SFE Investment Counsel Reduces Position in Buckeye Partners, L.P. (BPL)

SFE Investment Counsel reduced its holdings in Buckeye Partners, L.P. (NYSE:BPL) by 25.3% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,480 shares of the pipeline company’s stock after selling 2,529 shares during the quarter. SFE Investment Counsel’s holdings in Buckeye Partners were worth $254,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in BPL. Harvest Fund Advisors LLC raised its holdings in shares of Buckeye Partners by 97.4% in the 4th quarter. Harvest Fund Advisors LLC now owns 5,572,816 shares of the pipeline company’s stock worth $161,556,000 after purchasing an additional 2,749,735 shares in the last quarter. Alps Advisors Inc. raised its holdings in shares of Buckeye Partners by 12.6% in the 4th quarter. Alps Advisors Inc. now owns 14,531,387 shares of the pipeline company’s stock worth $421,265,000 after purchasing an additional 1,626,804 shares in the last quarter. Bank of Montreal Can raised its holdings in shares of Buckeye Partners by 97.9% in the 4th quarter. Bank of Montreal Can now owns 2,145,556 shares of the pipeline company’s stock worth $62,199,000 after purchasing an additional 1,061,307 shares in the last quarter. Eagle Global Advisors LLC bought a new stake in shares of Buckeye Partners in the 1st quarter worth approximately $22,206,000. Finally, Ellis Investment Partners LLC raised its holdings in shares of Buckeye Partners by 3,215.6% in the 1st quarter. Ellis Investment Partners LLC now owns 669,818 shares of the pipeline company’s stock worth $669,000 after purchasing an additional 649,616 shares in the last quarter. Institutional investors and hedge funds own 69.33% of the company’s stock.

In other news, VP Gary L. Bohnsack sold 2,500 shares of Buckeye Partners stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $41.73, for a total value of $104,325.00. Following the transaction, the vice president now directly owns 422 shares of the company’s stock, valued at $17,610.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.54% of the company’s stock.

A number of analysts recently commented on BPL shares. UBS Group upgraded shares of Buckeye Partners from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $33.00 to $36.00 in a report on Thursday, March 7th. Barclays reiterated a “buy” rating and issued a $38.00 target price on shares of Buckeye Partners in a report on Tuesday, February 19th. Zacks Investment Research upgraded shares of Buckeye Partners from a “hold” rating to a “buy” rating and set a $33.00 target price on the stock in a report on Monday, February 11th. ValuEngine upgraded shares of Buckeye Partners from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Finally, Mizuho set a $42.00 target price on shares of Buckeye Partners and gave the stock a “hold” rating in a research report on Friday, May 10th. Two equities research analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has issued a buy rating to the stock. Buckeye Partners presently has an average rating of “Hold” and a consensus price target of $39.79.

Shares of Buckeye Partners stock traded up $0.02 during trading on Tuesday, hitting $40.98. The stock had a trading volume of 95,863 shares, compared to its average volume of 1,348,216. The company has a market cap of $6.31 billion, a P/E ratio of 22.89 and a beta of 1.09. The company has a debt-to-equity ratio of 0.90, a current ratio of 0.92 and a quick ratio of 0.28. Buckeye Partners, L.P. has a 1 year low of $25.71 and a 1 year high of $42.65.

Buckeye Partners (NYSE:BPL) last released its earnings results on Friday, May 10th. The pipeline company reported $0.52 earnings per share for the quarter, missing the consensus estimate of $0.59 by ($0.07). The firm had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Buckeye Partners had a positive return on equity of 9.46% and a negative net margin of 2.29%. The business’s revenue was down 13.0% on a year-over-year basis. During the same period last year, the business earned $0.74 earnings per share. On average, analysts expect that Buckeye Partners, L.P. will post 2.43 EPS for the current fiscal year.

The company also recently announced a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Monday, May 20th will be given a $0.75 dividend. This represents a $3.00 annualized dividend and a dividend yield of 7.32%. The ex-dividend date is Friday, May 17th. Buckeye Partners’s dividend payout ratio (DPR) is currently 167.60%.

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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.

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

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