Buckeye Partners L.P. (BPL) Stake Increased by Alps Advisors Inc.
Alps Advisors Inc. raised its position in Buckeye Partners L.P. (NYSE:BPL) by 3.6% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 10,257,328 shares of the pipeline company’s stock after buying an additional 352,443 shares during the period. Buckeye Partners L.P. makes up 4.6% of Alps Advisors Inc.’s holdings, making the stock its 7th largest position. Alps Advisors Inc. owned 0.07% of Buckeye Partners L.P. worth $655,751,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of the company. Valley National Advisers Inc. increased its stake in shares of Buckeye Partners L.P. by 11.5% in the first quarter. Valley National Advisers Inc. now owns 1,649 shares of the pipeline company’s stock valued at $113,000 after buying an additional 170 shares during the period. Crestwood Advisors Group LLC purchased a new stake in shares of Buckeye Partners L.P. during the first quarter valued at about $117,000. Hirtle Callaghan & Co LLC purchased a new stake in shares of Buckeye Partners L.P. during the first quarter valued at about $118,000. Oppenheimer Asset Management Inc. purchased a new stake in shares of Buckeye Partners L.P. during the first quarter valued at about $128,000. Finally, MCF Advisors LLC increased its stake in shares of Buckeye Partners L.P. by 1.9% in the second quarter. MCF Advisors LLC now owns 2,508 shares of the pipeline company’s stock valued at $160,000 after buying an additional 46 shares during the period. 70.49% of the stock is owned by hedge funds and other institutional investors.
Buckeye Partners L.P. (NYSE BPL) traded down 1.69% during trading on Tuesday, hitting $56.90. The stock had a trading volume of 117,829 shares. The company’s 50-day moving average is $63.00 and its 200 day moving average is $66.18. Buckeye Partners L.P. has a 52 week low of $56.51 and a 52 week high of $73.01. The firm has a market cap of $8.04 billion, a PE ratio of 15.74 and a beta of 1.11.
Buckeye Partners L.P. (NYSE:BPL) last issued its quarterly earnings results on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.20. The business had revenue of $810.20 million during the quarter, compared to the consensus estimate of $797.47 million. Buckeye Partners L.P. had a return on equity of 11.04% and a net margin of 14.42%. The business’s quarterly revenue was up 4.3% on a year-over-year basis. During the same period in the prior year, the firm earned $1.07 earnings per share. Equities analysts expect that Buckeye Partners L.P. will post $3.65 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Monday, August 14th will be given a $1.2625 dividend. This is an increase from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. This represents a $5.05 annualized dividend and a yield of 8.72%. The ex-dividend date is Thursday, August 10th. Buckeye Partners L.P.’s payout ratio is currently 138.36%.
BPL has been the subject of several recent research reports. Guggenheim initiated coverage on shares of Buckeye Partners L.P. in a research report on Monday, April 17th. They issued a “neutral” rating and a $72.00 price objective for the company. Stifel Nicolaus raised shares of Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 price objective for the company in a research report on Monday, May 8th. They noted that the move was a valuation call. BidaskClub raised shares of Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $73.00 price objective on shares of Buckeye Partners L.P. in a research report on Wednesday, April 19th. Finally, Zacks Investment Research downgraded shares of Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company. Buckeye Partners L.P. presently has an average rating of “Hold” and a consensus price target of $73.36.
In other Buckeye Partners L.P. news, SVP Todd J. Russo sold 3,280 shares of Buckeye Partners L.P. stock in a transaction that occurred on Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total value of $219,760.00. Following the transaction, the senior vice president now directly owns 14,106 shares of the company’s stock, valued at approximately $945,102. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Insiders own 0.42% of the company’s stock.
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, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
Want to see what other hedge funds are holding BPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Buckeye Partners L.P. (NYSE:BPL).
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.