Buckeye Partners L.P. (NYSE:BPL) declared a dividend on Friday, August 4th, Fidelity reports. Investors of record on Monday, August 14th will be paid a dividend of 1.2625 per share by the pipeline company on Monday, August 21st. The ex-dividend date is Thursday, August 10th. This is a positive change from Buckeye Partners L.P.’s previous dividend of $1.24.
Buckeye Partners L.P. has increased its dividend payment by an average of 4.5% per year over the last three years and has increased its dividend annually for the last 14 consecutive years. Buckeye Partners L.P. has a payout ratio of 127.6% indicating that the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities research analysts expect Buckeye Partners L.P. to earn $4.22 per share next year, which means the company may not be able to cover its $5.00 annual dividend with an expected future payout ratio of 118.5%.
Buckeye Partners L.P. (BPL) opened at 61.39 on Friday. Buckeye Partners L.P. has a 12 month low of $59.73 and a 12 month high of $73.98. The company has a 50-day moving average price of $63.24 and a 200 day moving average price of $66.53. The company has a market capitalization of $8.63 billion, a PE ratio of 15.76 and a beta of 1.11.
Buckeye Partners L.P. (NYSE:BPL) last issued its quarterly earnings data on Friday, August 4th. The pipeline company reported $0.80 EPS for the quarter, missing analysts’ consensus estimates of $1.00 by $0.20. Buckeye Partners L.P. had a net margin of 15.36% and a return on equity of 12.03%. The firm had revenue of $810.20 million during the quarter, compared to analyst estimates of $797.47 million. During the same period in the prior year, the company earned $1.07 earnings per share. The business’s quarterly revenue was up 4.3% compared to the same quarter last year. On average, equities research analysts forecast that Buckeye Partners L.P. will post $3.93 EPS for the current fiscal year.
In other news, SVP Todd J. Russo sold 3,280 shares of the company’s stock in a transaction on Wednesday, May 24th. The stock was sold at an average price of $67.00, for a total transaction of $219,760.00. Following the completion of the sale, the senior vice president now directly owns 14,106 shares in the company, valued at approximately $945,102. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.42% of the company’s stock.
BPL has been the topic of a number of research reports. BidaskClub lowered Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a report on Monday, July 31st. Zacks Investment Research lowered Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a report on Tuesday, July 11th. Royal Bank Of Canada reiterated a “hold” rating and set a $73.00 target price on shares of Buckeye Partners L.P. in a research report on Wednesday, April 19th. Stifel Nicolaus upgraded Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 target price for the company in a research report on Monday, May 8th. They noted that the move was a valuation call. Finally, Guggenheim initiated coverage on Buckeye Partners L.P. in a research report on Monday, April 17th. They set a “neutral” rating and a $72.00 target price for the company. Two analysts have rated the stock with a sell rating, eight have issued a hold rating and three have issued a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average price target of $74.36.
About Buckeye Partners L.P.
Buckeye Partners, L.P. (Buckeye) owns and operates a network of integrated assets providing midstream logistic solutions, primarily consisting of the transportation, storage, processing and marketing of liquid petroleum products. Its segments include Domestic Pipelines & Terminals, Global Marine Terminals and Merchant Services.
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