Buckeye Partners (NYSE:BPL) Stock Rating Lowered by ValuEngine

Buckeye Partners (NYSE:BPL) was downgraded by stock analysts at ValuEngine from a “buy” rating to a “hold” rating in a research report issued on Thursday, ValuEngine reports.

Other equities analysts have also recently issued research reports about the company. Zacks Investment Research upgraded Buckeye Partners from a “sell” rating to a “hold” rating in a report on Tuesday, May 14th. UBS Group lowered shares of Buckeye Partners from a “buy” rating to a “neutral” rating and boosted their target price for the company from $36.00 to $41.50 in a report on Wednesday, May 15th. US Capital Advisors lowered shares of Buckeye Partners from an “overweight” rating to a “hold” rating in a report on Friday, May 24th. Argus lowered shares of Buckeye Partners from a “hold” rating to a “sell” rating and set a $41.80 target price on the stock. in a report on Wednesday, May 15th. Finally, Barclays lowered shares of Buckeye Partners from an “overweight” rating to an “equal weight” rating in a report on Monday, May 13th. Two analysts have rated the stock with a sell rating and fourteen have assigned a hold rating to the stock. The company has an average rating of “Hold” and an average target price of $37.37.

BPL stock traded down $0.03 during trading hours on Thursday, reaching $41.70. 3,447,800 shares of the stock were exchanged, compared to its average volume of 1,498,444. The firm’s 50-day simple moving average is $41.22. The company has a market cap of $6.43 billion, a P/E ratio of 23.30 and a beta of 0.70. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.63 and a current ratio of 0.92. Buckeye Partners has a 12 month low of $25.71 and a 12 month high of $42.65.

Buckeye Partners (NYSE:BPL) last released its earnings results on Friday, May 10th. The pipeline company reported $0.52 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.07). The firm 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%. Buckeye Partners’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same quarter last year, the company posted $0.74 EPS. Equities analysts expect that Buckeye Partners will post 2.43 earnings per share for the current year.

In other news, Director Joseph A. Lasala, Jr. sold 9,000 shares of the company’s stock in a transaction dated Thursday, June 13th. The shares were sold at an average price of $40.77, for a total transaction of $366,930.00. Following the transaction, the director now owns 14,000 shares in the company, valued at $570,780. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. Also, VP Gary L. Bohnsack sold 2,500 shares of the company’s stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $41.73, for a total transaction of $104,325.00. Following the transaction, the vice president now owns 422 shares in the company, valued at approximately $17,610.06. The disclosure for this sale can be found here. Insiders have sold 20,240 shares of company stock worth $829,245 in the last quarter. Company insiders own 0.54% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. OppenheimerFunds Inc. grew its holdings in Buckeye Partners by 6.5% during the first quarter. OppenheimerFunds Inc. now owns 15,054,028 shares of the pipeline company’s stock worth $512,138,000 after acquiring an additional 922,274 shares during the period. Eagle Global Advisors LLC acquired a new stake in shares of Buckeye Partners during the 1st quarter worth approximately $22,206,000. Ellis Investment Partners LLC grew its stake in shares of Buckeye Partners by 3,215.6% during the 1st quarter. Ellis Investment Partners LLC now owns 669,818 shares of the pipeline company’s stock worth $669,000 after purchasing an additional 649,616 shares during the period. Perella Weinberg Partners Capital Management LP grew its stake in shares of Buckeye Partners by 190.0% during the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 417,322 shares of the pipeline company’s stock worth $17,131,000 after purchasing an additional 273,427 shares during the period. Finally, SG Americas Securities LLC grew its stake in shares of Buckeye Partners by 796.0% during the 2nd quarter. SG Americas Securities LLC now owns 262,562 shares of the pipeline company’s stock worth $10,778,000 after purchasing an additional 233,258 shares during the period. Hedge funds and other institutional investors own 70.70% 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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