Buckeye Partners (NYSE:BPL) Upgraded at SunTrust Banks

SunTrust Banks upgraded shares of Buckeye Partners (NYSE:BPL) from a sell rating to a hold rating in a report issued on Friday, November 2nd, Marketbeat.com reports.

Several other analysts have also issued reports on BPL. Barclays decreased their price target on shares of Buckeye Partners from $43.00 to $37.00 and set an equal weight rating on the stock in a research report on Wednesday, July 11th. Zacks Investment Research upgraded shares of Buckeye Partners from a sell rating to a hold rating in a research report on Wednesday, July 18th. Bank of America decreased their price target on shares of Buckeye Partners from $41.00 to $36.00 and set a neutral rating on the stock in a research report on Tuesday, July 24th. Citigroup reduced their price objective on shares of Buckeye Partners from $39.00 to $34.00 and set a neutral rating for the company in a report on Tuesday, July 31st. Finally, Stifel Nicolaus reduced their price objective on shares of Buckeye Partners from $45.00 to $43.00 and set a buy rating for the company in a report on Monday, August 6th. Two analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the company. The company presently has an average rating of Hold and an average price target of $42.38.

Shares of BPL traded up $0.25 during mid-day trading on Friday, hitting $32.41. 1,752,749 shares of the company’s stock were exchanged, compared to its average volume of 1,029,006. Buckeye Partners has a twelve month low of $31.29 and a twelve month high of $57.19. The company has a quick ratio of 0.70, a current ratio of 0.96 and a debt-to-equity ratio of 1.29. The firm has a market cap of $4.85 billion, a price-to-earnings ratio of 9.76 and a beta of 1.25.

Buckeye Partners (NYSE:BPL) last posted its earnings results on Friday, November 2nd. The pipeline company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.11). Buckeye Partners had a negative net margin of 10.43% and a positive return on equity of 8.98%. The firm had revenue of $909.55 million during the quarter, compared to analyst estimates of $921.74 million. During the same quarter in the previous year, the business posted $0.81 earnings per share. The business’s quarterly revenue was down 1.4% compared to the same quarter last year. As a group, research analysts predict that Buckeye Partners will post 0.69 earnings per share for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 20th. Shareholders of record on Tuesday, November 13th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a yield of 9.26%. The ex-dividend date is Friday, November 9th. Buckeye Partners’s payout ratio is presently 152.11%.

Institutional investors and hedge funds have recently bought and sold shares of the business. Poehling Capital Management LLC acquired a new stake in Buckeye Partners in the 2nd quarter valued at about $105,000. Cerebellum GP LLC acquired a new stake in shares of Buckeye Partners during the 2nd quarter worth approximately $109,000. Sun Life Financial INC grew its position in shares of Buckeye Partners by 2,566.7% during the 2nd quarter. Sun Life Financial INC now owns 4,000 shares of the pipeline company’s stock worth $141,000 after buying an additional 3,850 shares during the period. Advisors Asset Management Inc. grew its position in shares of Buckeye Partners by 3,747.9% during the 2nd quarter. Advisors Asset Management Inc. now owns 167,229 shares of the pipeline company’s stock worth $142,000 after buying an additional 162,883 shares during the period. Finally, First Hawaiian Bank acquired a new stake in shares of Buckeye Partners during the 3rd quarter worth approximately $143,000. Hedge funds and other institutional investors own 68.87% of the company’s stock.

Buckeye Partners Company Profile

Buckeye Partners, L.P. owns and operates liquid petroleum products pipelines in the United States and internationally. The company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals, and Merchant Services. The Domestic Pipelines & Terminals segment transports liquid petroleum products, including gasoline, jet fuel, and various distillates; refined petroleum products; and crude oil.

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Analyst Recommendations for Buckeye Partners (NYSE:BPL)

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