Buckeye Partners, L.P. (BPL) Stake Increased by Westbourne Investment Advisors Inc.

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Westbourne Investment Advisors Inc. raised its position in shares of Buckeye Partners, L.P. (NYSE:BPL) by 28.0% in the 3rd quarter, HoldingsChannel reports. The institutional investor owned 10,947 shares of the pipeline company’s stock after acquiring an additional 2,397 shares during the period. Westbourne Investment Advisors Inc.’s holdings in Buckeye Partners were worth $391,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of the company. Huntington National Bank increased its holdings in shares of Buckeye Partners by 12.7% during the third quarter. Huntington National Bank now owns 38,288 shares of the pipeline company’s stock worth $1,367,000 after buying an additional 4,323 shares in the last quarter. Chickasaw Capital Management LLC increased its holdings in shares of Buckeye Partners by 35.5% during the third quarter. Chickasaw Capital Management LLC now owns 7,879,285 shares of the pipeline company’s stock worth $281,369,000 after buying an additional 2,065,317 shares in the last quarter. Ronna Sue Cohen increased its holdings in shares of Buckeye Partners by 13.9% during the third quarter. Ronna Sue Cohen now owns 33,865 shares of the pipeline company’s stock worth $1,209,000 after buying an additional 4,130 shares in the last quarter. First Hawaiian Bank acquired a new stake in shares of Buckeye Partners during the third quarter worth approximately $143,000. Finally, Northern Trust Corp increased its holdings in shares of Buckeye Partners by 18.9% during the second quarter. Northern Trust Corp now owns 142,214 shares of the pipeline company’s stock worth $4,999,000 after buying an additional 22,643 shares in the last quarter. 66.97% of the stock is owned by institutional investors.

Shares of Buckeye Partners stock traded down $0.58 during midday trading on Thursday, reaching $34.48. The company had a trading volume of 40,589 shares, compared to its average volume of 1,014,228. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.01 and a quick ratio of 0.70. The firm has a market cap of $5.25 billion, a P/E ratio of 10.56 and a beta of 1.27. Buckeye Partners, L.P. has a 1-year low of $32.03 and a 1-year high of $57.19.

Buckeye Partners (NYSE:BPL) last issued its quarterly earnings results on Friday, August 3rd. The pipeline company reported $0.59 earnings per share for the quarter, missing analysts’ consensus estimates of $0.69 by ($0.10). The company had revenue of $940.84 million during the quarter, compared to analyst estimates of $811.12 million. Buckeye Partners had a net margin of 11.19% and a return on equity of 9.12%. The business’s revenue for the quarter was up 16.1% on a year-over-year basis. During the same period in the prior year, the business earned $0.80 EPS. On average, sell-side analysts expect that Buckeye Partners, L.P. will post 2.85 EPS for the current year.

Several analysts have recently weighed in on BPL shares. Zacks Investment Research raised shares of Buckeye Partners from a “sell” rating to a “hold” rating in a report on Wednesday, July 18th. SunTrust Banks lowered shares of Buckeye Partners from a “hold” rating to a “sell” rating and set a $72.00 price objective for the company. in a report on Monday, July 23rd. JPMorgan Chase & Co. dropped their price objective on shares of Buckeye Partners from $42.00 to $39.00 and set a “neutral” rating for the company in a report on Friday, August 24th. Bank of America dropped their price objective on shares of Buckeye Partners from $41.00 to $36.00 and set a “neutral” rating for the company in a report on Tuesday, July 24th. Finally, Stifel Nicolaus dropped their price objective on shares of Buckeye Partners from $45.00 to $43.00 and set a “buy” rating for the company in a report on Monday, August 6th. Two research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has assigned a buy rating to the company. Buckeye Partners currently has a consensus rating of “Hold” and a consensus price target of $44.58.

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.

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Institutional Ownership by Quarter for Buckeye Partners (NYSE:BPL)

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