Buckeye Partners, L.P. (BPL) Announces Dividend of $0.75

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.

Buckeye Partners (NYSE:BPL) last issued its quarterly earnings data on Friday, November 2nd. The pipeline company reported $0.57 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.68 by ($0.11). The business had revenue of $909.55 million for the quarter, compared to analyst estimates of $921.74 million. Buckeye Partners had a return on equity of 9.12% and a net margin of 11.19%. The firm’s revenue for the quarter was down 1.4% compared to the same quarter last year. During the same period in the previous year, the business posted $0.81 earnings per share. On average, sell-side analysts forecast that Buckeye Partners will post 2.83 EPS for the current year.

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.

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Dividend History for Buckeye Partners (NYSE:BPL)

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