NEW YORK (TheStreet) -- Shares of Buckeye Partners (BPL) - Get Report are spiking by 9.33% to $55.30 on heavy volume in afternoon trading on Friday, after the company reported its 2015 fourth quarter results.
Before today's market open, the Houston-based petroleum distributor reported earnings of $1.03 per diluted share, topping analysts' estimates for earnings of 99 cents per share.
Revenue for the period was $840.17 million, surpassing analysts' expectations of $825.99 million.
"Buckeye's outstanding fourth quarter and full year financial results further demonstrate the benefits of our diversification strategy and the strength of our position in the market," CEO Clark C. Smith said in a statement this morning.
Buckeye Partners owns and operates a diversified network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation storage and marketing of liquid petroleum products.
About 1.07 million of the company's shares were traded by this afternoon compared to its average volume of 942,812 shares per day.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
The company's strengths can be seen in multiple areas, such as its good cash flow from operations, notable return on equity and expanding profit margins. The team believes its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: BPL