Buckeye Partners (BPL) Announces Quarterly Earnings Results
Buckeye Partners (NYSE:BPL) released its quarterly earnings results on Friday. The pipeline company reported $0.85 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.88 by ($0.03), Morningstar.com reports. The company had revenue of $946.05 million during the quarter, compared to the consensus estimate of $905.02 million. Buckeye Partners had a net margin of 12.69% and a return on equity of 9.72%. The firm’s revenue was up 2.4% compared to the same quarter last year. During the same period in the prior year, the company earned $0.78 earnings per share.
Buckeye Partners (BPL) opened at $49.95 on Friday. Buckeye Partners has a fifty-two week low of $43.90 and a fifty-two week high of $73.01. The company has a market cap of $7,326.57, a P/E ratio of 14.96 and a beta of 1.03. The company has a current ratio of 1.10, a quick ratio of 0.64 and a debt-to-equity ratio of 0.93.
The firm also recently announced a dividend, which will be paid on Tuesday, February 27th. Stockholders of record on Tuesday, February 20th will be issued a dividend of $1.2625 per share. The ex-dividend date of this dividend is Friday, February 16th. This is a boost from Buckeye Partners’s previous dividend of $1.24. This represents a dividend yield of 0.0252752752752753%. Buckeye Partners’s dividend payout ratio (DPR) is currently 151.20%.
Large investors have recently made changes to their positions in the stock. Hudock Capital Group LLC increased its stake in Buckeye Partners by 1,564.7% in the third quarter. Hudock Capital Group LLC now owns 1,931 shares of the pipeline company’s stock valued at $110,000 after acquiring an additional 1,815 shares during the last quarter. Moisand Fitzgerald Tamayo LLC bought a new position in Buckeye Partners in the third quarter valued at approximately $114,000. BNP Paribas Arbitrage SA increased its stake in Buckeye Partners by 315.0% in the third quarter. BNP Paribas Arbitrage SA now owns 2,075 shares of the pipeline company’s stock valued at $118,000 after acquiring an additional 1,575 shares during the last quarter. IFG Advisory LLC bought a new position in Buckeye Partners in the fourth quarter valued at approximately $810,000. Finally, Advisory Services Network LLC increased its stake in Buckeye Partners by 7.4% in the second quarter. Advisory Services Network LLC now owns 2,900 shares of the pipeline company’s stock valued at $185,000 after acquiring an additional 200 shares during the last quarter. 70.24% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have weighed in on BPL shares. TheStreet cut shares of Buckeye Partners from a “b-” rating to a “c+” rating in a report on Wednesday, October 25th. Stifel Nicolaus reaffirmed a “buy” rating and set a $68.00 target price on shares of Buckeye Partners in a report on Sunday, October 29th. Mizuho reaffirmed a “hold” rating and set a $60.00 target price on shares of Buckeye Partners in a report on Sunday, November 5th. Royal Bank of Canada lowered their target price on shares of Buckeye Partners from $67.00 to $56.00 and set a “sector perform” rating on the stock in a report on Wednesday, November 8th. Finally, SunTrust Banks reaffirmed a “hold” rating and set a $72.00 target price on shares of Buckeye Partners in a report on Friday, November 3rd. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and an average target price of $64.27.
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About Buckeye Partners
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.
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