OppenheimerFunds Inc. Acquires 922,274 Shares of Buckeye Partners, L.P. (NYSE:BPL)

OppenheimerFunds Inc. grew its position in shares of Buckeye Partners, L.P. (NYSE:BPL) by 6.5% in the first quarter, according to its most recent filing with the SEC. The fund owned 15,054,028 shares of the pipeline company’s stock after acquiring an additional 922,274 shares during the quarter. OppenheimerFunds Inc. owned about 9.78% of Buckeye Partners worth $512,138,000 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. Harvest Group Wealth Management LLC acquired a new position in Buckeye Partners in the first quarter valued at approximately $28,000. Ellevest Inc. purchased a new stake in shares of Buckeye Partners in the first quarter valued at approximately $31,000. Legacy Advisors LLC purchased a new stake in shares of Buckeye Partners in the first quarter valued at approximately $34,000. Capital Investment Advisory Services LLC purchased a new stake in shares of Buckeye Partners in the fourth quarter valued at approximately $36,000. Finally, FMR LLC increased 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 valued at $43,000 after buying an additional 1,505 shares in the last quarter. Hedge funds and other institutional investors own 71.81% of the company’s stock.

Buckeye Partners stock traded up $0.13 during midday trading on Friday, hitting $41.05. The stock had a trading volume of 2,302,166 shares, compared to its average volume of 1,477,234. The company has a market capitalization of $6.30 billion, a PE ratio of 22.93 and a beta of 0.74. The business’s fifty day moving average is $40.97. Buckeye Partners, L.P. has a 12 month low of $25.71 and a 12 month high of $42.65. The company has a debt-to-equity ratio of 0.90, a quick ratio of 0.63 and a current ratio of 0.92.

Buckeye Partners (NYSE:BPL) last issued its quarterly earnings data on Friday, May 10th. The pipeline company reported $0.52 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.59 by ($0.07). The business had revenue of $1.03 billion during the quarter, compared to the consensus estimate of $1.13 billion. Buckeye Partners had a positive return on equity of 9.46% and a negative net margin of 2.29%. The business’s quarterly revenue was down 13.0% compared to the same quarter last year. During the same period last year, the company earned $0.74 earnings per share. As a group, equities research analysts forecast that Buckeye Partners, L.P. will post 2.43 EPS for the current fiscal year.

In other news, VP Gary L. Bohnsack sold 2,500 shares of the stock in a transaction on Tuesday, May 14th. The stock was sold at an average price of $41.73, for a total transaction of $104,325.00. Following the completion of the sale, the vice president now owns 422 shares in the company, valued at approximately $17,610.06. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Joseph A. Lasala, Jr. sold 9,000 shares of the stock in a transaction on Thursday, June 13th. The shares were sold at an average price of $40.77, for a total value of $366,930.00. Following the sale, the director now owns 14,000 shares of the company’s stock, valued at approximately $570,780. The disclosure for this sale can be found here. Insiders sold 20,240 shares of company stock valued at $829,245 over the last 90 days. 0.54% of the stock is currently owned by insiders.

A number of research firms have recently commented on BPL. Zacks Investment Research upgraded Buckeye Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, May 8th. ValuEngine raised Buckeye Partners from a “hold” rating to a “buy” rating in a report on Monday, May 13th. Mizuho set a $42.00 target price on Buckeye Partners and gave the company a “hold” rating in a report on Friday, May 10th. UBS Group cut Buckeye Partners from a “buy” rating to a “neutral” rating and lifted their target price for the company from $36.00 to $41.50 in a report on Wednesday, May 15th. Finally, Barclays cut Buckeye Partners from an “overweight” rating to an “equal weight” rating in a report on Monday, May 13th. Two investment analysts have rated the stock with a sell rating, thirteen have given a hold rating and one has issued a buy rating to the company. The company currently has a consensus rating of “Hold” and an average target price of $39.84.

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

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