SG Americas Securities LLC trimmed its position in Buckeye Partners, L.P. (NYSE:BPL) by 19.6% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 211,158 shares of the pipeline company’s stock after selling 51,404 shares during the quarter. SG Americas Securities LLC’s holdings in Buckeye Partners were worth $8,676,000 at the end of the most recent reporting period.
Several other hedge funds have also recently modified their holdings of BPL. Quest Capital Management Inc. ADV bought a new stake in Buckeye Partners during the third quarter worth approximately $31,000. Steward Partners Investment Advisory LLC bought a new stake in Buckeye Partners during the second quarter worth approximately $36,000. North Star Investment Management Corp. bought a new stake in Buckeye Partners during the third quarter worth approximately $63,000. HM Payson & Co. bought a new stake in Buckeye Partners during the second quarter worth approximately $90,000. Finally, Coastal Investment Advisors Inc. increased its stake in Buckeye Partners by 74.8% during the second quarter. Coastal Investment Advisors Inc. now owns 3,919 shares of the pipeline company’s stock worth $160,000 after acquiring an additional 1,677 shares during the last quarter. 77.51% of the stock is currently owned by hedge funds and other institutional investors.
Several brokerages have weighed in on BPL. ValuEngine cut Buckeye Partners from a “hold” rating to a “sell” rating in a research note on Wednesday, October 2nd. Argus reissued a “sell” rating on shares of Buckeye Partners in a research note on Monday, August 12th. Three research analysts have rated the stock with a sell rating and seven have issued a hold rating to the stock. The company has an average rating of “Hold” and an average target price of $37.23.
In other news, SVP Todd J. Russo sold 2,000 shares of the company’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 transaction, the senior vice president now owns 3,092 shares of the company’s stock, valued at $127,143.04. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, CFO Clair Keith St sold 5,000 shares of the company’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 value of $205,850.00. Following the transaction, the chief financial officer now directly owns 134,715 shares in the company, valued at approximately $5,546,216.55. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 11,000 shares of company stock worth $452,090. Insiders own 0.54% of the company’s stock.
Shares of BPL remained flat at $$41.46 during mid-day trading on Friday. The firm has a market cap of $6.38 billion, a P/E ratio of 23.16 and a beta of 0.70. The firm has a 50-day moving average of $41.33 and a two-hundred day moving average of $40.50. Buckeye Partners, L.P. has a 52 week low of $25.71 and a 52 week high of $42.65. The company has a current ratio of 0.91, a quick ratio of 0.64 and a debt-to-equity ratio of 0.91.
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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