities analysts have also recently issued research reports about the company. Zacks Investment Research cut Buckeye Partners, L.P. from a hold rating to a sell rating in a report on Tuesday, July 12th. US Capital Advisors upgraded Buckeye Partners, L.P. from a hold rating to a buy rating in a report on Thursday, September 8th. Two equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company has a consensus rating of Buy and an average price target of $73.13.
Shares of Buckeye Partners, L.P. (NYSE:BPL) opened at 70.93 on Monday. The stock has a market capitalization of $9.30 billion, a PE ratio of 18.23 and a beta of 0.95. The company has a 50-day moving average price of $70.56 and a 200 day moving average price of $70.12. Buckeye Partners, L.P. has a 52 week low of $47.07 and a 52 week high of $75.10.
Buckeye Partners, L.P. (NYSE:BPL) last released its quarterly earnings results on Friday, August 5th. The company reported $1.07 earnings per share for the quarter, beating the consensus estimate of $0.96 by $0.11. The firm had revenue of $777.12 million for the quarter, compared to analysts’ expectations of $759.98 million. The business’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.71 EPS. Equities analysts forecast that Buckeye Partners, L.P. will post $0.01 EPS for the current fiscal year.
In related news, CEO Clark C. Smith sold 910 shares of the firm’s stock in a transaction that occurred on Monday, July 18th. The stock was sold at an average price of $75.02, for a total transaction of $68,268.20. Following the completion of the sale, the chief executive officer now directly owns 59,273 shares of the company’s stock, valued at approximately $4,446,660.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Pieter Bakker purchased 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were acquired at an average cost of $70.25 per share, with a total value of $245,875.00. Following the completion of the purchase, the director now directly owns 17,552 shares in the company, valued at approximately $1,233,028. The disclosure for this purchase can be found here.
Large investors have recently modified their holdings of the company. ING Groep NV raised its stake in shares of Buckeye Partners, L.P. by 309.4% in the first quarter. ING Groep NV now owns 2,001,974 shares of the company’s stock worth $136,034,000 after buying an additional 1,512,974 shares in the last quarter. Bank of Montreal Can acquired a new stake in shares of Buckeye Partners, L.P. during the second quarter worth about $72,145,000. Harvest Fund Advisors LLC raised its stake in shares of Buckeye Partners, L.P. by 16.3% in the first quarter. Harvest Fund Advisors LLC now owns 6,427,426 shares of the company’s stock worth $436,679,000 after buying an additional 899,843 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Buckeye Partners, L.P. by 16.1% in the first quarter. Goldman Sachs Group Inc. now owns 5,967,215 shares of the company’s stock worth $405,413,000 after buying an additional 829,184 shares in the last quarter. Finally, Energy Income Partners LLC purchased a new stake in shares of Buckeye Partners, L.P. during the first quarter worth $45,134,000.
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 and marketing of liquid petroleum products. The Company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
Receive News & Ratings for Buckeye Partners L.P. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Buckeye Partners L.P. and related companies with Analyst Ratings Network's FREE daily email newsletter.