Traders Sell Buckeye Partners L.P. (BPL) on Strength (BPL)
Traders sold shares of Buckeye Partners L.P. (NYSE:BPL) on strength during trading hours on Tuesday. $11.17 million flowed into the stock on the tick-up and $221.43 million flowed out of the stock on the tick-down, for a money net flow of $210.26 million out of the stock. Of all companies tracked, Buckeye Partners L.P. had the 0th highest net out-flow for the day. Buckeye Partners L.P. traded up $0.64 for the day and closed at $56.33
A number of research firms have recently issued reports on BPL. Barclays PLC reduced their price target on shares of Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating for the company in a research report on Monday, August 7th. Zacks Investment Research raised shares of Buckeye Partners L.P. from a “strong sell” rating to a “hold” rating in a research note on Monday. Royal Bank Of Canada reissued a “hold” rating and set a $67.00 price objective on shares of Buckeye Partners L.P. in a research note on Wednesday, September 13th. BidaskClub cut shares of Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Finally, Credit Suisse Group set a $74.00 price objective on shares of Buckeye Partners L.P. and gave the stock a “hold” rating in a research note on Monday, August 7th. One 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 company currently has an average rating of “Hold” and an average target price of $72.36.
The company has a 50 day moving average of $57.39 and a 200-day moving average of $63.59. The stock has a market capitalization of $7.98 billion, a PE ratio of 15.63 and a beta of 1.14.
Buckeye Partners L.P. (NYSE:BPL) last released its quarterly earnings results on Friday, August 4th. The pipeline company reported $0.80 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.00 by ($0.20). Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. The firm had revenue of $810.20 million for the quarter, compared to analyst estimates of $797.47 million. During the same quarter in the prior year, the firm earned $1.07 EPS. The firm’s revenue was up 4.3% compared to the same quarter last year. Equities analysts anticipate that Buckeye Partners L.P. will post $3.55 earnings per share for the current fiscal year.
In other news, Director Barbara J. Duganier purchased 1,000 shares of the business’s stock in a transaction dated Monday, August 14th. The shares were acquired at an average price of $58.19 per share, for a total transaction of $58,190.00. Following the completion of the acquisition, the director now directly owns 9,000 shares of the company’s stock, valued at $523,710. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.42% of the stock is owned by insiders.
Hedge funds have recently added to or reduced their stakes in the company. Valley National Advisers Inc. raised its holdings in shares of Buckeye Partners L.P. by 11.5% during the first quarter. Valley National Advisers Inc. now owns 1,649 shares of the pipeline company’s stock valued at $113,000 after acquiring an additional 170 shares during the period. Ffcm LLC raised its holdings in shares of Buckeye Partners L.P. by 221.3% during the second quarter. Ffcm LLC now owns 1,764 shares of the pipeline company’s stock valued at $115,000 after acquiring an additional 1,215 shares during the period. Oppenheimer Asset Management Inc. acquired a new position in Buckeye Partners L.P. in the 1st quarter valued at approximately $128,000. Pathstone Family Office LLC acquired a new position in Buckeye Partners L.P. in the 2nd quarter valued at approximately $142,000. Finally, MCF Advisors LLC increased its stake in Buckeye Partners L.P. by 1.9% in the 2nd 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. Institutional investors and hedge funds own 68.84% of the company’s stock.
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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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