Russell Investments Group Ltd. purchased a new position in shares of Buckeye Partners, L.P. (NYSE:BPL) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor purchased 38,100 shares of the pipeline company’s stock, valued at approximately $1,361,000.
A number of other hedge funds have also modified their holdings of BPL. Poehling Capital Management LLC purchased a new position in shares of Buckeye Partners in the second quarter valued at approximately $105,000. Sun Life Financial INC lifted its position in shares of Buckeye Partners by 2,566.7% in the second quarter. Sun Life Financial INC now owns 4,000 shares of the pipeline company’s stock valued at $141,000 after acquiring an additional 3,850 shares in the last quarter. Advisors Asset Management Inc. lifted its position in shares of Buckeye Partners by 3,747.9% in the second quarter. Advisors Asset Management Inc. now owns 167,229 shares of the pipeline company’s stock valued at $142,000 after acquiring an additional 162,883 shares in the last quarter. First Hawaiian Bank purchased a new position in shares of Buckeye Partners in the third quarter valued at approximately $143,000. Finally, Lido Advisors LLC purchased a new position in shares of Buckeye Partners in the second quarter valued at approximately $219,000. Institutional investors own 76.22% of the company’s stock.
In related news, SVP Todd J. Russo sold 6,800 shares of the stock in a transaction that occurred on Monday, November 12th. The stock was sold at an average price of $32.25, for a total value of $219,300.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. 0.48% of the stock is currently owned by company insiders.
NYSE:BPL opened at $29.65 on Friday. Buckeye Partners, L.P. has a one year low of $28.03 and a one year high of $57.19. The company has a quick ratio of 0.63, a current ratio of 0.96 and a debt-to-equity ratio of 1.29. The company has a market capitalization of $4.32 billion, a P/E ratio of 10.68 and a beta of 1.23.
Buckeye Partners (NYSE:BPL) last posted its quarterly earnings results on Friday, November 2nd. The pipeline company reported $0.57 EPS for the quarter, missing the consensus estimate of $0.68 by ($0.11). Buckeye Partners had a negative net margin of 10.43% and a positive return on equity of 8.98%. The company had revenue of $909.55 million during the quarter, compared to analyst estimates of $921.74 million. During the same period in the prior year, the business posted $0.81 EPS. Buckeye Partners’s revenue for the quarter was down 1.4% compared to the same quarter last year. As a group, equities research analysts anticipate that Buckeye Partners, L.P. will post 0.69 earnings per share for the current year.
The business also recently declared a quarterly dividend, which was paid on Tuesday, November 20th. Investors of record on Tuesday, November 13th were issued a $0.75 dividend. The ex-dividend date of this dividend was Friday, November 9th. This represents a $3.00 annualized dividend and a dividend yield of 10.12%. Buckeye Partners’s dividend payout ratio is presently 90.36%.
BPL has been the topic of several research reports. Zacks Investment Research upgraded Buckeye Partners from a “sell” rating to a “hold” rating in a research report on Tuesday, August 28th. JPMorgan Chase & Co. decreased their target price on Buckeye Partners from $42.00 to $39.00 and set a “neutral” rating on the stock in a research report on Friday, August 24th. SunTrust Banks upgraded Buckeye Partners from a “sell” rating to a “hold” rating in a research report on Friday, November 2nd. Credit Suisse Group initiated coverage on Buckeye Partners in a research report on Thursday, October 11th. They issued a “neutral” rating and a $35.00 target price on the stock. Finally, Stifel Nicolaus restated a “buy” rating and issued a $37.00 target price on shares of Buckeye Partners in a research report on Sunday, November 4th. Two analysts have rated the stock with a sell rating, twelve have assigned a hold rating and one has given a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $42.08.
TRADEMARK VIOLATION WARNING: “Russell Investments Group Ltd. Takes Position in Buckeye Partners, L.P. (BPL)” was first published by American Banking News and is the property of of American Banking News. If you are accessing this article on another site, it was copied illegally and republished in violation of U.S. and international trademark and copyright law. The correct version of this article can be viewed at https://www.americanbankingnews.com/2018/12/08/russell-investments-group-ltd-takes-position-in-buckeye-partners-l-p-bpl.html.
Buckeye Partners Company Profile
Buckeye Partners, L.P. owns and operates liquid petroleum products pipelines in the United States and internationally. The company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals, and Merchant Services. The Domestic Pipelines & Terminals segment transports liquid petroleum products, including gasoline, jet fuel, and various distillates; refined petroleum products; and crude oil.
Featured Article: What are municipal bonds?
Want to see what other hedge funds are holding BPL? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Buckeye Partners, L.P. (NYSE:BPL).
Receive News & Ratings for Buckeye Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Buckeye Partners and related companies with MarketBeat.com's FREE daily email newsletter.