Resources Management Corp CT ADV acquired a new stake in shares of Buckeye Partners, L.P. (NYSE:BPL) in the third quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm acquired 42,797 shares of the pipeline company’s stock, valued at approximately $1,759,000.
Other hedge funds and other institutional investors have also modified their holdings of the company. Quest Capital Management Inc. ADV acquired a new position in shares of Buckeye Partners in the 3rd quarter valued at approximately $31,000. Steward Partners Investment Advisory LLC bought a new stake in shares of Buckeye Partners in the second quarter worth $36,000. North Star Investment Management Corp. bought a new stake in shares of Buckeye Partners in the third quarter worth $63,000. HM Payson & Co. bought a new stake in shares of Buckeye Partners in the second quarter worth $90,000. Finally, Coastal Investment Advisors Inc. raised its holdings in Buckeye Partners by 74.8% in the second quarter. Coastal Investment Advisors Inc. now owns 3,919 shares of the pipeline company’s stock valued at $160,000 after acquiring an additional 1,677 shares in the last quarter. Hedge funds and other institutional investors own 77.51% of the company’s stock.
NYSE BPL remained flat at $$41.46 on Wednesday. The company’s fifty day simple moving average is $41.45 and its 200-day simple moving average is $41.21. Buckeye Partners, L.P. has a 12 month low of $25.71 and a 12 month high of $42.65. The company has a market capitalization of $6.38 billion, a PE ratio of 23.16 and a beta of 0.70. The company has a current ratio of 0.91, a quick ratio of 0.64 and a debt-to-equity ratio of 0.91.
In other news, CFO Clair Keith St sold 5,000 shares of Buckeye Partners stock in a transaction that occurred on Friday, September 13th. The stock was sold at an average price of $41.17, for a total value of $205,850.00. Following the completion of the transaction, the chief financial officer now owns 134,715 shares in the company, valued at approximately $5,546,216.55. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Company insiders own 0.54% of the company’s stock.
BPL has been the topic of a number of research analyst reports. Argus reiterated a “sell” rating on shares of Buckeye Partners in a research note on Monday, August 12th. ValuEngine lowered shares of Buckeye Partners from a “hold” rating to a “sell” rating in a report on Wednesday, October 2nd. Three equities research analysts have rated the stock with a sell rating and six have assigned a hold rating to the stock. The stock currently has an average rating of “Hold” and a consensus price target of $38.26.
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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