Salem Investment Counselors Inc. lowered its stake in shares of Buckeye Partners L.P. (NYSE:BPL) by 5.7% during the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 39,705 shares of the pipeline company’s stock after selling 2,400 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Buckeye Partners L.P. were worth $2,538,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Sun Life Financial INC increased its position in shares of Buckeye Partners L.P. by 1,359.9% during the 2nd quarter. Sun Life Financial INC now owns 4,000 shares of the pipeline company’s stock valued at $256,000 after purchasing an additional 3,726 shares during the last quarter. Clinton Group Inc. increased its position in shares of Buckeye Partners L.P. by 116.4% during the 2nd quarter. Clinton Group Inc. now owns 12,205 shares of the pipeline company’s stock valued at $780,000 after purchasing an additional 6,565 shares during the last quarter. Balyasny Asset Management LLC bought a new position in shares of Buckeye Partners L.P. during the 2nd quarter valued at approximately $15,151,000. Carnegie Capital Asset Management LLC increased its position in shares of Buckeye Partners L.P. by 1.6% during the 2nd quarter. Carnegie Capital Asset Management LLC now owns 44,355 shares of the pipeline company’s stock valued at $2,794,000 after purchasing an additional 710 shares during the last quarter. Finally, EnTrustPermal Management LLC increased its position in shares of Buckeye Partners L.P. by 12.2% during the 2nd quarter. EnTrustPermal Management LLC now owns 54,200 shares of the pipeline company’s stock valued at $3,466,000 after purchasing an additional 5,900 shares during the last quarter. 68.84% of the stock is currently owned by hedge funds and other institutional investors.

Shares of Buckeye Partners L.P. (BPL) traded up 2.04% during midday trading on Friday, hitting $57.00. The company had a trading volume of 1,647,732 shares. The firm has a market capitalization of $8.05 billion, a PE ratio of 15.76 and a beta of 1.14. Buckeye Partners L.P. has a 12 month low of $54.33 and a 12 month high of $73.01. The company has a 50-day moving average of $57.39 and a 200 day moving average of $63.59.

Buckeye Partners L.P. (NYSE:BPL) last released its 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). Buckeye Partners L.P. had a return on equity of 11.04% and a net margin of 14.42%. The company had revenue of $810.20 million for the quarter, compared to analyst estimates of $797.47 million. During the same period in the previous year, the firm earned $1.07 earnings per share. The company’s revenue for the quarter was up 4.3% compared to the same quarter last year. On average, analysts expect that Buckeye Partners L.P. will post $3.56 EPS for the current fiscal year.

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BPL has been the topic of several analyst reports. Royal Bank Of Canada reissued a “hold” rating and set a $67.00 target price on shares of Buckeye Partners L.P. in a research report on Wednesday, September 13th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $69.00 price objective on shares of Buckeye Partners L.P. in a research report on Sunday, September 10th. BidaskClub raised Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a research report on Tuesday, June 27th. Zacks Investment Research raised Buckeye Partners L.P. from a “strong sell” rating to a “hold” rating in a research report on Monday, September 18th. Finally, Credit Suisse Group set a $74.00 price objective on Buckeye Partners L.P. and gave the company a “hold” rating in a research report on Monday, August 7th. One analyst has rated the stock with a sell rating, nine have issued a hold rating and two have given a buy rating to the stock. The stock presently has a consensus rating of “Hold” and an average target price of $72.36.

In other Buckeye Partners L.P. news, Director Barbara J. Duganier acquired 1,000 shares of the stock in a transaction dated Monday, August 14th. The stock was acquired at an average cost of $58.19 per share, with a total value of $58,190.00. Following the transaction, the director now owns 9,000 shares in the company, valued at approximately $523,710. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Corporate insiders own 0.42% of the company’s stock.

Buckeye Partners L.P. 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.

Institutional Ownership by Quarter for Buckeye Partners L.P. (NYSE:BPL)

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