Tortoise Capital Advisors L.L.C. cut its holdings in Buckeye Partners, L.P. (NYSE:BPL) by 99.9% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 14,345 shares of the pipeline company’s stock after selling 11,021,828 shares during the quarter. Tortoise Capital Advisors L.L.C.’s holdings in Buckeye Partners were worth $589,000 at the end of the most recent quarter.
A number of other hedge funds have also added to or reduced their stakes in BPL. Steward Partners Investment Advisory LLC bought a new position in Buckeye Partners in the 2nd quarter valued at approximately $36,000. Coastal Investment Advisors Inc. lifted its position in Buckeye Partners by 74.8% in the 2nd quarter. Coastal Investment Advisors Inc. now owns 3,919 shares of the pipeline company’s stock valued at $160,000 after acquiring an additional 1,677 shares in the last quarter. Kavar Capital Partners LLC bought a new position in Buckeye Partners in the 2nd quarter valued at approximately $205,000. Sound View Wealth Advisors Group LLC bought a new position in shares of Buckeye Partners during the 2nd quarter valued at $206,000. Finally, Commerce Bank bought a new position in shares of Buckeye Partners during the 2nd quarter valued at $208,000. 79.97% of the stock is currently owned by institutional investors and hedge funds.
Shares of NYSE BPL traded down $0.16 during midday trading on Friday, hitting $41.02. 7,908,891 shares of the stock traded hands, compared to its average volume of 1,893,563. The firm has a 50-day moving average of $41.16 and a two-hundred day moving average of $38.70. The firm has a market capitalization of $6.33 billion, a P/E ratio of 22.92 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. Buckeye Partners, L.P. has a one year low of $25.71 and a one year high of $42.65.
Several equities analysts have recently weighed in on the company. Argus reissued a “sell” rating on shares of Buckeye Partners in a report on Monday, August 12th. US Capital Advisors cut Buckeye Partners from an “overweight” rating to a “hold” rating in a report on Friday, May 24th. Finally, ValuEngine cut Buckeye Partners from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Two investment analysts have rated the stock with a sell rating and thirteen have issued a hold rating to the company. Buckeye Partners presently has an average rating of “Hold” and a consensus price target of $37.23.
In other news, CFO Clair Keith St sold 5,000 shares of the company’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 completion of the sale, 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 document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Joseph A. Lasala, Jr. sold 4,000 shares of the company’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 sale, the director now owns 10,000 shares of the company’s stock, valued at $410,000. The disclosure for this sale can be found here. Insiders sold a total of 11,000 shares of company stock valued at $452,090 over the last 90 days. 0.54% of the stock is currently owned by company insiders.
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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