Buckeye Partners Given “Neutral” Rating at Zacks (BPL)
Buckeye Partners (NYSE:BPL)‘s stock had its “neutral” rating reiterated by Zacks in a research note issued on Monday, AR Network reports. They currently have a $69.00 price objective on the stock. Zacks‘ price objective indicates a potential upside of 4.90% from the stock’s previous close.
Zacks‘ analyst wrote, “Buckeye Partners recorded year-over-year earnings increase in the second quarter of 2013 on the back of robust pipeline and terminal business, as well as international operations. The partnership’s Perth Amboy terminal project and Chicago storage facility secured lucrative long-term contracts. Buckeye’s BORCO storage expansion project is also on schedule for completion. The partnership is poised to benefit from these multiple investments in the coming years. In addition, the positive tariff-rate increase effective from Jul 2013 will act as a primary top-line driver. However, threat of service disruption owing to harsh storms and weakening of petroleum products and diesel prices, might prove challenging. We retain our Neutral recommendation on the stock.”
Shares of Buckeye Partners (NYSE:BPL) traded down 0.69% during mid-day trading on Monday, hitting $65.328. 66,194 shares of the company’s stock traded hands. Buckeye Partners has a 1-year low of $44.37 and a 1-year high of $73.44. The stock’s 50-day moving average is $67. and its 200-day moving average is $66.33. The company has a market cap of $6.933 billion and a price-to-earnings ratio of 23.41.
Buckeye Partners (NYSE:BPL) last issued its quarterly earnings data on Friday, August 2nd. The company reported $0.72 earnings per share for the quarter, missing the analysts’ consensus estimate of $0.78 by $0.06. The company had revenue of $1.01 billion for the quarter, compared to the consensus estimate of $1.23 billion. During the same quarter in the prior year, the company posted $0.55 earnings per share. The company’s quarterly revenue was up 2.2% on a year-over-year basis. On average, analysts predict that Buckeye Partners will post $3.32 earnings per share for the current fiscal year.
A number of other firms have also recently commented on BPL. Analysts at JPMorgan Chase & Co. downgraded shares of Buckeye Partners (NYSE:BPL) from an “overweight” rating to a “neutral” rating in a research note to investors on Friday, September 6th. They now have a $74.00 price target on the stock. Separately, analysts at Barclays Capital raised their price target on shares of Buckeye Partners (NYSE:BPL) from $64.00 to $69.00 in a research note to investors on Tuesday, August 6th. Finally, analysts at Clarkson Capital initiated coverage on shares of Buckeye Partners (NYSE:BPL) in a research note to investors on Friday, July 19th. They set a “market perform” rating on the stock. Six equities research analysts have rated the stock with a hold rating and two have assigned a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $66.43.
Buckeye Partners, L.P. (NYSE:BPL) is a master limited partnership.
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