Buckeye Partners, L.P. (BPL) Receives Consensus Recommendation of “Buy” from Brokerages
Buckeye Partners, L.P. (NYSE:BPL) has received an average recommendation of “Buy” from the eleven analysts that are currently covering the stock. Four equities research analysts have rated the stock with a hold recommendation and seven have issued a buy recommendation on the company. The average 1-year target price among brokers that have issued a report on the stock in the last year is $73.67.
Several research analysts have weighed in on the company. Credit Suisse Group AG assumed coverage on Buckeye Partners, L.P. in a research note on Wednesday. They issued a “neutral” rating and a $78.00 price target for the company. Goldman Sachs Group Inc. upgraded Buckeye Partners, L.P. from a “neutral” rating to a “buy” rating and set a $78.00 price target for the company in a research note on Monday, September 19th. US Capital Advisors upgraded Buckeye Partners, L.P. from a “hold” rating to a “buy” rating in a research note on Thursday, September 8th. Mizuho assumed coverage on Buckeye Partners, L.P. in a research note on Thursday, September 29th. They issued a “neutral” rating and a $76.00 price target for the company. Finally, Zacks Investment Research upgraded Buckeye Partners, L.P. from a “hold” rating to a “buy” rating and set a $82.00 price target for the company in a research note on Monday, July 25th.
In related news, CEO Clark C. Smith sold 910 shares of the stock in a transaction on Monday, July 18th. The stock was sold at an average price of $75.02, for a total transaction of $68,268.20. Following the sale, the chief executive officer now owns 59,273 shares in the company, valued at approximately $4,446,660.46. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, Director Pieter Bakker purchased 3,500 shares of the firm’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were bought at an average price of $70.25 per share, for a total transaction of $245,875.00. Following the acquisition, the director now directly owns 17,552 shares in the company, valued at approximately $1,233,028. The disclosure for this purchase can be found here.
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A number of hedge funds have recently added to or reduced their stakes in BPL. FineMark National Bank & Trust raised its stake in Buckeye Partners, L.P. by 255.5% in the second quarter. FineMark National Bank & Trust now owns 1,422 shares of the company’s stock worth $100,000 after buying an additional 1,022 shares during the last quarter. Oakworth Capital Inc. acquired a new stake in Buckeye Partners, L.P. during the second quarter worth $116,000. Joel Isaacson & Co. LLC raised its stake in Buckeye Partners, L.P. by 1,263.2% in the second quarter. Joel Isaacson & Co. LLC now owns 2,590 shares of the company’s stock worth $182,000 after buying an additional 2,400 shares during the last quarter. Burke & Herbert Bank & Trust Co. acquired a new stake in Buckeye Partners, L.P. during the third quarter worth $200,000. Finally, Telemus Capital LLC acquired a new stake in Buckeye Partners, L.P. during the second quarter worth $201,000.
Shares of Buckeye Partners, L.P. (NYSE:BPL) traded down 0.3093% on Thursday, hitting $69.7536. 140,090 shares of the stock traded hands. The firm has a market cap of $9.14 billion, a PE ratio of 17.9315 and a beta of 0.95. The firm has a 50 day moving average price of $70.02 and a 200 day moving average price of $70.47. Buckeye Partners, L.P. has a 52-week low of $47.07 and a 52-week high of $75.10.
Buckeye Partners, L.P. (NYSE:BPL) last announced its quarterly earnings data on Friday, August 5th. The company reported $1.07 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.96 by $0.11. The company had revenue of $777.12 million for the quarter, compared to the consensus estimate of $759.98 million. The company’s revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the firm posted $0.71 earnings per share. On average, equities analysts forecast that Buckeye Partners, L.P. will post $0.01 EPS for the current year.
Buckeye Partners, L.P. Company Profile
Buckeye Partners, L.P. (Buckeye) owns and operates a network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage and marketing of liquid petroleum products. The Company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
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