UPDATE: Citi Lowers Buckeye Partners' PT

According to a research report published this morning, Citi has lowered Buckeye Partners'

PT from $53 to $49. In the report, Citi said, "Operating results disappointed again as adj. EBITDA of $118.7 mil came in 12% below Consensus est. of $135.0 mil and 14% below our est. of $138.6 mil. The miss in earnings came from weaker performance in almost all segments. DCF for 1Q was $77.7 mil compared to our est. of $91.7 mil, providing distribution coverage of 0.81x. Mgmt maintained distrib. at $1.0375/unit ($4.15 annualized), up 3.8% YoY." Citi maintains its Sell rating on Buckeye Partners, which closed yesterday at $53.44.