Buckeye Partners (BPL) Downgraded to “Neutral” at UBS Group

Buckeye Partners (NYSE:BPL) was downgraded by investment analysts at UBS Group from a “buy” rating to a “neutral” rating in a research report issued on Wednesday, The Fly reports.

Other equities research analysts also recently issued reports about the stock. ValuEngine downgraded shares of Buckeye Partners from a “hold” rating to a “sell” rating in a research note on Monday, April 1st. Zacks Investment Research upgraded shares of Buckeye Partners from a “sell” rating to a “hold” rating in a report on Wednesday, May 8th. Barclays cut shares of Buckeye Partners from an “overweight” rating to an “equal weight” rating in a report on Monday. Stifel Nicolaus cut shares of Buckeye Partners from a “buy” rating to a “hold” rating and boosted their price objective for the company from $34.00 to $41.50 in a report on Monday. Finally, Mizuho set a $42.00 price objective on shares of Buckeye Partners and gave the company a “hold” rating in a report on Friday, May 10th. One research analyst has rated the stock with a sell rating, thirteen have issued a hold rating and one has issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average target price of $39.05.

BPL opened at $41.80 on Wednesday. The company has a quick ratio of 0.28, a current ratio of 0.92 and a debt-to-equity ratio of 0.90. The company has a market cap of $6.42 billion, a P/E ratio of 23.35 and a beta of 1.09. Buckeye Partners has a fifty-two week low of $25.71 and a fifty-two week high of $42.65.

Buckeye Partners (NYSE:BPL) last posted its quarterly earnings results on Friday, May 10th. The pipeline company reported $0.52 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.07). The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.13 billion. Buckeye Partners had a positive return on equity of 9.46% and a negative net margin of 2.29%. The company’s quarterly revenue was down 13.0% on a year-over-year basis. During the same period last year, the firm earned $0.74 earnings per share. On average, equities research analysts anticipate that Buckeye Partners will post 2.45 earnings per share for the current fiscal year.

In related news, VP Gary L. Bohnsack sold 2,500 shares of the business’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $41.73, for a total transaction of $104,325.00. Following the completion of the transaction, the vice president now owns 422 shares in the company, valued at $17,610.06. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.54% of the stock is currently owned by insiders.

Hedge funds and other institutional investors have recently modified their holdings of the stock. Harvest Group Wealth Management LLC acquired a new position in shares of Buckeye Partners in the first quarter valued at approximately $28,000. Ellevest Inc. acquired a new position in shares of Buckeye Partners in the first quarter valued at approximately $31,000. Legacy Advisors LLC acquired a new position in shares of Buckeye Partners in the first quarter valued at approximately $34,000. Capital Investment Advisory Services LLC acquired a new position in shares of Buckeye Partners in the fourth quarter valued at approximately $36,000. Finally, FMR LLC boosted its holdings in shares of Buckeye Partners by 150,500.0% in the fourth quarter. FMR LLC now owns 1,506 shares of the pipeline company’s stock valued at $43,000 after buying an additional 1,505 shares during the period. Hedge funds and other institutional investors own 69.33% of the company’s stock.

About Buckeye Partners

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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