Eagle Global Advisors LLC increased its position in shares of Buckeye Partners L.P. (NYSE:BPL) by 1.4% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 2,634,442 shares of the pipeline company’s stock after buying an additional 36,525 shares during the period. Buckeye Partners L.P. comprises approximately 4.8% of Eagle Global Advisors LLC’s portfolio, making the stock its 3rd largest position. Eagle Global Advisors LLC owned 1.87% of Buckeye Partners L.P. worth $168,420,000 at the end of the most recent quarter.
Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Janney Montgomery Scott LLC raised its stake in shares of Buckeye Partners L.P. by 15.2% in the second quarter. Janney Montgomery Scott LLC now owns 85,270 shares of the pipeline company’s stock valued at $5,451,000 after buying an additional 11,246 shares during the period. Parkwood LLC purchased a new stake in shares of Buckeye Partners L.P. during the second quarter valued at $1,587,000. MCF Advisors LLC raised its stake in shares of Buckeye Partners L.P. by 1.9% in the second quarter. MCF Advisors LLC now owns 2,508 shares of the pipeline company’s stock valued at $160,000 after buying an additional 46 shares during the period. Naples Global Advisors LLC raised its stake in shares of Buckeye Partners L.P. by 4.7% in the second quarter. Naples Global Advisors LLC now owns 6,750 shares of the pipeline company’s stock valued at $432,000 after buying an additional 300 shares during the period. Finally, Huntington National Bank raised its stake in shares of Buckeye Partners L.P. by 5.0% in the second quarter. Huntington National Bank now owns 35,680 shares of the pipeline company’s stock valued at $2,281,000 after buying an additional 1,715 shares during the period. Institutional investors and hedge funds own 70.49% of the company’s stock.
Shares of Buckeye Partners L.P. (BPL) traded down 0.98% during mid-day trading on Friday, reaching $55.68. The company had a trading volume of 547,412 shares. Buckeye Partners L.P. has a 12 month low of $55.30 and a 12 month high of $73.01. The company has a market capitalization of $7.86 billion, a price-to-earnings ratio of 15.40 and a beta of 1.11. The firm’s 50-day moving average is $62.28 and its 200 day moving average is $65.86.
Buckeye Partners L.P. (NYSE:BPL) last announced its quarterly earnings results on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.20. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. The firm had revenue of $810.20 million during the quarter, compared to the consensus estimate of $797.47 million. During the same period in the previous year, the business earned $1.07 earnings per share. The firm’s revenue for the quarter was up 4.3% on a year-over-year basis. On average, equities research analysts predict that Buckeye Partners L.P. will post $3.65 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Monday, August 21st. Shareholders of record on Monday, August 14th will be issued a $1.2625 dividend. This represents a $5.05 annualized dividend and a yield of 9.07%. This is an increase from Buckeye Partners L.P.’s previous quarterly dividend of $1.24. The ex-dividend date is Thursday, August 10th. Buckeye Partners L.P.’s dividend payout ratio (DPR) is presently 138.36%.
A number of equities research analysts have recently issued reports on the company. Zacks Investment Research lowered Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research report on Tuesday, July 11th. BidaskClub lowered Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a research report on Monday, July 31st. Stifel Nicolaus raised Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 price target on the stock in a research report on Monday, May 8th. They noted that the move was a valuation call. Barclays PLC dropped their price target on Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating on the stock in a research report on Monday, August 7th. Finally, Credit Suisse Group set a $74.00 price target on Buckeye Partners L.P. and gave the company a “hold” rating in a research report on Monday, August 7th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have assigned a buy rating to the company’s stock. Buckeye Partners L.P. presently has a consensus rating of “Hold” and a consensus target price of $73.36.
In related news, SVP Todd J. Russo sold 3,280 shares of Buckeye Partners L.P. stock in a transaction on Wednesday, May 24th. The shares were sold at an average price of $67.00, for a total value of $219,760.00. Following the transaction, the senior vice president now owns 14,106 shares in the company, valued at approximately $945,102. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Barbara J. Duganier bought 1,000 shares of the firm’s stock in a transaction that occurred on Monday, August 14th. The stock was acquired at an average price of $58.19 per share, for a total transaction of $58,190.00. Following the transaction, the director now owns 9,000 shares in the company, valued at $523,710. The disclosure for this purchase can be found here. Company insiders own 0.42% of the company’s stock.
About Buckeye Partners L.P.
Buckeye Partners, L.P. (Buckeye) owns and operates a network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
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