Buckeye Partners (NYSE:BPL)‘s stock had its “neutral” rating reiterated by investment analysts at JPMorgan Chase & Co. in a report issued on Tuesday. They currently have a $50.00 target price on the pipeline company’s stock, down from their previous target price of $56.00. JPMorgan Chase & Co.’s price target would indicate a potential upside of 9.82% from the company’s current price.
Several other equities research analysts have also weighed in on BPL. Bank of America dropped their price objective on shares of Buckeye Partners from $55.00 to $52.00 and set a “neutral” rating on the stock in a research note on Tuesday, March 6th. UBS Group reiterated a “buy” rating and set a $55.00 price objective (down previously from $64.00) on shares of Buckeye Partners in a research note on Friday, March 2nd. Barclays dropped their price objective on shares of Buckeye Partners from $58.00 to $55.00 and set an “equal weight” rating on the stock in a research note on Monday, February 12th. Mizuho set a $55.00 price objective on shares of Buckeye Partners and gave the stock a “hold” rating in a research note on Friday, February 9th. Finally, Stifel Nicolaus set a $56.00 price objective on shares of Buckeye Partners and gave the stock a “buy” rating in a research note on Sunday, February 11th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and three have given a buy rating to the stock. The company has an average rating of “Hold” and a consensus target price of $59.67.
Buckeye Partners (NYSE BPL) traded down $0.04 on Tuesday, reaching $45.53. 16,471 shares of the company traded hands, compared to its average volume of 800,466. The firm has a market capitalization of $6,666.31, a price-to-earnings ratio of 13.60 and a beta of 1.14. Buckeye Partners has a 52-week low of $42.96 and a 52-week high of $69.95. The company has a current ratio of 0.96, a quick ratio of 0.52 and a debt-to-equity ratio of 0.96.
In other news, SVP Joseph Sauger sold 11,013 shares of the stock in a transaction that occurred on Friday, March 9th. The shares were sold at an average price of $43.92, for a total value of $483,690.96. Following the completion of the transaction, the senior vice president now directly owns 27,416 shares in the company, valued at $1,204,110.72. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Pieter Bakker sold 2,000 shares of the stock in a transaction that occurred on Tuesday, February 27th. The shares were sold at an average price of $46.05, for a total transaction of $92,100.00. Following the completion of the transaction, the director now owns 19,552 shares of the company’s stock, valued at $900,369.60. The disclosure for this sale can be found here. Insiders sold 13,361 shares of company stock worth $592,488 in the last 90 days. 0.42% of the stock is owned by company insiders.
Several institutional investors have recently bought and sold shares of the company. Chemical Bank boosted its holdings in shares of Buckeye Partners by 100.3% in the fourth quarter. Chemical Bank now owns 23,265 shares of the pipeline company’s stock valued at $1,153,000 after acquiring an additional 11,650 shares in the last quarter. Pin Oak Investment Advisors Inc. bought a new position in shares of Buckeye Partners in the fourth quarter valued at approximately $1,096,000. Probabilities Fund Management LLC bought a new position in shares of Buckeye Partners in the fourth quarter valued at approximately $500,000. Brookfield Asset Management Inc. bought a new position in shares of Buckeye Partners in the fourth quarter valued at approximately $142,994,000. Finally, Lake Street Advisors Group LLC bought a new position in shares of Buckeye Partners in the fourth quarter valued at approximately $327,000. Institutional investors and hedge funds own 70.52% of the company’s stock.
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About Buckeye Partners
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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