Barclays PLC Trims Buckeye Partners L.P. (BPL) Target Price to $66.00
Buckeye Partners L.P. (NYSE:BPL) had its price target cut by Barclays PLC from $68.00 to $66.00 in a note issued to investors on Monday. The brokerage presently has an “equal weight” rating on the pipeline company’s stock. Barclays PLC’s target price would indicate a potential upside of 7.91% from the company’s previous close.
Several other equities research analysts also recently weighed in on the company. Credit Suisse Group set a $74.00 price target on Buckeye Partners L.P. and gave the stock a “hold” rating in a report on Monday. BidaskClub downgraded Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Zacks Investment Research downgraded Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Stifel Nicolaus upgraded Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 price target on the stock in a report on Monday, May 15th. Finally, Royal Bank Of Canada restated a “hold” rating and set a $73.00 price target on shares of Buckeye Partners L.P. in a report on Wednesday, April 19th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating and three have given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $73.36.
Buckeye Partners L.P. (NYSE BPL) traded down 0.37% during trading on Monday, hitting $61.16. The stock had a trading volume of 349,718 shares. The firm has a 50 day moving average of $63.24 and a 200-day moving average of $66.53. The company has a market cap of $8.59 billion, a P/E ratio of 15.70 and a beta of 1.11. Buckeye Partners L.P. has a one year low of $59.73 and a one year high of $73.98.
Buckeye Partners L.P. (NYSE:BPL) last posted its quarterly earnings data on Friday, August 4th. The pipeline company reported $0.80 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by $0.20. The firm had revenue of $810.20 million during the quarter, compared to analysts’ expectations of $797.47 million. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.14%. Buckeye Partners L.P.’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.07 EPS. Equities analysts anticipate that Buckeye Partners L.P. will post $3.85 earnings per share for the current fiscal year.
In other news, SVP Todd J. Russo sold 3,280 shares of the company’s stock in a transaction dated Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total transaction of $219,760.00. Following the completion of the transaction, the senior vice president now directly owns 14,106 shares of the company’s stock, valued at approximately $945,102. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Corporate insiders own 0.42% of the company’s stock.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Guggenheim Capital LLC boosted its position in Buckeye Partners L.P. by 5.1% in the fourth quarter. Guggenheim Capital LLC now owns 23,386 shares of the pipeline company’s stock valued at $1,547,000 after buying an additional 1,134 shares in the last quarter. Country Club Trust Company n.a. acquired a new position in Buckeye Partners L.P. during the first quarter valued at about $208,000. Americafirst Capital Management LLC acquired a new position in Buckeye Partners L.P. during the first quarter valued at about $210,000. Peoples Financial Services CORP. boosted its position in Buckeye Partners L.P. by 24.0% in the first quarter. Peoples Financial Services CORP. now owns 3,100 shares of the pipeline company’s stock valued at $213,000 after buying an additional 600 shares in the last quarter. Finally, Cohen Capital Management Inc. boosted its position in Buckeye Partners L.P. by 2.1% in the first quarter. Cohen Capital Management Inc. now owns 88,134 shares of the pipeline company’s stock valued at $6,042,000 after buying an additional 1,800 shares in the last quarter. 70.68% of the stock is owned by institutional investors and hedge funds.
About Buckeye Partners L.P.
Buckeye Partners, L.P. (Buckeye) owns and operates a network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
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