Buckeye Partners L.P. (BPL) Given “Hold” Rating at SunTrust Banks, Inc.
Buckeye Partners L.P. (NYSE:BPL)‘s stock had its “hold” rating restated by equities researchers at SunTrust Banks, Inc. in a report issued on Friday. They presently have a $72.00 price target on the pipeline company’s stock. SunTrust Banks, Inc.’s price objective would indicate a potential upside of 38.38% from the stock’s current price.
Several other research firms have also recently issued reports on BPL. Stifel Nicolaus reissued a “buy” rating and issued a $68.00 price objective on shares of Buckeye Partners L.P. in a research report on Sunday, October 29th. Credit Suisse Group set a $74.00 price objective on shares of Buckeye Partners L.P. and gave the company a “hold” rating in a research report on Monday, August 7th. TheStreet cut shares of Buckeye Partners L.P. from a “b-” rating to a “c+” rating in a research report on Wednesday, October 25th. Royal Bank Of Canada reissued a “hold” rating and issued a $67.00 price objective on shares of Buckeye Partners L.P. in a research report on Wednesday, September 13th. Finally, Barclays PLC lowered their price objective on shares of Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating for the company in a research report on Monday, August 7th. One equities research analyst has rated the stock with a sell rating, ten have given a hold rating and three have issued a buy rating to the company. Buckeye Partners L.P. presently has an average rating of “Hold” and an average price target of $69.42.
Buckeye Partners L.P. (BPL) opened at $52.03 on Friday. The company has a current ratio of 1.07, a quick ratio of 0.54 and a debt-to-equity ratio of 0.98. The company has a market capitalization of $7.44 billion, a P/E ratio of 14.44 and a beta of 1.16.
Buckeye Partners L.P. (NYSE:BPL) last released its quarterly earnings results on Friday, November 3rd. The pipeline company reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.93 by ($0.11). Buckeye Partners L.P. had a return on equity of 11.04% and a net margin of 14.42%. The firm had revenue of $922.60 million for the quarter, compared to analysts’ expectations of $795.12 million. During the same period in the prior year, the firm posted $1.19 earnings per share. Buckeye Partners L.P.’s revenue for the quarter was up 20.3% on a year-over-year basis. analysts predict that Buckeye Partners L.P. will post 3.46 EPS for the current year.
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In other Buckeye Partners L.P. news, Director Barbara J. Duganier purchased 1,000 shares of Buckeye Partners L.P. stock in a transaction dated Monday, August 14th. The stock was acquired at an average price of $58.19 per share, for a total transaction of $58,190.00. Following the acquisition, the director now owns 9,000 shares in the company, valued at approximately $523,710. The purchase was disclosed in a filing with the SEC, which is available through the SEC website. Insiders own 0.42% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the stock. Alps Advisors Inc. boosted its holdings in shares of Buckeye Partners L.P. by 52.5% in the 4th quarter. Alps Advisors Inc. now owns 8,511,631 shares of the pipeline company’s stock valued at $561,427,000 after acquiring an additional 2,931,015 shares during the last quarter. ING Groep NV lifted its holdings in Buckeye Partners L.P. by 309.4% during the first quarter. ING Groep NV now owns 2,001,974 shares of the pipeline company’s stock valued at $136,034,000 after purchasing an additional 1,512,974 shares in the last quarter. Energy Income Partners LLC purchased a new position in Buckeye Partners L.P. during the fourth quarter valued at $89,337,000. Bank of Montreal Can purchased a new position in Buckeye Partners L.P. during the second quarter valued at $72,145,000. Finally, Harvest Fund Advisors LLC lifted its holdings in Buckeye Partners L.P. by 16.3% during the first quarter. Harvest Fund Advisors LLC now owns 6,427,426 shares of the pipeline company’s stock valued at $436,679,000 after purchasing an additional 899,843 shares in the last quarter. Hedge funds and other institutional investors own 69.39% of the company’s stock.
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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