Buckeye Partners L.P. (BPL) Holdings Cut by California Public Employees Retirement System
California Public Employees Retirement System trimmed its stake in shares of Buckeye Partners L.P. (NYSE:BPL) by 1.3% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 304,100 shares of the pipeline company’s stock after selling 4,000 shares during the period. California Public Employees Retirement System owned 0.22% of Buckeye Partners L.P. worth $19,441,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds also recently bought and sold shares of BPL. Bank of New York Mellon Corp lifted its holdings in Buckeye Partners L.P. by 3.4% during the first quarter. Bank of New York Mellon Corp now owns 44,845 shares of the pipeline company’s stock valued at $3,075,000 after purchasing an additional 1,491 shares in the last quarter. BNP Paribas Arbitrage SA purchased a new position in Buckeye Partners L.P. during the first quarter valued at $256,000. Ameriprise Financial Inc. lifted its holdings in Buckeye Partners L.P. by 26.5% during the first quarter. Ameriprise Financial Inc. now owns 13,902 shares of the pipeline company’s stock valued at $953,000 after purchasing an additional 2,911 shares in the last quarter. Clinton Group Inc. purchased a new position in Buckeye Partners L.P. during the first quarter valued at $387,000. Finally, Alliancebernstein L.P. lifted its holdings in Buckeye Partners L.P. by 40.6% during the first quarter. Alliancebernstein L.P. now owns 32,068 shares of the pipeline company’s stock valued at $2,199,000 after purchasing an additional 9,259 shares in the last quarter. 68.84% of the stock is currently owned by institutional investors and hedge funds.
Several research firms have issued reports on BPL. Barclays PLC decreased their price objective on shares of Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating on the stock in a report on Monday, August 7th. BidaskClub downgraded shares of Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Zacks Investment Research downgraded shares of Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Credit Suisse Group set a $74.00 price objective on shares of Buckeye Partners L.P. and gave the company a “hold” rating in a report on Monday, August 7th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and set a $69.00 price objective on shares of Buckeye Partners L.P. in a report on Sunday, September 10th. One research analyst has rated the stock with a sell rating, nine have assigned a hold rating and two have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $72.36.
In other Buckeye Partners L.P. news, Director Barbara J. Duganier acquired 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The shares were acquired at an average cost of $58.19 per share, for a total transaction of $58,190.00. Following the transaction, the director now directly owns 9,000 shares of the company’s stock, valued at $523,710. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. 0.42% of the stock is owned by insiders.
Buckeye Partners L.P. (BPL) opened at 57.00 on Friday. The stock has a market capitalization of $8.05 billion, a P/E ratio of 15.76 and a beta of 1.14. The stock has a 50 day moving average of $57.39 and a 200 day moving average of $63.59. Buckeye Partners L.P. has a 1-year low of $54.33 and a 1-year high of $73.01.
Buckeye Partners L.P. (NYSE:BPL) last released its quarterly earnings data on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing the consensus estimate of $1.00 by ($0.20). Buckeye Partners L.P. had a return on equity of 11.04% and a net margin of 14.42%. The business had revenue of $810.20 million during the quarter, compared to analysts’ expectations of $797.47 million. During the same quarter in the prior year, the firm earned $1.07 earnings per share. Buckeye Partners L.P.’s quarterly revenue was up 4.3% on a year-over-year basis. On average, analysts expect that Buckeye Partners L.P. will post $3.56 earnings per share for the current year.
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, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
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