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Institutional Activity in Major MLPs in 2Q17

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Part 10
Institutional Activity in Major MLPs in 2Q17 PART 10 OF 10

How Institutional Investors Feel about Buckeye Partners

Recent institutional activity in BPL

Buckeye Partners (BPL) saw total buying of 2.4 million shares during the recent quarter. At the same time, 2.6 million positions were sold. Among the top institutional holders in BPL, 1.3 million positions were sold. Nordea Funds and Tortoise Capital Advisors were the biggest buyers of BPL with 0.85 million and 0.48 million shares bought, respectively. Center Coast Capital Advisors and Harvest Fund Advisors were the biggest sellers with 0.88 million and 0.45 million shares sold, respectively.

How Institutional Investors Feel about Buckeye Partners

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Why are institutional investors bearish on BPL?

Institutional investors’ bearishness toward BPL could be attributed to the following factors:

  • fall in Eagle Ford throughput volumes due to lower production in the region despite recovery in drilling activity
  • decline in distribution coverage
  • insufficient expansion opportunities

Top five holders

Alps Advisors, Harvest Fund Advisors, OFI SteelPath, ClearBridge Investments, and Kayne Anderson Capital Advisors are the top five institutional holders in BPL. Alps Advisors continues to be the top institutional holder in the partnership. It currently holds 7.3% in BPL.

Analyst recommendations

About 56.3% of analysts rate BPL a “buy,” and the remaining 43.8% rate it a “hold” as of August 28, 2017. BPL was last upgraded by Stifel Nicolaus to a “buy.” Overall, the partnership has seen four rating updates in 2017, including two new coverages, one upgrade, and one downgrade. BPL is currently trading below the low range ($66) of analysts’ target price. Its average target price of $71.40 implies a ~28.0% return from its current price levels.

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