Buckeye Partners (NYSE:BPL) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The brokerage presently has a $33.00 price objective on the pipeline company’s stock. Zacks Investment Research‘s target price points to a potential upside of 6.62% from the company’s previous close.
According to Zacks, “Buckeye Partners’ earnings per unit and revenues in the fourth quarter surpassed the respective Zacks Consensus Estimate. Buckeye Partners has an attractive portfolio of refined petroleum-product transportation and storage assets in the key geographical markets. Its organic capital growth projects will drive the performance in the domestic as well as in the international arenas. The decision to sell non-core assets and focus on high-return domestic assets will boost the performance of the partnership. In the past six months, units of Buckeye Partners have outperformed its industry. However, Buckeye Partners’ dependence on limited group of customers for bulk of its storage revenues could adversely impact the partnership’s performance. Increasing competition, stringent regulations and rising challenges for segregated storage may largely impact its cash flows and financial position.”
Other research analysts also recently issued reports about the company. SunTrust Banks raised Buckeye Partners from a “sell” rating to a “hold” rating in a report on Friday, November 2nd. Guggenheim reaffirmed a “hold” rating and set a $38.00 target price on shares of Buckeye Partners in a research note on Monday, November 5th. Stifel Nicolaus reaffirmed a “buy” rating and set a $37.00 target price on shares of Buckeye Partners in a research note on Sunday, November 4th. Bank of America upped their target price on Buckeye Partners from $37.00 to $38.00 and gave the stock a “neutral” rating in a research note on Monday, November 5th. Finally, Royal Bank of Canada reissued a “hold” rating and issued a $38.00 price objective on shares of Buckeye Partners in a research note on Tuesday, November 6th. Two investment analysts have rated the stock with a sell rating, eleven have issued a hold rating and three have given a buy rating to the company. Buckeye Partners currently has a consensus rating of “Hold” and a consensus price target of $40.53.
Shares of NYSE BPL opened at $30.95 on Monday. The company has a market capitalization of $4.55 billion, a P/E ratio of 17.29 and a beta of 1.08. Buckeye Partners has a 52 week low of $25.71 and a 52 week high of $51.95. The company has a debt-to-equity ratio of 1.29, a quick ratio of 0.63 and a current ratio of 0.96.
Buckeye Partners (NYSE:BPL) last issued its earnings results on Friday, February 8th. The pipeline company reported $0.90 EPS for the quarter, beating the Zacks’ consensus estimate of $0.69 by $0.21. The firm had revenue of $1.07 billion for the quarter, compared to analyst estimates of $958.86 million. Buckeye Partners had a positive return on equity of 9.41% and a negative net margin of 1.44%. Buckeye Partners’s revenue for the quarter was up 13.6% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.85 earnings per share. Sell-side analysts predict that Buckeye Partners will post 2.61 earnings per share for the current fiscal year.
Several hedge funds and other institutional investors have recently added to or reduced their stakes in BPL. Capital Investment Advisory Services LLC purchased a new position in shares of Buckeye Partners during the 4th quarter worth $36,000. Ipswich Investment Management Co. Inc. purchased a new position in shares of Buckeye Partners during the 4th quarter worth $122,000. Advisors Asset Management Inc. grew its holdings in shares of Buckeye Partners by 3,747.9% during the 2nd quarter. Advisors Asset Management Inc. now owns 167,229 shares of the pipeline company’s stock worth $142,000 after purchasing an additional 162,883 shares during the period. First Hawaiian Bank purchased a new position in shares of Buckeye Partners during the 3rd quarter worth $143,000. Finally, Girard Partners LTD. purchased a new position in shares of Buckeye Partners during the 3rd quarter worth $163,000. Institutional investors and hedge funds own 68.89% of the company’s stock.
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; refined petroleum products; and crude oil.
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