Argus reiterated their sell rating on shares of Buckeye Partners (NYSE:BPL) in a research note released on Monday, 24/7 WallStreet reports.

A number of other research analysts have also recently issued reports on BPL. Stifel Nicolaus cut shares of Buckeye Partners from a buy rating to a hold rating and lifted their price target for the company from $34.00 to $41.50 in a research report on Monday, May 13th. Zacks Investment Research raised shares of Buckeye Partners from a sell rating to a hold rating in a research report on Tuesday, May 14th. UBS Group cut shares of Buckeye Partners from a buy rating to a neutral rating and lifted their price target for the company from $36.00 to $41.50 in a research report on Wednesday, May 15th. Barclays cut shares of Buckeye Partners from an overweight rating to an equal weight rating in a research report on Monday, May 13th. Finally, ValuEngine cut shares of Buckeye Partners from a buy rating to a hold rating in a report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating and fourteen have given a hold rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $37.37.

NYSE BPL traded up $0.08 during trading hours on Monday, reaching $40.93. 33,447 shares of the company’s stock traded hands, compared to its average volume of 1,572,941. Buckeye Partners has a 52-week low of $25.71 and a 52-week high of $42.65. The company has a market cap of $6.30 billion, a price-to-earnings ratio of 22.85 and a beta of 0.69. The business’s 50-day simple moving average is $41.35. The company has a current ratio of 0.91, a quick ratio of 0.64 and a debt-to-equity ratio of 0.91.

Buckeye Partners (NYSE:BPL) last issued its quarterly earnings results on Thursday, August 1st. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.03. Buckeye Partners had a negative net margin of 2.43% and a positive return on equity of 9.82%. The company had revenue of $791.70 million during the quarter, compared to analysts’ expectations of $1.01 billion. As a group, research analysts expect that Buckeye Partners will post 2.43 earnings per share for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, August 19th. Stockholders of record on Monday, August 12th will be paid a $0.75 dividend. The ex-dividend date of this dividend is Friday, August 9th. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.33%. Buckeye Partners’s dividend payout ratio is presently 167.60%.

In related news, Director Joseph A. Lasala, Jr. sold 9,000 shares of the business’s stock in a transaction that occurred on Thursday, June 13th. The shares were sold at an average price of $40.77, for a total transaction of $366,930.00. Following the completion of the sale, the director now directly owns 14,000 shares in the company, valued at $570,780. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, SVP Todd J. Russo sold 8,740 shares of the business’s stock in a transaction that occurred on Monday, May 20th. The shares were sold at an average price of $40.96, for a total transaction of $357,990.40. Following the sale, the senior vice president now owns 5,092 shares of the company’s stock, valued at $208,568.32. The disclosure for this sale can be found here. Insiders own 0.54% of the company’s stock.

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Harvest Group Wealth Management LLC bought a new stake in Buckeye Partners during the first quarter valued at approximately $28,000. Steward Partners Investment Advisory LLC bought a new position in shares of Buckeye Partners in the second quarter worth approximately $36,000. Ellevest Inc. bought a new position in shares of Buckeye Partners in the first quarter worth approximately $31,000. FMR LLC boosted its position in shares of Buckeye Partners by 150,500.0% in the fourth quarter. FMR LLC now owns 1,506 shares of the pipeline company’s stock worth $43,000 after purchasing an additional 1,505 shares during the period. Finally, Cullen Frost Bankers Inc. bought a new position in shares of Buckeye Partners in the first quarter worth approximately $71,000. Institutional investors own 68.59% 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.

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Analyst Recommendations for Buckeye Partners (NYSE:BPL)

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