CIBC Private Wealth Group LLC Purchases New Shares in Buckeye Partners, L.P. (NYSE:BPL)

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CIBC Private Wealth Group LLC purchased a new stake in shares of Buckeye Partners, L.P. (NYSE:BPL) in the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm purchased 153,739 shares of the pipeline company’s stock, valued at approximately $6,317,000. CIBC Private Wealth Group LLC owned approximately 0.10% of Buckeye Partners at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Alpine Group USVI LLC acquired a new stake in Buckeye Partners during the 3rd quarter valued at $4,109,000. North Star Investment Management Corp. bought a new position in Buckeye Partners in the 3rd quarter valued at $63,000. Macquarie Group Ltd. boosted its position in Buckeye Partners by 161.7% in the 2nd quarter. Macquarie Group Ltd. now owns 322,000 shares of the pipeline company’s stock valued at $13,218,000 after buying an additional 198,976 shares during the last quarter. Water Island Capital LLC bought a new position in Buckeye Partners in the 2nd quarter valued at $30,356,000. Finally, Polar Asset Management Partners Inc. bought a new position in Buckeye Partners in the 2nd quarter valued at $5,131,000. 77.40% of the stock is owned by hedge funds and other institutional investors.

In other news, CFO Clair Keith St sold 5,000 shares of the firm’s stock in a transaction on Friday, September 13th. The stock was sold at an average price of $41.17, for a total value of $205,850.00. Following the transaction, the chief financial officer now directly owns 134,715 shares in the company, valued at approximately $5,546,216.55. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Joseph A. Lasala, Jr. sold 4,000 shares of the firm’s stock in a transaction on Monday, August 19th. The stock was sold at an average price of $41.00, for a total value of $164,000.00. Following the completion of the transaction, the director now owns 10,000 shares in the company, valued at $410,000. The disclosure for this sale can be found here. Insiders sold a total of 11,000 shares of company stock worth $452,090 over the last 90 days. 0.54% of the stock is owned by corporate insiders.

Shares of BPL opened at $41.40 on Friday. The firm has a market capitalization of $6.37 billion, a price-to-earnings ratio of 23.13 and a beta of 0.70. The company has a debt-to-equity ratio of 0.91, a quick ratio of 0.64 and a current ratio of 0.91. The business’s fifty day moving average price is $41.18 and its two-hundred day moving average price is $39.71. Buckeye Partners, L.P. has a 52 week low of $25.71 and a 52 week high of $42.65.

Buckeye Partners (NYSE:BPL) last posted its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.55 by $0.03. Buckeye Partners had a positive return on equity of 9.82% and a negative net margin of 2.43%. The business had revenue of $791.70 million for the quarter, compared to analyst estimates of $1.01 billion. As a group, research analysts forecast that Buckeye Partners, L.P. will post 2.43 EPS for the current year.

BPL has been the topic of a number of recent research reports. ValuEngine lowered Buckeye Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Argus reiterated a “sell” rating on shares of Buckeye Partners in a research report on Monday, August 12th. Three equities research analysts have rated the stock with a sell rating and eleven have assigned a hold rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $37.44.

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.

Further Reading: Cost of Debt

Institutional Ownership by Quarter for Buckeye Partners (NYSE:BPL)

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