Buckeye Partners L.P. (BPL) Declares Dividend Increase – $1.26 Per Share
Buckeye Partners L.P. (NYSE:BPL) announced a dividend on Friday, November 3rd, Fidelity reports. Stockholders of record on Monday, November 13th will be given a dividend of 1.2625 per share by the pipeline company on Monday, November 20th. The ex-dividend date is Friday, November 10th. This is a positive change from Buckeye Partners L.P.’s previous dividend of $1.24.
Buckeye Partners L.P. has raised its dividend payment by an average of 4.5% per year over the last three years and has increased its dividend every year for the last 14 years. Buckeye Partners L.P. has a dividend payout ratio of 146.0% meaning the company cannot currently cover its dividend with earnings alone and is relying on its balance sheet to cover its dividend payments. Equities analysts expect Buckeye Partners L.P. to earn $3.66 per share next year, which means the company may not be able to cover its $5.05 annual dividend with an expected future payout ratio of 138.0%.
Buckeye Partners L.P. (NYSE BPL) traded down $1.63 during trading on Friday, hitting $52.03. 1,156,273 shares of the stock traded hands, compared to its average volume of 633,677. The company has a debt-to-equity ratio of 0.98, a quick ratio of 0.54 and a current ratio of 1.07. The firm has a market capitalization of $7.44 billion, a PE ratio of 14.44 and a beta of 1.16.
Buckeye Partners L.P. (NYSE:BPL) last released its quarterly earnings data on Friday, November 3rd. The pipeline company reported $0.81 earnings per share for the quarter, missing the consensus estimate of $0.86 by ($0.05). The business had revenue of $922.60 million during the quarter, compared to analyst estimates of $795.12 million. Buckeye Partners L.P. had a net margin of 14.42% and a return on equity of 11.04%. The business’s quarterly revenue was up 20.3% compared to the same quarter last year. During the same period last year, the business earned $1.19 earnings per share. analysts anticipate that Buckeye Partners L.P. will post 3.46 earnings per share for the current year.
Several analysts recently weighed in on BPL shares. BidaskClub lowered Buckeye Partners L.P. from a “sell” rating to a “strong sell” rating in a research note on Monday, July 31st. Zacks Investment Research lowered Buckeye Partners L.P. from a “hold” rating to a “sell” rating in a research note on Tuesday, July 11th. Citigroup Inc cut their price target on Buckeye Partners L.P. from $77.00 to $72.00 and set a “buy” rating on the stock in a research note on Tuesday, October 10th. Barclays PLC cut their price target on Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating on the stock in a research note on Monday, August 7th. Finally, UBS Group AG (USA) cut their price target on Buckeye Partners L.P. from $76.00 to $64.00 and set a “buy” rating on the stock in a research note on Tuesday, October 17th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and three have given a buy rating to the company. Buckeye Partners L.P. presently has a consensus rating of “Hold” and a consensus target price of $69.42.
In related news, Director Barbara J. Duganier acquired 1,000 shares of the stock in a transaction dated Monday, August 14th. The stock was bought at an average cost of $58.19 per share, for a total transaction of $58,190.00. Following the completion of the transaction, the director now directly owns 9,000 shares of the company’s stock, valued at $523,710. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.42% of the stock is owned by company insiders.
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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