Dividend Assets Capital LLC trimmed its holdings in shares of Buckeye Partners, L.P. (NYSE:BPL) by 77.0% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,678 shares of the pipeline company’s stock after selling 25,764 shares during the period. Dividend Assets Capital LLC’s holdings in Buckeye Partners were worth $223,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other hedge funds and other institutional investors have also made changes to their positions in BPL. Northern Trust Corp increased its stake in shares of Buckeye Partners by 18.9% in the 2nd quarter. Northern Trust Corp now owns 142,214 shares of the pipeline company’s stock valued at $4,999,000 after acquiring an additional 22,643 shares in the last quarter. First Hawaiian Bank bought a new stake in shares of Buckeye Partners in the 3rd quarter valued at $143,000. Huntington National Bank increased its stake in shares of Buckeye Partners by 12.7% in the 3rd quarter. Huntington National Bank now owns 38,288 shares of the pipeline company’s stock valued at $1,367,000 after acquiring an additional 4,323 shares in the last quarter. Cornerstone Wealth Management LLC increased its stake in shares of Buckeye Partners by 74.9% in the 3rd quarter. Cornerstone Wealth Management LLC now owns 41,355 shares of the pipeline company’s stock valued at $708,000 after acquiring an additional 17,712 shares in the last quarter. Finally, First Trust Advisors LP increased its stake in shares of Buckeye Partners by 19.3% in the 3rd quarter. First Trust Advisors LP now owns 396,531 shares of the pipeline company’s stock valued at $14,160,000 after acquiring an additional 64,082 shares in the last quarter. 68.89% of the stock is owned by institutional investors.
Get Buckeye Partners alerts:Shares of BPL stock opened at $32.15 on Monday. The firm has a market cap of $4.72 billion, a price-to-earnings ratio of 17.96 and a beta of 1.08. The company has a debt-to-equity ratio of 1.29, a current ratio of 0.96 and a quick ratio of 0.63. Buckeye Partners, L.P. has a 12 month low of $25.71 and a 12 month high of $50.05.
Buckeye Partners (NYSE:BPL) last announced its quarterly earnings results on Friday, February 8th. The pipeline company reported $0.90 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.21. The business had revenue of $1.07 billion during the quarter, compared to analyst estimates of $958.86 million. Buckeye Partners had a negative net margin of 1.44% and a positive return on equity of 9.41%. Buckeye Partners’s quarterly revenue was up 13.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.85 EPS. Analysts forecast that Buckeye Partners, L.P. will post 2.6 EPS for the current year.
The company also recently announced a quarterly dividend, which will be paid on Tuesday, February 26th. Stockholders of record on Tuesday, February 19th will be paid a $0.75 dividend. The ex-dividend date is Friday, February 15th. This represents a $3.00 annualized dividend and a dividend yield of 9.33%. Buckeye Partners’s payout ratio is 167.60%.
A number of analysts have commented on BPL shares. Zacks Investment Research lowered shares of Buckeye Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, October 24th. SunTrust Banks upgraded shares of Buckeye Partners from a “sell” rating to a “hold” rating in a research note on Friday, November 2nd. Stifel Nicolaus restated a “buy” rating and set a $37.00 price target on shares of Buckeye Partners in a research note on Sunday, November 4th. Guggenheim restated a “hold” rating and set a $38.00 price target on shares of Buckeye Partners in a research note on Monday, November 5th. Finally, Bank of America boosted their price target on shares of Buckeye Partners from $37.00 to $38.00 and gave the company a “neutral” rating in a research note on Monday, November 5th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and two have issued a buy rating to the company. Buckeye Partners currently has an average rating of “Hold” and a consensus price target of $40.53.
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Buckeye Partners Company 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; refined petroleum products; and crude oil.
Further Reading: Back-End Load
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