Buckeye Partners, L.P. (BPL) Position Raised by Northern Trust Corp

Northern Trust Corp boosted its stake in Buckeye Partners, L.P. (NYSE:BPL) by 18.9% during the second quarter, HoldingsChannel reports. The firm owned 142,214 shares of the pipeline company’s stock after buying an additional 22,643 shares during the period. Northern Trust Corp’s holdings in Buckeye Partners were worth $4,999,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently made changes to their positions in the stock. Alps Advisors Inc. raised its stake in Buckeye Partners by 5.7% in the second quarter. Alps Advisors Inc. now owns 12,185,717 shares of the pipeline company’s stock valued at $603,802,000 after purchasing an additional 661,654 shares in the last quarter. OppenheimerFunds Inc. raised its stake in Buckeye Partners by 2.3% in the second quarter. OppenheimerFunds Inc. now owns 12,103,336 shares of the pipeline company’s stock valued at $425,432,000 after purchasing an additional 273,511 shares in the last quarter. Kayne Anderson Capital Advisors LP raised its stake in Buckeye Partners by 0.8% in the second quarter. Kayne Anderson Capital Advisors LP now owns 11,049,392 shares of the pipeline company’s stock valued at $370,133,000 after purchasing an additional 86,776 shares in the last quarter. Global X Management Co LLC grew its position in Buckeye Partners by 39.3% during the second quarter. Global X Management Co LLC now owns 1,215,941 shares of the pipeline company’s stock valued at $42,740,000 after acquiring an additional 342,798 shares during the last quarter. Finally, Commonwealth of Pennsylvania Public School Empls Retrmt SYS bought a new position in Buckeye Partners during the second quarter valued at approximately $19,182,000. 69.26% of the stock is currently owned by institutional investors and hedge funds.

In other news, SVP Todd J. Russo sold 6,800 shares of the firm’s stock in a transaction that occurred on Monday, November 12th. The shares were sold at an average price of $32.25, for a total value of $219,300.00. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. 0.48% of the stock is currently owned by company insiders.

A number of brokerages have commented on BPL. Guggenheim reiterated a “hold” rating and set a $38.00 price target on shares of Buckeye Partners in a research report on Monday, November 5th. Bank of America increased their price target on shares of Buckeye Partners from $37.00 to $38.00 and gave the company a “neutral” rating in a research report on Monday, November 5th. Royal Bank of Canada reiterated a “hold” rating and set a $38.00 price target on shares of Buckeye Partners in a research report on Tuesday, November 6th. Zacks Investment Research cut shares of Buckeye Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, October 24th. Finally, Citigroup reduced their price target on shares of Buckeye Partners from $39.00 to $34.00 and set a “neutral” rating on the stock in a research report on Tuesday, July 31st. Two investment analysts have rated the stock with a sell rating, twelve have issued a hold rating and one has given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $42.38.

Shares of Buckeye Partners stock opened at $30.03 on Wednesday. The company has a current ratio of 0.96, a quick ratio of 0.63 and a debt-to-equity ratio of 1.29. Buckeye Partners, L.P. has a 52-week low of $29.69 and a 52-week high of $57.19. The company has a market capitalization of $4.60 billion, a PE ratio of 9.05 and a beta of 1.25.

Buckeye Partners (NYSE:BPL) last issued its earnings results on Friday, November 2nd. The pipeline company reported $0.57 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.68 by ($0.11). Buckeye Partners had a positive return on equity of 8.98% and a negative net margin of 10.43%. The firm had revenue of $909.55 million during the quarter, compared to the consensus estimate of $921.74 million. During the same quarter in the prior year, the business posted $0.81 EPS. The firm’s revenue for the quarter was down 1.4% on a year-over-year basis. As a group, analysts predict that Buckeye Partners, L.P. will post 0.69 EPS for the current year.

The company also recently announced a quarterly dividend, which was paid on Tuesday, November 20th. Stockholders of record on Tuesday, November 13th were issued a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 9.99%. The ex-dividend date was Friday, November 9th. Buckeye Partners’s dividend payout ratio is 90.36%.

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Buckeye Partners 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.

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Institutional Ownership by Quarter for Buckeye Partners (NYSE:BPL)

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