Buckeye Partners (NYSE:BPL) Sees Strong Trading Volume

Buckeye Partners, L.P. (NYSE:BPL) shares saw unusually-high trading volume on Tuesday . Approximately 2,518,051 shares traded hands during mid-day trading, an increase of 69% from the previous session’s volume of 1,494,157 shares.The stock last traded at $40.95 and had previously closed at $40.85.

BPL has been the topic of several research analyst reports. Mizuho set a $42.00 price objective on Buckeye Partners and gave the company a “hold” rating in a research note on Friday, May 10th. ValuEngine lowered Buckeye Partners from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. US Capital Advisors lowered Buckeye Partners from an “overweight” rating to a “hold” rating in a research note on Friday, May 24th. Stifel Nicolaus lowered Buckeye Partners from a “buy” rating to a “hold” rating and raised their price objective for the company from $34.00 to $41.50 in a research note on Monday, May 13th. Finally, Zacks Investment Research raised Buckeye Partners from a “sell” rating to a “hold” rating in a research note on Tuesday, May 14th. Two equities research analysts have rated the stock with a sell rating and fourteen have issued a hold rating to the company. Buckeye Partners has an average rating of “Hold” and a consensus price target of $37.37.

The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.64. The stock has a market cap of $6.30 billion, a PE ratio of 22.88 and a beta of 0.69. The stock’s 50-day moving average price is $41.35.

Buckeye Partners (NYSE:BPL) last posted its earnings results on Thursday, August 1st. The pipeline company reported $0.58 EPS for the quarter, beating the consensus estimate of $0.55 by $0.03. The firm had revenue of $791.70 million during the quarter, compared to the consensus estimate of $1.01 billion. Buckeye Partners had a positive return on equity of 9.82% and a negative net margin of 2.43%. On average, equities research analysts expect that Buckeye Partners, L.P. will post 2.43 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Monday, August 19th. Shareholders of record on Monday, August 12th will be given a $0.75 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $3.00 annualized dividend and a yield of 7.33%. Buckeye Partners’s dividend payout ratio is presently 167.60%.

In other news, Director Joseph A. Lasala, Jr. sold 9,000 shares of the firm’s stock in a transaction dated Thursday, June 13th. The stock was sold at an average price of $40.77, for a total transaction of $366,930.00. Following the completion of the transaction, the director now directly owns 14,000 shares in the company, valued at $570,780. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, SVP Todd J. Russo sold 8,740 shares of the firm’s stock in a transaction dated Monday, May 20th. The stock was 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 of the company’s stock, valued at $208,568.32. The disclosure for this sale can be found here. 0.54% of the stock is currently owned by company insiders.

Several institutional investors and hedge funds have recently modified their holdings of the company. OppenheimerFunds Inc. raised its position in shares of Buckeye Partners by 6.5% during the first quarter. OppenheimerFunds Inc. now owns 15,054,028 shares of the pipeline company’s stock worth $512,138,000 after acquiring an additional 922,274 shares during the last quarter. JPMorgan Chase & Co. raised its position in shares of Buckeye Partners by 6.9% during the second quarter. JPMorgan Chase & Co. now owns 4,215,262 shares of the pipeline company’s stock worth $172,488,000 after acquiring an additional 272,910 shares during the last quarter. Bank of Montreal Can raised its position in shares of Buckeye Partners by 9.8% during the second quarter. Bank of Montreal Can now owns 2,350,415 shares of the pipeline company’s stock worth $96,485,000 after acquiring an additional 210,162 shares during the last quarter. BlackRock Inc. raised its position in shares of Buckeye Partners by 268.2% during the second quarter. BlackRock Inc. now owns 1,886,735 shares of the pipeline company’s stock worth $77,451,000 after acquiring an additional 1,374,287 shares during the last quarter. Finally, Water Island Capital LLC bought a new position in shares of Buckeye Partners during the second quarter worth about $30,356,000. Institutional investors own 68.59% of the company’s stock.

Buckeye Partners Company Profile (NYSE:BPL)

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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