Buckeye Partners (BPL) Downgraded by Barclays to Equal Weight

Barclays downgraded shares of Buckeye Partners (NYSE:BPL) from an overweight rating to an equal weight rating in a report published on Monday, The Fly reports.

Several other research firms also recently commented on BPL. Mizuho set a $42.00 price target on shares of Buckeye Partners and gave the company a hold rating in a research note on Friday, May 10th. Stifel Nicolaus downgraded shares of Buckeye Partners from a buy rating to a hold rating and upped their price target for the company from $34.00 to $41.50 in a research note on Monday. ValuEngine downgraded shares of Buckeye Partners from a hold rating to a sell rating in a research note on Monday, April 1st. Zacks Investment Research downgraded shares of Buckeye Partners from a hold rating to a sell rating in a research note on Wednesday, April 24th. Finally, UBS Group upgraded shares of Buckeye Partners from a neutral rating to a buy rating and increased their price objective for the stock from $33.00 to $36.00 in a research note on Thursday, March 7th. Two analysts have rated the stock with a sell rating, thirteen have issued a hold rating and one has given a buy rating to the company’s stock. Buckeye Partners currently has a consensus rating of Hold and a consensus price target of $39.79.

BPL stock opened at $41.80 on Monday. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.28 and a current ratio of 0.92. Buckeye Partners has a 52 week low of $25.71 and a 52 week high of $42.65. The stock has a market capitalization of $6.42 billion, a P/E ratio of 23.35 and a beta of 1.09.

Buckeye Partners (NYSE:BPL) last released its quarterly earnings results on Friday, May 10th. The pipeline company reported $0.52 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.59 by ($0.07). Buckeye Partners had a negative net margin of 2.29% and a positive return on equity of 9.46%. The business had revenue of $1.03 billion during the quarter, compared to analyst estimates of $1.13 billion. During the same quarter last year, the company posted $0.74 earnings per share. The company’s revenue was down 13.0% on a year-over-year basis. On average, analysts predict that Buckeye Partners will post 2.45 EPS for the current year.

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 28th. Shareholders of record on Monday, May 20th will be paid a dividend of $0.75 per share. The ex-dividend date of this dividend is Friday, May 17th. This represents a $3.00 dividend on an annualized basis and a yield of 7.18%. Buckeye Partners’s payout ratio is 167.60%.

In other Buckeye Partners news, VP Gary L. Bohnsack sold 2,500 shares of the stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $41.73, for a total transaction of $104,325.00. Following the sale, the vice president now directly owns 422 shares in the company, valued at $17,610.06. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 0.54% of the company’s stock.

Several hedge funds have recently bought and sold shares of BPL. Harvest Fund Advisors LLC lifted its holdings in shares of Buckeye Partners by 97.4% in the fourth quarter. Harvest Fund Advisors LLC now owns 5,572,816 shares of the pipeline company’s stock worth $161,556,000 after acquiring an additional 2,749,735 shares during the last quarter. Alps Advisors Inc. lifted its holdings in shares of Buckeye Partners by 12.6% in the fourth quarter. Alps Advisors Inc. now owns 14,531,387 shares of the pipeline company’s stock worth $421,265,000 after acquiring an additional 1,626,804 shares during the last quarter. Bank of Montreal Can lifted its holdings in shares of Buckeye Partners by 97.9% in the fourth quarter. Bank of Montreal Can now owns 2,145,556 shares of the pipeline company’s stock worth $62,199,000 after acquiring an additional 1,061,307 shares during the last quarter. OppenheimerFunds Inc. lifted its holdings in shares of Buckeye Partners by 6.5% in the first quarter. OppenheimerFunds Inc. now owns 15,054,028 shares of the pipeline company’s stock worth $512,138,000 after acquiring an additional 922,274 shares during the last quarter. Finally, Eagle Global Advisors LLC bought a new position in shares of Buckeye Partners in the first quarter worth about $22,206,000. 69.33% of the stock is owned by hedge funds and other institutional investors.

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.

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Analyst Recommendations for Buckeye Partners (NYSE:BPL)

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