Moors & Cabot Inc. increased its position in shares of Buckeye Partners, L.P. (NYSE:BPL) by 1.6% during the second quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 25,004 shares of the pipeline company’s stock after buying an additional 400 shares during the quarter. Moors & Cabot Inc.’s holdings in Buckeye Partners were worth $1,027,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in the stock. Alpine Global Management LLC acquired a new position in shares of Buckeye Partners in the second quarter worth $4,310,000. XR Securities LLC acquired a new position in shares of Buckeye Partners in the second quarter worth $225,000. Sanders Morris Harris LLC acquired a new position in shares of Buckeye Partners in the second quarter worth $703,000. Cypress Wealth Advisors LLC acquired a new position in shares of Buckeye Partners in the first quarter worth $1,741,000. Finally, Williams Jones & Associates LLC raised its holdings in shares of Buckeye Partners by 7.9% in the first quarter. Williams Jones & Associates LLC now owns 28,965 shares of the pipeline company’s stock worth $985,000 after acquiring an additional 2,125 shares during the last quarter. Hedge funds and other institutional investors own 70.70% of the company’s stock.
BPL has been the subject of a number of analyst reports. Mizuho set a $88.00 price target on Gilead Sciences and gave the stock a “buy” rating in a report on Friday, May 10th. UBS Group reissued a “hold” rating and issued a $130.00 price target on shares of Continental in a report on Wednesday, May 15th. Stifel Nicolaus initiated coverage on Elastic in a report on Monday, May 13th. They issued a “hold” rating and a $75.00 price target for the company. US Capital Advisors cut Buckeye Partners from an “overweight” rating to a “hold” rating in a report on Friday, May 24th. Finally, Barclays cut Buckeye Partners from an “overweight” rating to an “equal weight” rating in a report on Monday, May 13th. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has assigned a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and a consensus target price of $37.37.
Buckeye Partners (NYSE:BPL) last announced its quarterly earnings data 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). The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Buckeye Partners had a negative net margin of 2.29% and a positive return on equity of 9.46%. Buckeye Partners’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 EPS. Analysts expect that Buckeye Partners, L.P. will post 2.43 EPS for the current year.
In other news, Director Joseph A. Lasala, Jr. sold 9,000 shares of Buckeye Partners stock in a transaction on Thursday, June 13th. The stock was sold at an average price of $40.77, for a total value of $366,930.00. Following the completion of the sale, the director now owns 14,000 shares of the company’s stock, valued at $570,780. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, VP Gary L. Bohnsack sold 2,500 shares of Buckeye Partners stock in a transaction on Tuesday, May 14th. The shares were sold at an average price of $41.73, for a total value of $104,325.00. Following the completion of the sale, the vice president now directly owns 422 shares of the company’s stock, valued at approximately $17,610.06. The disclosure for this sale can be found here. In the last ninety days, insiders sold 20,240 shares of company stock valued at $829,245. Company insiders own 0.54% of the company’s stock.
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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