Buckeye Partners (NYSE:BPL) – Investment analysts at SunTrust Banks lowered their Q2 2018 earnings per share (EPS) estimates for Buckeye Partners in a note issued to investors on Tuesday, May 15th. SunTrust Banks analyst T. Richardson now expects that the pipeline company will post earnings per share of $0.69 for the quarter, down from their prior estimate of $0.71. SunTrust Banks currently has a “Hold” rating and a $44.00 target price on the stock. SunTrust Banks also issued estimates for Buckeye Partners’ Q3 2018 earnings at $0.72 EPS, Q4 2018 earnings at $0.88 EPS, FY2018 earnings at $3.04 EPS and FY2019 earnings at $3.15 EPS.
Several other equities research analysts have also issued reports on BPL. Barclays boosted their price target on shares of Buckeye Partners from $56.00 to $58.00 and gave the company an “equal weight” rating in a report on Friday, January 26th. Zacks Investment Research raised shares of Buckeye Partners from a “strong sell” rating to a “hold” rating in a report on Monday, February 5th. Mizuho set a $55.00 price target on shares of Buckeye Partners and gave the company a “hold” rating in a report on Friday, February 9th. Stifel Nicolaus set a $56.00 price target on shares of Buckeye Partners and gave the company a “buy” rating in a report on Sunday, February 11th. Finally, UBS reissued a “buy” rating and issued a $55.00 price target (down previously from $64.00) on shares of Buckeye Partners in a report on Friday, March 2nd. Three equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and two have given a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $51.38.
Buckeye Partners (NYSE:BPL) last announced its quarterly earnings results on Friday, May 4th. The pipeline company reported $0.74 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.77 by ($0.03). The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $919.90 million. Buckeye Partners had a net margin of 12.11% and a return on equity of 9.58%. The company’s quarterly revenue was up 22.8% compared to the same quarter last year. During the same period last year, the firm earned $0.88 EPS.
The company also recently announced a quarterly dividend, which will be paid on Monday, May 21st. Stockholders of record on Monday, May 14th will be paid a $1.2625 dividend. This represents a $5.05 annualized dividend and a dividend yield of 13.00%. The ex-dividend date is Friday, May 11th. This is an increase from Buckeye Partners’s previous quarterly dividend of $1.24. Buckeye Partners’s payout ratio is currently 152.11%.
In other news, Director Pieter Bakker sold 2,000 shares of the business’s stock in a transaction on Tuesday, February 27th. The shares were sold at an average price of $46.05, for a total value of $92,100.00. Following the sale, the director now owns 19,552 shares in the company, valued at approximately $900,369.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, SVP Joseph Sauger sold 11,013 shares of the business’s stock in a transaction on Friday, March 9th. The shares were sold at an average price of $43.92, for a total transaction of $483,690.96. Following the completion of the sale, the senior vice president now owns 27,416 shares in the company, valued at approximately $1,204,110.72. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of BPL. Kayne Anderson Capital Advisors LP lifted its position in Buckeye Partners by 104.8% during the 1st quarter. Kayne Anderson Capital Advisors LP now owns 10,962,616 shares of the pipeline company’s stock worth $388,338,000 after buying an additional 5,608,858 shares in the last quarter. Brookfield Asset Management Inc. acquired a new position in Buckeye Partners during the 4th quarter worth about $142,994,000. OppenheimerFunds Inc. lifted its position in Buckeye Partners by 8.3% during the 4th quarter. OppenheimerFunds Inc. now owns 11,438,381 shares of the pipeline company’s stock worth $566,772,000 after buying an additional 877,671 shares in the last quarter. Alps Advisors Inc. lifted its position in Buckeye Partners by 6.3% during the 4th quarter. Alps Advisors Inc. now owns 12,185,717 shares of the pipeline company’s stock worth $603,802,000 after buying an additional 724,154 shares in the last quarter. Finally, Northwestern Mutual Investment Management Company LLC acquired a new position in Buckeye Partners during the 1st quarter worth about $16,749,000. Institutional investors and hedge funds own 73.29% of the company’s stock.
About Buckeye Partners
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.
Receive News & Ratings for Buckeye Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Buckeye Partners and related companies with MarketBeat.com's FREE daily email newsletter.