Ladenburg Thalmann Financial Services Inc. Trims Stock Holdings in Buckeye Partners, L.P. (NYSE:BPL)

Ladenburg Thalmann Financial Services Inc. decreased its position in Buckeye Partners, L.P. (NYSE:BPL) by 5.5% in the second quarter, HoldingsChannel.com reports. The fund owned 10,868 shares of the pipeline company’s stock after selling 636 shares during the period. Ladenburg Thalmann Financial Services Inc.’s holdings in Buckeye Partners were worth $446,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Invesco Ltd. increased its position in shares of Buckeye Partners by 94,399.3% during 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 period. Morgan Stanley grew its position in shares of Buckeye Partners by 706.6% in the second quarter. Morgan Stanley now owns 5,839,590 shares of the pipeline company’s stock valued at $239,716,000 after purchasing an additional 5,115,615 shares during the last quarter. Bank of America Corp DE grew its position in shares of 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 valued at $172,068,000 after purchasing an additional 2,920,449 shares during the last quarter. BlackRock Inc. grew its position in shares of Buckeye Partners by 268.2% in the second quarter. BlackRock Inc. now owns 1,886,735 shares of the pipeline company’s stock valued at $77,451,000 after purchasing an additional 1,374,287 shares during the last quarter. Finally, Water Island Capital LLC acquired a new stake in shares of Buckeye Partners in the second quarter valued at approximately $30,356,000. Institutional investors own 77.40% of the company’s stock.

In related news, CFO Clair Keith St sold 5,000 shares of the firm’s stock in a transaction that occurred on Friday, September 13th. The shares were sold at an average price of $41.17, for a total transaction of $205,850.00. Following the sale, the chief financial officer now owns 134,715 shares in the company, valued at $5,546,216.55. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, Director Joseph A. Lasala, Jr. sold 4,000 shares of the firm’s stock in a transaction that occurred on Monday, August 19th. The stock was sold at an average price of $41.00, for a total transaction of $164,000.00. Following the sale, the director now owns 10,000 shares in the company, valued at approximately $410,000. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 11,000 shares of company stock worth $452,090. 0.54% of the stock is owned by company insiders.

Several analysts have recently commented on the stock. ValuEngine lowered shares of Buckeye Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, October 2nd. Argus reiterated a “sell” rating on shares of Buckeye Partners in a research report on Monday, August 12th. Three research analysts have rated the stock with a sell rating and eleven have given a hold rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $37.44.

BPL stock opened at $41.41 on Wednesday. Buckeye Partners, L.P. has a 12 month low of $25.71 and a 12 month high of $42.65. The company’s 50 day simple moving average is $41.17 and its 200-day simple moving average is $39.60. The firm has a market capitalization of $6.37 billion, a PE ratio of 16.10 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 (NYSE:BPL) last announced its earnings results on Thursday, August 1st. The pipeline company reported $0.58 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.55 by $0.03. Buckeye Partners had a negative net margin of 2.43% and a positive return on equity of 9.82%. The firm had revenue of $791.70 million for the quarter, compared to analyst estimates of $1.01 billion. As a group, sell-side analysts anticipate that Buckeye Partners, L.P. will post 2.45 earnings per share for the current year.

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

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