Today, Mizuho Cuts Buckeye Partners, L.P. (BPL) Price Target to $70.00

Today, Mizuho Cuts Buckeye Partners, L.P. (BPL) Price Target to $70.00

Buckeye Partners, L.P. (NYSE:BPL) had its price objective lowered by stock analysts at Mizuho from $76.00 to $70.00 in a research report issued on Monday. The firm presently has a “neutral” rating on the stock. Mizuho’s target price suggests a potential upside of 7.59% from the stock’s previous close.

A number of other brokerages have also issued reports on BPL. Zacks Investment Research raised Buckeye Partners, L.P. from a “sell” rating to a “hold” rating in a research report on Tuesday, July 19th. Stifel Nicolaus dropped their target price on Buckeye Partners, L.P. from $78.00 to $73.00 and set a “buy” rating on the stock in a research report on Wednesday, October 26th. Goldman Sachs Group Inc. initiated coverage on Buckeye Partners, L.P. in a research report on Thursday, August 25th. They issued a “neutral” rating and a $78.00 target price on the stock. US Capital Advisors raised Buckeye Partners, L.P. from a “hold” rating to a “buy” rating in a research report on Thursday, September 8th. Finally, Credit Suisse Group AG initiated coverage on Buckeye Partners, L.P. in a research report on Wednesday, October 12th. They issued 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 assigned a buy rating to the stock. Buckeye Partners, L.P. presently has a consensus rating of “Buy” and a consensus target price of $73.10.

Shares of Buckeye Partners, L.P. (NYSE:BPL) opened at 65.06 on Monday. The firm’s 50-day moving average price is $66.58 and its 200-day moving average price is $69.92. Buckeye Partners, L.P. has a 12 month low of $47.07 and a 12 month high of $75.10. The company has a market cap of $9.12 billion, a PE ratio of 15.14 and a beta of 0.95.

The firm also recently announced a quarterly dividend, which was paid on Tuesday, November 22nd. Stockholders of record on Tuesday, November 15th were paid a dividend of $1.225 per share. This is an increase from Buckeye Partners, L.P.’s previous quarterly dividend of $1.21. This represents a $4.90 annualized dividend and a dividend yield of 7.53%. The ex-dividend date of this dividend was Thursday, November 10th.

Several hedge funds and other institutional investors have recently modified their holdings of BPL. FineMark National Bank & Trust increased its position in shares of 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 valued at $100,000 after buying an additional 1,022 shares in the last quarter. Cypress Capital Management LLC WY increased its position in shares of Buckeye Partners, L.P. by 25.0% in the third quarter. Cypress Capital Management LLC WY now owns 1,500 shares of the company’s stock valued at $107,000 after buying an additional 300 shares in the last quarter. Penserra Capital Management LLC increased its position in shares of Buckeye Partners, L.P. by 149.4% in the third quarter. Penserra Capital Management LLC now owns 1,544 shares of the company’s stock valued at $110,000 after buying an additional 925 shares in the last quarter. Oakworth Capital Inc. acquired a new position in shares of Buckeye Partners, L.P. during the second quarter valued at approximately $116,000. Finally, Kings Point Capital Management increased its position in shares of Buckeye Partners, L.P. by 205.6% in the third quarter. Kings Point Capital Management now owns 2,081 shares of the company’s stock valued at $149,000 after buying an additional 1,400 shares in the last quarter.

About Buckeye Partners, L.P.

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