Conning Inc. cut its holdings in shares of Buckeye Partners, L.P. (NYSE:BPL) by 8.5% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 92,523 shares of the pipeline company’s stock after selling 8,542 shares during the period. Conning Inc. owned 0.06% of Buckeye Partners worth $3,798,000 at the end of the most recent reporting period.
Several other institutional investors and hedge funds have also made changes to their positions in BPL. Steward Partners Investment Advisory LLC purchased a new stake in Buckeye Partners in the 2nd quarter valued at about $36,000. Huntington National Bank grew its holdings in Buckeye Partners by 557.8% in the 2nd quarter. Huntington National Bank now owns 9,867 shares of the pipeline company’s stock valued at $405,000 after buying an additional 8,367 shares during the period. Perella Weinberg Partners Capital Management LP grew its holdings in Buckeye Partners by 190.0% in the 2nd quarter. Perella Weinberg Partners Capital Management LP now owns 417,322 shares of the pipeline company’s stock valued at $17,131,000 after buying an additional 273,427 shares during the period. AE Wealth Management LLC lifted its stake in shares of Buckeye Partners by 13.9% in the 2nd quarter. AE Wealth Management LLC now owns 8,667 shares of the pipeline company’s stock valued at $356,000 after purchasing an additional 1,061 shares in the last quarter. Finally, Cerebellum GP LLC lifted its stake in shares of Buckeye Partners by 24.2% in the 2nd quarter. Cerebellum GP LLC now owns 8,449 shares of the pipeline company’s stock valued at $347,000 after purchasing an additional 1,645 shares in the last quarter. Institutional investors and hedge funds own 68.87% of the company’s stock.
In other news, SVP Todd J. Russo sold 8,740 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The stock was sold at an average price of $40.96, for a total value of $357,990.40. Following the completion of the sale, the senior vice president now directly owns 5,092 shares in the company, valued at approximately $208,568.32. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph A. Lasala, Jr. sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.77, for a total value of $366,930.00. Following the completion of the sale, the director now owns 14,000 shares of the company’s stock, valued at $570,780. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 20,240 shares of company stock worth $829,245. 0.54% of the stock is currently owned by corporate insiders.
Buckeye Partners (NYSE:BPL) last released its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.58 EPS for the quarter, topping the consensus estimate of $0.55 by $0.03. The firm had revenue of $791.70 million for the quarter, compared to analyst estimates of $1.01 billion. Buckeye Partners had a positive return on equity of 9.82% and a negative net margin of 2.43%. On average, sell-side analysts anticipate that Buckeye Partners, L.P. will post 2.43 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Shareholders of record on Monday, August 12th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.21%. The ex-dividend date of this dividend is Friday, August 9th. Buckeye Partners’s payout ratio is 167.60%.
BPL has been the topic of several research analyst reports. Mizuho set a $42.00 price objective on Buckeye Partners and gave the company a “hold” rating in a research note on Friday, May 10th. Barclays lowered Buckeye Partners from an “overweight” rating to an “equal weight” rating in a research note on Monday, May 13th. ValuEngine lowered Buckeye Partners from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Stifel Nicolaus lowered Buckeye Partners from a “buy” rating to a “hold” rating and lifted their price objective for the company from $34.00 to $41.50 in a research note on Monday, May 13th. Finally, US Capital Advisors lowered Buckeye Partners from an “overweight” rating to a “hold” rating in a research note on Friday, May 24th. Two equities research analysts have rated the stock with a sell rating and fourteen have given a hold rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $37.37.
Buckeye Partners 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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