Wesbanco Bank Inc. lowered its position in Buckeye Partners, L.P. (NYSE:BPL) by 4.7% during the second quarter, Holdings Channel reports. The firm owned 15,909 shares of the pipeline company’s stock after selling 785 shares during the period. Wesbanco Bank Inc.’s holdings in Buckeye Partners were worth $653,000 at the end of the most recent quarter.
Several other hedge funds and other institutional investors have also recently modified their holdings of BPL. Steward Partners Investment Advisory LLC acquired a new position in shares of Buckeye Partners during the 2nd quarter valued at $36,000. Coastal Investment Advisors Inc. lifted its position in shares of Buckeye Partners by 74.8% during the 2nd quarter. Coastal Investment Advisors Inc. now owns 3,919 shares of the pipeline company’s stock valued at $160,000 after acquiring an additional 1,677 shares during the period. Kavar Capital Partners LLC acquired a new position in shares of Buckeye Partners during the 2nd quarter valued at $205,000. Sound View Wealth Advisors Group LLC acquired a new position in shares of Buckeye Partners during the 2nd quarter valued at $206,000. Finally, Commerce Bank acquired a new position in shares of Buckeye Partners during the 2nd quarter valued at $208,000. Hedge funds and other institutional investors own 89.78% of the company’s stock.
In other Buckeye Partners news, Director Joseph A. Lasala, Jr. sold 4,000 shares of the business’s stock in a transaction on Monday, August 19th. The shares were sold at an average price of $41.00, for a total transaction of $164,000.00. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at approximately $410,000. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Todd J. Russo sold 2,000 shares of the business’s stock in a transaction on Friday, August 30th. The shares were sold at an average price of $41.12, for a total transaction of $82,240.00. Following the sale, the senior vice president now owns 3,092 shares of the company’s stock, valued at approximately $127,143.04. The disclosure for this sale can be found here. Insiders own 0.54% of the company’s stock.
Buckeye Partners (NYSE:BPL) last announced its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.58 EPS for the quarter, beating the Zacks’ consensus estimate of $0.55 by $0.03. The business had revenue of $791.70 million during the quarter, compared to analyst estimates of $1.01 billion. Buckeye Partners had a negative net margin of 2.43% and a positive return on equity of 9.82%. Analysts forecast that Buckeye Partners, L.P. will post 2.46 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Monday, August 19th. Shareholders of record on Monday, August 12th were paid a dividend of $0.75 per share. The ex-dividend date of this dividend was Friday, August 9th. This represents a $3.00 dividend on an annualized basis and a yield of 7.30%. Buckeye Partners’s dividend payout ratio (DPR) is presently 167.60%.
A number of research analysts recently issued reports on BPL shares. ValuEngine downgraded shares of Buckeye Partners from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. US Capital Advisors downgraded shares of Buckeye Partners from an “overweight” rating to a “hold” rating in a research report on Friday, May 24th. Finally, Argus reiterated a “sell” rating on shares of Buckeye Partners in a research report on Monday, August 12th. Two equities research analysts have rated the stock with a sell rating and thirteen have issued a hold rating to the company’s stock. The stock has an average rating of “Hold” and a consensus price target of $37.23.
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.
Further Reading: Quiet Period Expirations Explained
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