Buckeye Partners L.P. (NYSE:BPL) Increases Dividend to $1.26 Per Share

Buckeye Partners L.P. (NYSE:BPL) announced a quarterly dividend on Friday, November 3rd, Fidelity reports. Stockholders of record on Monday, November 13th will be paid a dividend of 1.2625 per share by the pipeline company on Monday, November 20th. This represents a $5.05 dividend on an annualized basis and a dividend yield of 10.00%. The ex-dividend date is Friday, November 10th. This is a boost from Buckeye Partners L.P.’s previous quarterly dividend of $1.24.

Buckeye Partners L.P. has raised its dividend payment by an average of 4.5% annually over the last three years and has raised its dividend annually for the last 14 consecutive years. Buckeye Partners L.P. has a dividend payout ratio of 146.8% 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 $3.58 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 141.1%.

Shares of Buckeye Partners L.P. (NYSE BPL) traded down $1.14 on Monday, hitting $50.51. The stock had a trading volume of 534,900 shares, compared to its average volume of 561,580. The company has a market cap of $7,406.99, a P/E ratio of 15.45 and a beta of 1.16. The company has a current ratio of 1.10, a quick ratio of 0.64 and a debt-to-equity ratio of 0.93. Buckeye Partners L.P. has a 12-month low of $50.10 and a 12-month high of $73.01.

Buckeye Partners L.P. (NYSE:BPL) last announced its quarterly earnings data on Friday, November 3rd. The pipeline company reported $0.81 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.86 by ($0.05). The firm had revenue of $922.60 million for the quarter, compared to analysts’ expectations of $795.12 million. Buckeye Partners L.P. had a net margin of 12.69% and a return on equity of 9.72%. The business’s quarterly revenue was up 20.3% on a year-over-year basis. During the same period in the prior year, the business posted $1.19 earnings per share. equities research analysts expect that Buckeye Partners L.P. will post 3.4 EPS for the current year.

BPL has been the topic of a number of analyst reports. TheStreet cut Buckeye Partners L.P. from a “b-” rating to a “c+” rating in a research note on Wednesday, October 25th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $68.00 price target on shares of Buckeye Partners L.P. in a research note on Sunday, October 29th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $67.00 price target on shares of Buckeye Partners L.P. in a research note on Wednesday, September 13th. Mizuho reiterated a “hold” rating and issued a $60.00 price objective on shares of Buckeye Partners L.P. in a research report on Sunday, November 5th. Finally, UBS AG cut their price objective on Buckeye Partners L.P. from $76.00 to $64.00 and set a “buy” rating on the stock in a research report on Tuesday, October 17th. One equities 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 stock. Buckeye Partners L.P. currently has a consensus rating of “Hold” and an average target price of $66.50.

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Buckeye Partners L.P. Company Profile

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.

Dividend History for Buckeye Partners L.P. (NYSE:BPL)

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