Quadrant Private Wealth Management LLC lifted its holdings in shares of Buckeye Partners, L.P. (NYSE:BPL) by 13.1% in the third quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 38,975 shares of the pipeline company’s stock after buying an additional 4,500 shares during the period. Buckeye Partners comprises about 1.2% of Quadrant Private Wealth Management LLC’s portfolio, making the stock its 19th biggest holding. Quadrant Private Wealth Management LLC’s holdings in Buckeye Partners were worth $1,392,000 at the end of the most recent quarter.
Other institutional investors have also bought and sold shares of the company. Huntington National Bank raised its holdings in shares of Buckeye Partners by 12.7% during the 3rd quarter. Huntington National Bank now owns 38,288 shares of the pipeline company’s stock worth $1,367,000 after buying an additional 4,323 shares in the last quarter. Renaissance Technologies LLC acquired a new position in shares of Buckeye Partners during the 2nd quarter worth $11,052,000. First Republic Investment Management Inc. acquired a new position in shares of Buckeye Partners during the 2nd quarter worth $5,948,000. Sun Life Financial INC raised its holdings in shares of Buckeye Partners by 2,566.7% during the 2nd quarter. Sun Life Financial INC now owns 4,000 shares of the pipeline company’s stock worth $141,000 after buying an additional 3,850 shares in the last quarter. Finally, Poehling Capital Management LLC acquired a new position in shares of Buckeye Partners during the 2nd quarter worth $105,000. 68.87% of the stock is owned by institutional investors.
A number of equities analysts have recently commented on the company. Zacks Investment Research cut Buckeye Partners from a “hold” rating to a “sell” rating in a report on Wednesday, October 24th. JPMorgan Chase & Co. lowered their price target on Buckeye Partners from $42.00 to $39.00 and set a “neutral” rating for the company in a report on Friday, August 24th. Citigroup lowered their price target on Buckeye Partners from $39.00 to $34.00 and set a “neutral” rating for the company in a report on Tuesday, July 31st. Credit Suisse Group assumed coverage on Buckeye Partners in a report on Thursday, October 11th. They set a “neutral” rating and a $35.00 price target for the company. Finally, Guggenheim reissued a “hold” rating and set a $38.00 price target on shares of Buckeye Partners in a report on Monday. Two investment analysts have rated the stock with a sell rating, twelve have given a hold rating and one has issued a buy rating to the company’s stock. Buckeye Partners has an average rating of “Hold” and an average target price of $42.38.
Buckeye Partners (NYSE:BPL) last issued 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 positive return on equity of 8.98% and a negative net margin of 10.43%. The company’s revenue was down 1.4% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.81 EPS. Equities research analysts expect that Buckeye Partners, L.P. will post 1.4 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, November 20th. Investors of record on Tuesday, November 13th will be given a dividend of $0.75 per share. The ex-dividend date is Friday, November 9th. This represents a $3.00 dividend on an annualized basis and a yield of 9.03%. Buckeye Partners’s dividend payout ratio is currently 152.11%.
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.
Recommended Story: What are the reasons investors use put options?
Receive News & Ratings for Buckeye Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Buckeye Partners and related companies with MarketBeat.com's FREE daily email newsletter.