Stock Traders Buy High Volume of Call Options on Buckeye Partners (BPL)

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Buckeye Partners, L.P. (NYSE:BPL) saw unusually large options trading on Thursday. Stock traders acquired 152,849 call options on the company. This is an increase of 38,498% compared to the average daily volume of 396 call options.

In other news, VP Gary L. Bohnsack sold 2,500 shares of the business’s stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $41.73, for a total value of $104,325.00. Following the completion of the transaction, the vice president now directly owns 422 shares of the company’s stock, valued at $17,610.06. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.54% of the company’s stock.

Several large investors have recently made changes to their positions in the company. Jane Street Group LLC grew its position in shares of Buckeye Partners by 6.8% in the first quarter. Jane Street Group LLC now owns 45,499 shares of the pipeline company’s stock valued at $1,548,000 after purchasing an additional 2,916 shares during the period. HighTower Advisors LLC grew its position in shares of Buckeye Partners by 25.7% in the first quarter. HighTower Advisors LLC now owns 70,682 shares of the pipeline company’s stock valued at $2,404,000 after purchasing an additional 14,463 shares during the period. Schonfeld Strategic Advisors LLC purchased a new stake in shares of Buckeye Partners in the first quarter valued at $13,608,000. Coastal Investment Advisors Inc. purchased a new stake in shares of Buckeye Partners in the first quarter valued at $76,000. Finally, Advisors Asset Management Inc. grew its position in shares of Buckeye Partners by 126.8% in the first quarter. Advisors Asset Management Inc. now owns 28,449 shares of the pipeline company’s stock valued at $968,000 after purchasing an additional 15,904 shares during the period. 69.33% of the stock is owned by institutional investors and hedge funds.

Shares of NYSE:BPL traded down $0.80 during midday trading on Friday, reaching $40.96. The company’s stock had a trading volume of 78,176 shares, compared to its average volume of 2,504,040. The company has a market cap of $6.43 billion, a P/E ratio of 22.88 and a beta of 1.09. The company has a quick ratio of 0.28, a current ratio of 0.92 and a debt-to-equity ratio of 0.90. Buckeye Partners has a 1 year low of $25.71 and a 1 year high of $42.65.

Buckeye Partners (NYSE:BPL) last announced its quarterly earnings data on Friday, May 10th. The pipeline company reported $0.52 EPS for the quarter, missing the Zacks’ consensus estimate of $0.59 by ($0.07). The business had revenue of $1.03 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Buckeye Partners had a negative net margin of 2.29% and a positive return on equity of 9.46%. Buckeye Partners’s revenue for the quarter was down 13.0% on a year-over-year basis. During the same period in the prior year, the firm earned $0.74 EPS. Sell-side analysts expect that Buckeye Partners will post 2.43 earnings per share for the current fiscal year.

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, May 28th. Stockholders of record on Monday, May 20th will be given a $0.75 dividend. This represents a $3.00 dividend on an annualized basis and a dividend yield of 7.32%. The ex-dividend date is Friday, May 17th. Buckeye Partners’s dividend payout ratio is currently 167.60%.

A number of research firms have recently weighed in on BPL. UBS Group cut Buckeye Partners from a “buy” rating to a “neutral” rating and boosted their price target for the stock from $36.00 to $41.50 in a report on Wednesday. Argus cut Buckeye Partners from a “hold” rating to a “sell” rating and set a $41.80 price target for the company. in a report on Wednesday. Zacks Investment Research raised Buckeye Partners from a “sell” rating to a “hold” rating in a report on Tuesday. Mizuho set a $42.00 price target on Buckeye Partners and gave the stock a “hold” rating in a report on Friday, May 10th. Finally, Stifel Nicolaus cut Buckeye Partners from a “buy” rating to a “hold” rating and boosted their price target for the stock from $34.00 to $41.50 in a report on Monday. Two analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has given a buy rating to the company. Buckeye Partners has a consensus rating of “Hold” and an average target price of $39.79.

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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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