Chemical Bank maintained its position in Buckeye Partners L.P. (NYSE:BPL) during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,415 shares of the pipeline company’s stock at the close of the 2nd quarter. Chemical Bank’s holdings in Buckeye Partners L.P. were worth $602,000 as of its most recent SEC filing.
Other hedge funds also recently added to or reduced their stakes in the company. Valley National Advisers Inc. grew its position in shares of Buckeye Partners L.P. by 11.5% during the first quarter. Valley National Advisers Inc. now owns 1,649 shares of the pipeline company’s stock worth $113,000 after buying an additional 170 shares in the last quarter. Ffcm LLC grew its position in shares of Buckeye Partners L.P. by 221.3% during the second quarter. Ffcm LLC now owns 1,764 shares of the pipeline company’s stock worth $115,000 after buying an additional 1,215 shares in the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Buckeye Partners L.P. during the first quarter worth approximately $128,000. MCF Advisors LLC grew its position in shares of Buckeye Partners L.P. by 1.9% during the second quarter. MCF Advisors LLC now owns 2,508 shares of the pipeline company’s stock worth $160,000 after buying an additional 46 shares in the last quarter. Finally, Financial Architects Inc grew its position in shares of Buckeye Partners L.P. by 1,506.3% during the second quarter. Financial Architects Inc now owns 2,570 shares of the pipeline company’s stock worth $164,000 after buying an additional 2,410 shares in the last quarter. 68.87% of the stock is owned by institutional investors and hedge funds.
Buckeye Partners L.P. (NYSE BPL) opened at 57.05 on Friday. The firm has a market cap of $8.06 billion, a P/E ratio of 15.78 and a beta of 1.14. Buckeye Partners L.P. has a one year low of $54.33 and a one year high of $73.01. The stock’s 50 day moving average is $58.04 and its 200 day moving average is $63.94.
Buckeye Partners L.P. (NYSE:BPL) last announced its quarterly earnings results on Friday, August 4th. The pipeline company reported $0.80 earnings per share for the quarter, missing analysts’ consensus estimates of $1.00 by ($0.20). Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. The company had revenue of $810.20 million during the quarter, compared to the consensus estimate of $797.47 million. During the same quarter last year, the company earned $1.07 earnings per share. The business’s revenue was up 4.3% on a year-over-year basis. On average, equities research analysts expect that Buckeye Partners L.P. will post $3.56 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, August 21st. Shareholders of record on Monday, August 14th were given a $1.2625 dividend. This represents a $5.05 dividend on an annualized basis and a yield of 8.89%. This is a boost from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. The ex-dividend date was Thursday, August 10th. Buckeye Partners L.P.’s dividend payout ratio is 138.36%.
BPL has been the subject of a number of research reports. BidaskClub raised shares of Buckeye Partners L.P. from a “strong sell” rating to a “sell” rating in a report on Tuesday, June 27th. Zacks Investment Research downgraded shares of Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Credit Suisse Group set a $74.00 price objective on shares of Buckeye Partners L.P. and gave the stock a “hold” rating in a report on Monday, August 7th. Barclays PLC decreased their price objective on shares of Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating for the company in a report on Monday, August 7th. Finally, Stifel Nicolaus reaffirmed a “buy” rating and issued a $69.00 price objective on shares of Buckeye Partners L.P. in a report on Sunday, September 10th. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and two have given a buy rating to the company’s stock. The stock has a consensus rating of “Hold” and an average target price of $72.36.
In related news, Director Barbara J. Duganier purchased 1,000 shares of the stock in a transaction on Monday, August 14th. The shares were purchased at an average cost of $58.19 per share, for a total transaction of $58,190.00. Following the completion of the transaction, the director now directly owns 9,000 shares of the company’s stock, valued at approximately $523,710. The acquisition was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.42% of the company’s stock.
About Buckeye Partners L.P.
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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