Buckeye Partners, L.P. (BPL) Now Covered by Analysts at SunTrust Banks, Inc.

Investment analysts at SunTrust Banks, Inc. started coverage on shares of Buckeye Partners, L.P. (NYSE:BPL) in a report issued on Monday. The brokerage set a “hold” rating and a $72.00 price target on the stock. SunTrust Banks, Inc.’s price target points to a potential upside of 7.98% from the stock’s current price.

Several other research firms have also recently weighed in on BPL. Bank of America Corp cut Buckeye Partners, L.P. from a “buy” rating to a “hold” rating and raised their price target for the company from $72.11 to $74.00 in a report on Monday, February 13th. Mizuho raised their price target on Buckeye Partners, L.P. from $70.00 to $73.00 and gave the company a “neutral” rating in a report on Monday, February 13th. Stifel Nicolaus cut Buckeye Partners, L.P. from a “buy” rating to a “hold” rating and raised their price target for the company from $73.00 to $74.00 in a report on Monday, February 13th. Zacks Investment Research cut Buckeye Partners, L.P. from a “buy” rating to a “hold” rating in a report on Wednesday, February 15th. Finally, Barclays PLC lowered their price target on Buckeye Partners, L.P. from $75.00 to $73.00 and set an “equal weight” rating on the stock in a report on Monday, March 6th. Nine equities research analysts have rated the stock with a hold rating and one has issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $73.11.

Analyst Recommendations for Buckeye Partners, L.P. (NYSE:BPL)

Buckeye Partners, L.P. (NYSE:BPL) traded up 0.02% during trading on Monday, hitting $66.68. The company had a trading volume of 460,097 shares. Buckeye Partners, L.P. has a 1-year low of $61.37 and a 1-year high of $75.10. The stock has a market capitalization of $9.37 billion, a price-to-earnings ratio of 16.55 and a beta of 1.24. The company’s 50 day moving average price is $69.51 and its 200-day moving average price is $67.58.

Buckeye Partners, L.P. (NYSE:BPL) last released its quarterly earnings results on Friday, February 10th. The company reported $0.78 earnings per share for the quarter, missing the consensus estimate of $1.03 by $0.25. Buckeye Partners, L.P. had a net margin of 16.49% and a return on equity of 13.13%. The business earned $924.06 million during the quarter, compared to analysts’ expectations of $860.16 million. During the same period in the previous year, the business earned $1.03 EPS. The business’s revenue was up 10.0% on a year-over-year basis. On average, analysts expect that Buckeye Partners, L.P. will post $4.28 EPS for the current year.

The company also recently disclosed a quarterly dividend, which was paid on Tuesday, February 21st. Stockholders of record on Tuesday, February 21st were given a dividend of $1.2375 per share. The ex-dividend date of this dividend was Thursday, February 16th. This is a positive change from Buckeye Partners, L.P.’s previous quarterly dividend of $1.23. This represents a $4.95 annualized dividend and a dividend yield of 7.42%. Buckeye Partners, L.P.’s dividend payout ratio is 120.99%.

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In other news, CFO Clair Keith St sold 3,500 shares of the stock in a transaction dated Wednesday, December 21st. The stock was sold at an average price of $65.10, for a total transaction of $227,850.00. Following the transaction, the chief financial officer now directly owns 93,174 shares in the company, valued at approximately $6,065,627.40. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.38% of the stock is currently owned by corporate insiders.

Several institutional investors have recently made changes to their positions in the stock. Cypress Capital Management LLC WY raised its position in shares of Buckeye Partners, L.P. by 25.0% in the third quarter. Cypress Capital Management LLC WY now owns 1,500 shares of the company’s stock valued at $107,000 after buying an additional 300 shares during the period. Penserra Capital Management LLC raised its position in shares of Buckeye Partners, L.P. by 149.4% in the third quarter. Penserra Capital Management LLC now owns 1,544 shares of the company’s stock valued at $110,000 after buying an additional 925 shares during the period. FineMark National Bank & Trust raised its position in shares of Buckeye Partners, L.P. by 8.7% in the third quarter. FineMark National Bank & Trust now owns 1,546 shares of the company’s stock valued at $111,000 after buying an additional 124 shares during the period. Parallel Advisors LLC purchased a new position in shares of Buckeye Partners, L.P. during the fourth quarter valued at approximately $114,000. Finally, Kings Point Capital Management raised its position in shares of Buckeye Partners, L.P. by 205.6% in the third quarter. Kings Point Capital Management now owns 2,081 shares of the company’s stock valued at $149,000 after buying an additional 1,400 shares during the period. Hedge funds and other institutional investors own 67.12% of the company’s stock.

Buckeye Partners, L.P. Company Profile

Buckeye Partners, L.P. (Buckeye) owns and operates a network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.

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