Buckeye Partners, L.P. (NYSE:BPL) announced a dividend on Friday, November 2nd, Fidelity reports. Investors of record on Tuesday, November 13th will be paid a dividend of 0.75 per share by the pipeline company on Tuesday, November 20th. The ex-dividend date is Friday, November 9th.
Buckeye Partners has raised its dividend by an average of 4.2% per year over the last three years and has raised its dividend annually for the last 15 consecutive years. Buckeye Partners has a dividend payout ratio of 105.3% 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 to earn $2.93 per share next year, which means the company may not be able to cover its $3.00 annual dividend with an expected future payout ratio of 102.4%.
Shares of NYSE:BPL opened at $33.74 on Friday. The company has a debt-to-equity ratio of 1.02, a current ratio of 1.01 and a quick ratio of 0.70. The stock has a market cap of $4.96 billion, a P/E ratio of 10.16 and a beta of 1.25. Buckeye Partners has a 12-month low of $31.41 and a 12-month high of $57.19.
A number of analysts recently issued reports on BPL shares. Bank of America cut their price objective on Buckeye Partners from $41.00 to $36.00 and set a “neutral” rating for the company in a research report on Tuesday, July 24th. Zacks Investment Research raised Buckeye Partners from a “sell” rating to a “hold” rating in a research report on Wednesday, July 18th. JPMorgan Chase & Co. cut their price objective on Buckeye Partners from $42.00 to $39.00 and set a “neutral” rating for the company in a research report on Friday, August 24th. SunTrust Banks downgraded Buckeye Partners from a “hold” rating to a “sell” rating and set a $72.00 price objective for the company. in a research report on Monday, July 23rd. Finally, Citigroup cut their price objective on Buckeye Partners from $39.00 to $34.00 and set a “neutral” rating for the company in a research report on Tuesday, July 31st. Two equities research analysts have rated the stock with a sell rating, eleven have issued a hold rating and one has given a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average price target of $44.58.
About Buckeye Partners
Buckeye Partners, L.P. owns and operates liquid petroleum products pipelines in the United States and internationally. The company operates through three segments: Domestic Pipelines & Terminals, Global Marine Terminals, and Merchant Services. The Domestic Pipelines & Terminals segment transports liquid petroleum products, including gasoline, jet fuel, and various distillates; refined petroleum products; and crude oil.
Recommended Story: Marijuana Stocks Future Looks Bright
Receive News & Ratings for Buckeye Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Buckeye Partners and related companies with MarketBeat.com's FREE daily email newsletter.