Oppenheimer & Co. Inc. Increases Position in Buckeye Partners, L.P. (BPL)
Oppenheimer & Co. Inc. raised its position in shares of Buckeye Partners, L.P. (NYSE:BPL) by 0.5% during the second quarter, Holdings Channel reports. The firm owned 5,686 shares of the company’s stock after buying an additional 31 shares during the period. Oppenheimer & Co. Inc.’s holdings in Buckeye Partners, L.P. were worth $400,000 as of its most recent SEC filing.
Several other large investors have also made changes to their positions in the stock. FineMark National Bank & Trust boosted its stake in shares of Buckeye Partners, L.P. by 255.5% in the second quarter. FineMark National Bank & Trust now owns 1,422 shares of the company’s stock worth $100,000 after buying an additional 1,022 shares during the period. Oakworth Capital Inc. purchased a new stake in Buckeye Partners, L.P. during the second quarter worth approximately $116,000. Envestnet Asset Management Inc. purchased a new stake in Buckeye Partners, L.P. during the first quarter worth approximately $178,000. Joel Isaacson & Co. LLC raised its stake in Buckeye Partners, L.P. by 1,263.2% in the second quarter. Joel Isaacson & Co. LLC now owns 2,590 shares of the company’s stock worth $182,000 after buying an additional 2,400 shares in the last quarter. Finally, Telemus Capital LLC purchased a new stake in Buckeye Partners, L.P. during the second quarter worth approximately $201,000.
Shares of Buckeye Partners, L.P. (NYSE:BPL) traded up 1.75% on Monday, reaching $69.35. 201,185 shares of the company’s stock traded hands. Buckeye Partners, L.P. has a 12-month low of $47.07 and a 12-month high of $75.10. The stock has a 50-day moving average of $71.05 and a 200 day moving average of $70.03. The firm has a market cap of $9.09 billion, a P/E ratio of 17.83 and a beta of 0.95.
Buckeye Partners, L.P. (NYSE:BPL) last posted its quarterly earnings data on Friday, August 5th. The company reported $1.07 EPS for the quarter, topping 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 firm’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.71 earnings per share. On average, equities research analysts expect that Buckeye Partners, L.P. will post $0.01 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, August 22nd. Shareholders of record on Monday, August 15th were paid a dividend of $1.2125 per share. This represents a $4.85 annualized dividend and a yield of 7.12%. This is a positive change from Buckeye Partners, L.P.’s previous quarterly dividend of $1.09. The ex-dividend date of this dividend was Thursday, August 11th.
A number of equities research analysts recently commented on BPL shares. Zacks Investment Research upgraded shares of Buckeye Partners, L.P. from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a report on Monday, July 25th. US Capital Advisors upgraded shares of Buckeye Partners, L.P. from a “hold” rating to a “buy” rating in a report on Thursday, September 8th. Finally, Goldman Sachs Group Inc. upgraded shares of Buckeye Partners, L.P. from a “neutral” rating to a “buy” rating and set a $78.00 price target for the company in a report on Monday. Three analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $73.33.
In other news, Director Pieter Bakker acquired 3,500 shares of the company’s stock in a transaction on Tuesday, August 23rd. The stock was bought 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 of the company’s stock, valued at $1,233,028. The purchase was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Khalid A. Muslih sold 7,500 shares of Buckeye Partners, L.P. stock in a transaction on Monday, July 18th. The stock was sold at an average price of $75.00, for a total transaction of $562,500.00. Following the transaction, the senior vice president now directly owns 23,177 shares of the company’s stock, valued at $1,738,275. The disclosure for this sale can be found here.
Buckeye Partners, L.P. Company Profile
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.
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