Buckeye Partners (NYSE:BPL) had its price target cut by research analysts at Goldman Sachs Group from $34.00 to $30.00 in a note issued to investors on Thursday, January 3rd. Goldman Sachs Group’s price objective points to a potential downside of 5.51% from the stock’s current price.
A number of other brokerages have also commented on BPL. Credit Suisse Group assumed coverage on shares of Buckeye Partners in a research note on Thursday, October 11th. They issued a “neutral” rating and a $35.00 price target for the company. SunTrust Banks upgraded shares of Buckeye Partners from a “sell” rating to a “hold” rating in a research note on Friday, November 2nd. Guggenheim reissued a “hold” rating and issued a $38.00 price objective on shares of Buckeye Partners in a report on Monday, November 5th. Stifel Nicolaus reissued a “buy” rating and issued a $37.00 price objective on shares of Buckeye Partners in a report on Sunday, November 4th. Finally, Zacks Investment Research downgraded shares of Buckeye Partners from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. One research analyst has rated the stock with a sell rating, fourteen have given a hold rating and one has given a buy rating to the company’s stock. Buckeye Partners has a consensus rating of “Hold” and an average target price of $41.00.
Shares of Buckeye Partners stock opened at $31.75 on Thursday. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.96 and a quick ratio of 0.63. The stock has a market capitalization of $4.78 billion, a P/E ratio of 9.56 and a beta of 1.04. Buckeye Partners has a 1 year low of $25.71 and a 1 year high of $57.19.
Buckeye Partners (NYSE:BPL) last released its quarterly earnings data on Friday, November 2nd. The pipeline company reported $0.57 earnings per share for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.11). The firm had revenue of $909.55 million for the quarter, compared to the consensus estimate of $921.74 million. Buckeye Partners had a negative net margin of 10.43% and a positive return on equity of 8.98%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same quarter in the prior year, the business posted $0.81 earnings per share. Equities research analysts expect that Buckeye Partners will post 0.69 earnings per share for the current fiscal year.
In related news, SVP Todd J. Russo sold 6,800 shares of the business’s stock in a transaction on Monday, November 12th. The shares were sold at an average price of $32.25, for a total value of $219,300.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Insiders own 0.48% of the company’s stock.
A number of hedge funds have recently bought and sold shares of BPL. Tortoise Capital Advisors L.L.C. increased its position in Buckeye Partners by 27.4% during the third quarter. Tortoise Capital Advisors L.L.C. now owns 11,790,497 shares of the pipeline company’s stock valued at $419,636,000 after acquiring an additional 2,537,274 shares during the last quarter. Chickasaw Capital Management LLC increased its position in Buckeye Partners by 35.5% during the third quarter. Chickasaw Capital Management LLC now owns 7,879,285 shares of the pipeline company’s stock valued at $281,369,000 after acquiring an additional 2,065,317 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. bought a new position in Buckeye Partners during the third quarter valued at $52,182,000. Alps Advisors Inc. increased its position in Buckeye Partners by 6.4% during the third quarter. Alps Advisors Inc. now owns 12,904,583 shares of the pipeline company’s stock valued at $460,823,000 after acquiring an additional 778,840 shares during the last quarter. Finally, American International Group Inc. purchased a new stake in shares of Buckeye Partners during the third quarter valued at $713,000. Institutional investors and hedge funds own 75.90% 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; refined petroleum products; and crude oil.
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