Trade Report: Today, Credit Suisse Group AG Begins Coverage on Buckeye Partners, L.P. (BPL)

Today, Credit Suisse Group AG Begins Coverage on Buckeye Partners, L.P. (BPL)

Credit Suisse Group AG initiated coverage on shares of Buckeye Partners, L.P. (NYSE:BPL) in a research note published on Wednesday morning. The firm issued a neutral rating and a $78.00 price objective on the stock.

BPL has been the topic of several other reports. Zacks Investment Research downgraded shares of Buckeye Partners, L.P. from a hold rating to a sell rating in a research note on Tuesday, July 12th. US Capital Advisors raised shares of Buckeye Partners, L.P. from a hold rating to a buy rating in a research note on Thursday, September 8th. Mizuho initiated coverage on shares of Buckeye Partners, L.P. in a research note on Thursday, September 29th. They set a neutral rating and a $76.00 target price on the stock. Finally, Goldman Sachs Group Inc. initiated coverage on shares of Buckeye Partners, L.P. in a research note on Thursday, August 25th. They set a neutral rating and a $78.00 target price on the stock. Four analysts have rated the stock with a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of Buy and an average price target of $73.90.

Shares of Buckeye Partners, L.P. (NYSE:BPL) opened at 68.94 on Wednesday. The stock’s 50 day moving average is $70.01 and its 200 day moving average is $70.50. The firm has a market capitalization of $9.03 billion, a P/E ratio of 17.72 and a beta of 0.95. Buckeye Partners, L.P. has a 1-year low of $47.07 and a 1-year high of $75.10.

Buckeye Partners, L.P. (NYSE:BPL) last issued its quarterly earnings data on Friday, August 5th. The company reported $1.07 EPS for the quarter, topping the consensus estimate of $0.96 by $0.11. The company earned $777.12 million during the quarter, compared to analyst estimates of $759.98 million. During the same quarter in the prior year, the company posted $0.71 earnings per share. The business’s revenue was down 2.5% compared to the same quarter last year. Equities analysts predict that Buckeye Partners, L.P. will post $0.01 earnings per share for the current year.

In related news, Director Pieter Bakker bought 3,500 shares of the company’s stock in a transaction that occurred on Tuesday, August 23rd. The shares were purchased at an average cost of $70.25 per share, with a total value of $245,875.00. Following the transaction, the director now directly owns 17,552 shares of the company’s stock, valued at approximately $1,233,028. The purchase was disclosed in a legal filing with the SEC, which is available at the SEC website.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. FineMark National Bank & Trust increased its position in Buckeye Partners, L.P. by 255.5% in the second quarter. FineMark National Bank & Trust now owns 1,422 shares of the company’s stock worth $100,000 after buying an additional 1,022 shares during the period. Oakworth Capital Inc. bought a new position in Buckeye Partners, L.P. during the second quarter worth approximately $116,000. Joel Isaacson & Co. LLC increased its position in Buckeye Partners, L.P. by 1,263.2% in the second quarter. Joel Isaacson & Co. LLC now owns 2,590 shares of the company’s stock worth $182,000 after buying an additional 2,400 shares during the period. Burke & Herbert Bank & Trust Co. bought a new position in Buckeye Partners, L.P. during the third quarter worth approximately $200,000. Finally, Telemus Capital LLC bought a new position in Buckeye Partners, L.P. during the second quarter worth approximately $201,000.

About Buckeye Partners, L.P.

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