SFE Investment Counsel Sells 1,410 Shares of Buckeye Partners L.P. (BPL)
SFE Investment Counsel reduced its stake in Buckeye Partners L.P. (NYSE:BPL) by 12.8% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 9,565 shares of the pipeline company’s stock after selling 1,410 shares during the period. SFE Investment Counsel’s holdings in Buckeye Partners L.P. were worth $611,000 at the end of the most recent reporting period.
A number of other hedge funds have also bought and sold shares of BPL. Americafirst Capital Management LLC purchased a new position in shares of Buckeye Partners L.P. during the first quarter valued at approximately $210,000. Cohen Capital Management Inc. increased its position in shares of Buckeye Partners L.P. by 2.1% in the first quarter. Cohen Capital Management Inc. now owns 88,134 shares of the pipeline company’s stock valued at $6,042,000 after buying an additional 1,800 shares during the period. Bollard Group LLC increased its position in shares of Buckeye Partners L.P. by 12.4% in the first quarter. Bollard Group LLC now owns 266,852 shares of the pipeline company’s stock valued at $18,295,000 after buying an additional 29,437 shares during the period. Huntington National Bank increased its position in Buckeye Partners L.P. by 17.5% in the first quarter. Huntington National Bank now owns 33,965 shares of the pipeline company’s stock worth $2,329,000 after buying an additional 5,049 shares during the last quarter. Finally, Crestwood Advisors Group LLC bought a new position in Buckeye Partners L.P. during the first quarter worth about $117,000. 70.49% of the stock is owned by institutional investors and hedge funds.
Buckeye Partners L.P. (BPL) opened at 57.50 on Wednesday. Buckeye Partners L.P. has a 52-week low of $56.00 and a 52-week high of $73.01. The firm has a market capitalization of $8.12 billion, a PE ratio of 15.90 and a beta of 1.11. The firm’s 50-day moving average is $62.84 and its 200-day moving average is $66.09.
Buckeye Partners L.P. (NYSE:BPL) last issued its earnings results on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing the consensus estimate of $1.00 by $0.20. The company had revenue of $810.20 million for the quarter, compared to analysts’ expectations of $797.47 million. Buckeye Partners L.P. had a return on equity of 11.04% and a net margin of 14.42%. Buckeye Partners L.P.’s revenue for the quarter was up 4.3% on a year-over-year basis. During the same quarter in the previous year, the firm posted $1.07 earnings per share. On average, analysts anticipate that Buckeye Partners L.P. will post $3.65 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Stockholders of record on Monday, August 14th will be paid a dividend of $1.2625 per share. This represents a $5.05 annualized dividend and a dividend yield of 8.78%. The ex-dividend date is Thursday, August 10th. This is an increase from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. Buckeye Partners L.P.’s payout ratio is 138.36%.
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BPL has been the subject of a number of research reports. Credit Suisse Group set a $74.00 price target on shares of Buckeye Partners L.P. and gave the stock a “hold” rating in a research note on Monday, August 7th. BidaskClub upgraded shares of Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Stifel Nicolaus upgraded shares of Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 price objective on the stock in a report on Monday, May 15th. Barclays PLC cut 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. Finally, Royal Bank Of Canada restated a “hold” rating and issued a $73.00 price objective on shares of Buckeye Partners L.P. in a report on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, eight have given a hold rating and three have assigned a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $73.36.
In other news, Director Barbara J. Duganier bought 1,000 shares of the business’s stock in a transaction that occurred on Monday, August 14th. The stock was purchased at an average price of $58.19 per share, with a total value of $58,190.00. Following the purchase, the director now owns 9,000 shares of the company’s stock, valued at approximately $523,710. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, SVP Todd J. Russo sold 3,280 shares of the business’s stock in a transaction dated Wednesday, May 24th. The shares were sold at an average price of $67.00, for a total transaction of $219,760.00. Following the completion of the transaction, the senior vice president now directly owns 14,106 shares of the company’s stock, valued at approximately $945,102. The disclosure for this sale can be found here. 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.
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