Mid Atlantic Financial Management Inc. ADV cut its stake in shares of Buckeye Partners, L.P. (NYSE:BPL) by 16.5% in the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 5,909 shares of the pipeline company’s stock after selling 1,171 shares during the quarter. Mid Atlantic Financial Management Inc. ADV’s holdings in Buckeye Partners were worth $201,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors also recently made changes to their positions in BPL. Commonwealth of Pennsylvania Public School Empls Retrmt SYS increased its stake in shares of Buckeye Partners by 17.1% in the first quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 556,241 shares of the pipeline company’s stock worth $18,923,000 after buying an additional 81,114 shares during the period. Stratos Wealth Partners LTD. boosted its holdings in Buckeye Partners by 3.4% in the first quarter. Stratos Wealth Partners LTD. now owns 10,675 shares of the pipeline company’s stock valued at $363,000 after acquiring an additional 356 shares in the last quarter. Harvest Group Wealth Management LLC bought a new stake in Buckeye Partners in the first quarter valued at $28,000. Perella Weinberg Partners Capital Management LP boosted its holdings in Buckeye Partners by 19.8% in the first quarter. Perella Weinberg Partners Capital Management LP now owns 143,895 shares of the pipeline company’s stock valued at $4,895,000 after acquiring an additional 23,815 shares in the last quarter. Finally, WealthTrust Axiom LLC bought a new stake in Buckeye Partners in the first quarter valued at $234,000. Institutional investors and hedge funds own 69.77% of the company’s stock.
Several analysts recently weighed in on the stock. ValuEngine cut shares of Buckeye Partners from a “hold” rating to a “sell” rating in a report on Monday, April 1st. Zacks Investment Research upgraded shares of Buckeye Partners from a “sell” rating to a “hold” rating in a report on Wednesday, May 8th. Stifel Nicolaus cut shares of Buckeye Partners from a “buy” rating to a “hold” rating and lifted their price target for the company from $34.00 to $41.50 in a report on Monday, May 13th. UBS Group cut shares of Buckeye Partners from a “buy” rating to a “neutral” rating and lifted their price target for the company from $36.00 to $41.50 in a report on Wednesday, May 15th. Finally, Argus cut shares of Buckeye Partners from a “hold” rating to a “sell” rating and set a $41.80 price target on the stock. in a report on Wednesday, May 15th. Two equities research analysts have rated the stock with a sell rating, fourteen have issued a hold rating and one has assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $39.79.
In related news, SVP Todd J. Russo sold 8,740 shares of the company’s stock in a transaction dated Monday, May 20th. The shares were sold at an average price of $40.96, for a total value of $357,990.40. Following the transaction, the senior vice president now owns 5,092 shares in the company, valued at approximately $208,568.32. The sale was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, VP Gary L. Bohnsack sold 2,500 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $41.73, for a total transaction of $104,325.00. Following the completion of the transaction, the vice president now owns 422 shares in the company, valued at approximately $17,610.06. The disclosure for this sale can be found here. Insiders own 0.54% of the company’s stock.
Shares of BPL stock opened at $40.97 on Friday. Buckeye Partners, L.P. has a 12 month low of $25.71 and a 12 month high of $42.65. The firm has a market cap of $6.30 billion, a PE ratio of 22.89 and a beta of 1.09. The company has a current ratio of 0.92, a quick ratio of 0.63 and a debt-to-equity ratio of 0.90.
Buckeye Partners (NYSE:BPL) last announced its earnings results on Friday, May 10th. The pipeline company reported $0.52 EPS for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.07). Buckeye Partners had a negative net margin of 2.29% and a positive return on equity of 9.46%. The business had revenue of $1.03 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter last year, the firm posted $0.74 EPS. The business’s quarterly revenue was down 13.0% on a year-over-year basis. As a group, analysts expect that Buckeye Partners, L.P. will post 2.43 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Monday, May 20th will be issued a dividend of $0.75 per share. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.32%. The ex-dividend date of this dividend is Friday, May 17th. Buckeye Partners’s dividend payout ratio (DPR) is presently 167.60%.
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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.
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