Peapack Gladstone Financial Corp grew its holdings in Buckeye Partners (NYSE:BPL) by 7.4% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 37,545 shares of the pipeline company’s stock after purchasing an additional 2,600 shares during the period. Peapack Gladstone Financial Corp’s holdings in Buckeye Partners were worth $1,404,000 as of its most recent SEC filing.
Several other institutional investors and hedge funds have also modified their holdings of BPL. Aevitas Wealth Management Inc. acquired a new position in Buckeye Partners in the fourth quarter worth approximately $102,000. Quadrant Private Wealth Management LLC acquired a new position in Buckeye Partners in the fourth quarter worth approximately $1,423,000. Richard C. Young & CO. LTD. increased its holdings in Buckeye Partners by 10.1% in the fourth quarter. Richard C. Young & CO. LTD. now owns 46,107 shares of the pipeline company’s stock worth $2,285,000 after buying an additional 4,247 shares during the last quarter. Chemical Bank increased its holdings in Buckeye Partners by 100.3% in the fourth quarter. Chemical Bank now owns 23,265 shares of the pipeline company’s stock worth $1,153,000 after buying an additional 11,650 shares during the last quarter. Finally, Alps Advisors Inc. increased its holdings in Buckeye Partners by 6.3% in the fourth quarter. Alps Advisors Inc. now owns 12,185,717 shares of the pipeline company’s stock worth $603,802,000 after buying an additional 724,154 shares during the last quarter. Institutional investors own 74.01% of the company’s stock.
In other news, SVP Todd J. Russo sold 11,300 shares of the stock in a transaction that occurred on Tuesday, May 22nd. The stock was sold at an average price of $38.00, for a total value of $429,400.00. Following the completion of the sale, the senior vice president now directly owns 13,334 shares of the company’s stock, valued at $506,692. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, Director Mark C. Mckinley acquired 1,000 shares of Buckeye Partners stock in a transaction dated Friday, March 23rd. The stock was acquired at an average cost of $38.46 per share, with a total value of $38,460.00. Following the completion of the transaction, the director now directly owns 26,000 shares of the company’s stock, valued at approximately $999,960. The disclosure for this purchase can be found here. Insiders sold 24,313 shares of company stock valued at $1,005,191 over the last three months. 0.48% of the stock is owned by company insiders.
Shares of Buckeye Partners opened at $35.91 on Friday, MarketBeat Ratings reports. The company has a market cap of $5.29 billion, a price-to-earnings ratio of 10.82 and a beta of 1.18. The company has a debt-to-equity ratio of 0.90, a current ratio of 1.17 and a quick ratio of 0.81. Buckeye Partners has a 12-month low of $35.24 and a 12-month high of $66.11.
Buckeye Partners (NYSE:BPL) last posted its quarterly earnings data on Friday, May 4th. The pipeline company reported $0.74 earnings per share for the quarter, missing the consensus estimate of $0.77 by ($0.03). Buckeye Partners had a net margin of 12.11% and a return on equity of 9.58%. The business had revenue of $1.18 billion during the quarter, compared to the consensus estimate of $919.90 million. During the same period in the prior year, the company posted $0.88 earnings per share. The firm’s revenue was up 22.8% compared to the same quarter last year. equities analysts predict that Buckeye Partners will post 3.04 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Monday, May 21st. Stockholders of record on Monday, May 14th were given a $1.2625 dividend. This represents a $5.05 annualized dividend and a dividend yield of 14.06%. This is a boost from Buckeye Partners’s previous quarterly dividend of $1.24. The ex-dividend date was Friday, May 11th. Buckeye Partners’s dividend payout ratio is currently 152.11%.
A number of equities analysts recently commented on BPL shares. Morgan Stanley downgraded Buckeye Partners from an “overweight” rating to an “equal” rating and set a $44.00 price objective on the stock. in a report on Friday, March 23rd. Barclays dropped their price objective on Buckeye Partners from $55.00 to $43.00 and set an “equal weight” rating on the stock in a report on Thursday, April 5th. ValuEngine downgraded Buckeye Partners from a “hold” rating to a “sell” rating in a report on Monday, April 2nd. Stifel Nicolaus set a $45.00 target price on Buckeye Partners and gave the stock a “buy” rating in a research report on Monday, May 7th. Finally, Citigroup decreased their target price on Buckeye Partners from $60.00 to $55.00 and set a “buy” rating for the company in a research report on Tuesday, March 27th. Three investment analysts have rated the stock with a sell rating, eleven have given a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of “Hold” and a consensus price target of $51.38.
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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