SunTrust Banks Weighs in on Buckeye Partners, L.P.’s Q1 2019 Earnings (BPL)

Buckeye Partners, L.P. (NYSE:BPL) – Equities research analysts at SunTrust Banks lowered their Q1 2019 earnings per share estimates for Buckeye Partners in a research note issued to investors on Wednesday, April 17th, according to Zacks Investment Research. SunTrust Banks analyst T. Richardson now forecasts that the pipeline company will earn $0.60 per share for the quarter, down from their prior estimate of $0.61. SunTrust Banks also issued estimates for Buckeye Partners’ Q4 2019 earnings at $0.68 EPS.

Buckeye Partners (NYSE:BPL) last released its quarterly earnings results on Friday, May 10th. The pipeline company reported $0.52 earnings per share for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.07). The firm had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.13 billion. Buckeye Partners had a positive return on equity of 9.65% and a negative net margin of 1.44%. The business’s revenue was down 13.0% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.74 EPS.

A number of other equities research analysts have also recently weighed in on the company. ValuEngine cut Buckeye Partners from a “sell” rating to a “strong sell” rating in a report on Tuesday, January 29th. Barclays upgraded Buckeye Partners from an “equal weight” rating to an “overweight” rating and upped their price target for the stock from $35.00 to $38.00 in a report on Wednesday, January 16th. Zacks Investment Research lowered Buckeye Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, January 16th. UBS Group lowered Buckeye Partners from a “buy” rating to a “neutral” rating and set a $33.25 target price on the stock. in a research note on Friday, March 8th. Finally, Mizuho initiated coverage on Buckeye Partners in a research note on Monday, March 11th. They issued a “neutral” rating and a $36.00 target price on the stock. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $38.09.

Shares of BPL traded up $9.20 on Friday, reaching $41.75. The stock had a trading volume of 26,036,443 shares, compared to its average volume of 514,396. The stock has a market cap of $6.43 billion, a P/E ratio of 23.32 and a beta of 1.09. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.46 and a quick ratio of 0.28. Buckeye Partners has a twelve month low of $25.71 and a twelve month high of $42.65.

Hedge funds have recently bought and sold shares of the stock. Jennison Associates LLC acquired a new stake in Buckeye Partners in the 1st quarter valued at $5,690,000. Bollard Group LLC increased its holdings in Buckeye Partners by 112.6% in the 1st quarter. Bollard Group LLC now owns 60,778 shares of the pipeline company’s stock valued at $2,068,000 after purchasing an additional 32,196 shares in the last quarter. Sawtooth Solutions LLC acquired a new stake in Buckeye Partners in the 1st quarter valued at $236,000. Zions Bancorporation N.A. acquired a new stake in Buckeye Partners in the 1st quarter valued at $356,000. Finally, Envestnet Asset Management Inc. acquired a new stake in Buckeye Partners in the 1st quarter valued at $759,000. 70.77% of the stock is currently owned by hedge funds and other institutional investors.

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.

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Earnings History and Estimates for Buckeye Partners (NYSE:BPL)

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