Buckeye Partners L.P. (BPL) Price Target Cut to $61.00 by Analysts at Wells Fargo & Company

Buckeye Partners L.P. (NYSE:BPL) had its price target reduced by Wells Fargo & Company from $66.00 to $61.00 in a research report report published on Tuesday. They currently have a market perform rating on the pipeline company’s stock.

Several other research firms have also commented on BPL. BidaskClub lowered shares of Buckeye Partners L.P. from a sell rating to a strong sell rating in a research report on Monday, July 31st. Zacks Investment Research lowered shares of Buckeye Partners L.P. from a hold rating to a sell rating in a research report on Tuesday, July 11th. Barclays PLC dropped their price target on shares of Buckeye Partners L.P. from $68.00 to $66.00 and set an equal weight rating on the stock in a research report on Monday, August 7th. 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 report on Monday, August 7th. Finally, Royal Bank Of Canada reaffirmed a hold rating and set a $67.00 price objective on shares of Buckeye Partners L.P. in a report on Wednesday, September 13th. One research analyst has rated the stock with a sell rating, ten have assigned a hold rating and three have assigned a buy rating to the company’s stock. The stock has a consensus rating of Hold and a consensus target price of $71.33.

Buckeye Partners L.P. (BPL) traded down 0.28% on Tuesday, hitting $57.68. 64,691 shares of the company were exchanged. Buckeye Partners L.P. has a 52 week low of $54.33 and a 52 week high of $73.01. The firm’s 50 day moving average is $56.63 and its 200 day moving average is $62.55. The company has a market capitalization of $8.15 billion, a P/E ratio of 15.93 and a beta of 1.16.

Buckeye Partners L.P. (NYSE:BPL) last released its quarterly earnings results on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.00 by ($0.20). The firm had revenue of $810.20 million for the quarter, compared to analyst estimates of $797.47 million. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. The firm’s quarterly revenue was up 4.3% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.07 EPS. On average, equities research analysts forecast that Buckeye Partners L.P. will post $3.56 earnings per share for the current fiscal year.

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In related news, Director Barbara J. Duganier purchased 1,000 shares of the company’s stock in a transaction on Monday, August 14th. The stock was acquired at an average cost of $58.19 per share, for a total transaction of $58,190.00. Following the completion of the transaction, the director now directly owns 9,000 shares in the company, valued at $523,710. The acquisition was disclosed in a document filed with the SEC, which is accessible through the SEC website. 0.42% of the stock is owned by company insiders.

Institutional investors and hedge funds have recently made changes to their positions in the business. Ffcm LLC increased its position in shares of Buckeye Partners L.P. by 221.3% during the second quarter. Ffcm LLC now owns 1,764 shares of the pipeline company’s stock valued at $115,000 after acquiring an additional 1,215 shares during the last quarter. Oppenheimer Asset Management Inc. acquired a new stake in shares of Buckeye Partners L.P. during the first quarter valued at about $128,000. Pathstone Family Office LLC acquired a new stake in shares of Buckeye Partners L.P. during the second quarter valued at about $142,000. IHT Wealth Management LLC acquired a new stake in shares of Buckeye Partners L.P. during the first quarter valued at about $170,000. Finally, MCF Advisors LLC increased its position in shares of Buckeye Partners L.P. by 1.9% during the second quarter. MCF Advisors LLC now owns 2,508 shares of the pipeline company’s stock valued at $160,000 after acquiring an additional 46 shares during the last quarter. Institutional investors and hedge funds own 68.84% 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.

Analyst Recommendations for Buckeye Partners L.P. (NYSE:BPL)

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