Buckeye Partners (BPL) Earns Underperform Rating from Analysts at Credit Suisse Group
Analysts at Credit Suisse Group began coverage on shares of Buckeye Partners (NYSE:BPL) in a research note issued on Thursday, Marketbeat reports. The firm set an “underperform” rating on the pipeline company’s stock.
BPL has been the subject of several other reports. Stifel Nicolaus reissued a “buy” rating and set a $68.00 price target on shares of Buckeye Partners in a report on Sunday, October 29th. Royal Bank of Canada dropped their price target on Buckeye Partners from $67.00 to $56.00 and set a “sector perform” rating for the company in a report on Wednesday, November 8th. Barclays dropped their price target on Buckeye Partners from $64.00 to $60.00 and set an “equal weight” rating for the company in a report on Monday, November 6th. TheStreet cut Buckeye Partners from a “b-” rating to a “c+” rating in a report on Wednesday, October 25th. Finally, SunTrust Banks reaffirmed a “hold” rating and issued a $72.00 price objective on shares of Buckeye Partners in a report on Friday, November 3rd. Three analysts have rated the stock with a sell rating, seven have given a hold rating and three have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average target price of $64.91.
Shares of Buckeye Partners (BPL) traded down $0.03 during midday trading on Thursday, hitting $52.50. The stock had a trading volume of 684,856 shares, compared to its average volume of 957,171. The company has a debt-to-equity ratio of 0.93, a current ratio of 1.10 and a quick ratio of 0.64. Buckeye Partners has a one year low of $43.90 and a one year high of $73.01. The company has a market cap of $7,700.00, a P/E ratio of 16.10 and a beta of 1.10.
Buckeye Partners (NYSE:BPL) last issued its earnings results on Friday, November 3rd. The pipeline company reported $0.81 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.86 by ($0.05). Buckeye Partners had a return on equity of 9.72% and a net margin of 12.69%. The business had revenue of $922.60 million for the quarter, compared to the consensus estimate of $795.12 million. During the same quarter in the prior year, the firm posted $1.19 earnings per share. The business’s revenue was up 20.3% compared to the same quarter last year. equities analysts predict that Buckeye Partners will post 3.37 EPS for the current fiscal year.
In other Buckeye Partners news, SVP Joseph Sauger sold 5,481 shares of the company’s stock in a transaction dated Monday, December 4th. The stock was sold at an average price of $47.04, for a total value of $257,826.24. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Insiders own 0.42% of the company’s stock.
Several large investors have recently made changes to their positions in BPL. Bank of New York Mellon Corp lifted its stake in shares of Buckeye Partners by 3.0% in the 2nd quarter. Bank of New York Mellon Corp now owns 46,176 shares of the pipeline company’s stock valued at $2,952,000 after purchasing an additional 1,331 shares during the period. Comerica Bank raised its stake in Buckeye Partners by 2.9% during the 2nd quarter. Comerica Bank now owns 4,207 shares of the pipeline company’s stock worth $267,000 after buying an additional 117 shares during the period. Oppenheimer Asset Management Inc. raised its stake in Buckeye Partners by 23.6% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 2,300 shares of the pipeline company’s stock worth $147,000 after buying an additional 439 shares during the period. JPMorgan Chase & Co. raised its stake in Buckeye Partners by 0.6% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,292,909 shares of the pipeline company’s stock worth $146,585,000 after buying an additional 13,073 shares during the period. Finally, Ffcm LLC raised its stake in Buckeye Partners by 221.3% during the 2nd quarter. Ffcm LLC now owns 1,764 shares of the pipeline company’s stock worth $115,000 after buying an additional 1,215 shares during the period. 69.88% of the stock is currently owned by institutional investors.
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About Buckeye Partners
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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