Ellis Investment Partners LLC Decreases Stake in Buckeye Partners, L.P. (NYSE:BPL)

Ellis Investment Partners LLC lowered its position in Buckeye Partners, L.P. (NYSE:BPL) by 8.4% in the third quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 17,449 shares of the pipeline company’s stock after selling 1,608 shares during the quarter. Ellis Investment Partners LLC’s holdings in Buckeye Partners were worth $717,000 as of its most recent SEC filing.

A number of other institutional investors have also recently modified their holdings of the stock. Invesco Ltd. lifted its stake in Buckeye Partners by 94,399.3% in the second quarter. Invesco Ltd. now owns 14,415,873 shares of the pipeline company’s stock worth $591,772,000 after acquiring an additional 14,400,618 shares during the last quarter. UBS Group AG lifted its stake in Buckeye Partners by 44.5% in the second quarter. UBS Group AG now owns 7,126,305 shares of the pipeline company’s stock worth $292,535,000 after acquiring an additional 2,193,475 shares during the last quarter. Morgan Stanley lifted its stake in Buckeye Partners by 706.6% in the second quarter. Morgan Stanley now owns 5,839,590 shares of the pipeline company’s stock worth $239,716,000 after acquiring an additional 5,115,615 shares during the last quarter. JPMorgan Chase & Co. lifted its stake in Buckeye Partners by 6.9% in the second quarter. JPMorgan Chase & Co. now owns 4,215,262 shares of the pipeline company’s stock worth $172,488,000 after acquiring an additional 272,910 shares during the last quarter. Finally, Bank of America Corp DE lifted its stake in Buckeye Partners by 229.7% in the second quarter. Bank of America Corp DE now owns 4,191,687 shares of the pipeline company’s stock worth $172,068,000 after acquiring an additional 2,920,449 shares during the last quarter. Institutional investors own 79.97% of the company’s stock.

BPL has been the subject of a number of recent research reports. Argus reiterated a “sell” rating on shares of Buckeye Partners in a research note on Monday, August 12th. ValuEngine downgraded shares of Buckeye Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Three research analysts have rated the stock with a sell rating and twelve have given a hold rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $37.23.



Shares of NYSE:BPL traded up $0.02 during trading on Wednesday, hitting $41.40. 1,193,831 shares of the company were exchanged, compared to its average volume of 1,725,980. The stock has a market capitalization of $6.37 billion, a P/E ratio of 23.13 and a beta of 0.70. The company has a debt-to-equity ratio of 0.91, a current ratio of 0.91 and a quick ratio of 0.64. Buckeye Partners, L.P. has a 12-month low of $25.71 and a 12-month high of $42.65. The firm’s 50 day moving average price is $41.12 and its 200-day moving average price is $39.36.

Buckeye Partners (NYSE:BPL) last issued its quarterly earnings data on Thursday, August 1st. The pipeline company reported $0.58 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.03. The business had revenue of $791.70 million during the quarter, compared to the consensus estimate of $1.01 billion. Buckeye Partners had a negative net margin of 2.43% and a positive return on equity of 9.82%. As a group, equities research analysts anticipate that Buckeye Partners, L.P. will post 2.45 EPS for the current year.

In other news, Director Joseph A. Lasala, Jr. sold 4,000 shares of the business’s stock in a transaction that occurred on Monday, August 19th. The shares were sold at an average price of $41.00, for a total transaction of $164,000.00. Following the completion of the sale, the director now owns 10,000 shares in the company, valued at approximately $410,000. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. Also, SVP Todd J. Russo sold 2,000 shares of the business’s stock in a transaction that occurred on Friday, August 30th. The stock was sold at an average price of $41.12, for a total transaction of $82,240.00. Following the sale, the senior vice president now owns 3,092 shares of the company’s stock, valued at approximately $127,143.04. The disclosure for this sale can be found here. Insiders have sold a total of 11,000 shares of company stock valued at $452,090 in the last 90 days. Insiders own 0.54% of the company’s stock.

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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