Buckeye Partners L.P. (NYSE:BPL) declared a quarterly dividend on Friday, August 4th, Fidelity reports. Stockholders of record on Monday, August 14th will be given a dividend of 1.2625 per share by the pipeline company on Monday, August 21st. This represents a $5.05 annualized dividend and a dividend yield of 8.41%. The ex-dividend date is Thursday, August 10th. This is a boost from Buckeye Partners L.P.’s previous quarterly dividend of $1.24.

Buckeye Partners L.P. has increased its dividend by an average of 4.5% annually 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. Analysts expect Buckeye Partners L.P. to earn $3.94 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 126.9%.

Buckeye Partners L.P. (NYSE BPL) opened at 60.08 on Wednesday. The stock has a market capitalization of $8.44 billion, a PE ratio of 15.42 and a beta of 1.11. The stock’s 50 day moving average price is $63.27 and its 200 day moving average price is $66.44. Buckeye Partners L.P. has a 1-year low of $59.73 and a 1-year high of $73.98.

Buckeye Partners L.P. (NYSE:BPL) last released its earnings results on Friday, August 4th. The pipeline company reported $0.80 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.00 by $0.20. The business had revenue of $810.20 million during the quarter, compared to analyst estimates of $797.47 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 4.3% compared to the same quarter last year. During the same period last year, the business earned $1.07 EPS. Equities research analysts forecast that Buckeye Partners L.P. will post $3.78 earnings per share for the current year.

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In other news, SVP Todd J. Russo sold 3,280 shares of Buckeye Partners L.P. stock in a transaction that occurred 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 sale, the senior vice president now owns 14,106 shares of the company’s stock, valued at approximately $945,102. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.42% of the stock is currently owned by company insiders.

A number of research firms have issued reports on BPL. Guggenheim began coverage on Buckeye Partners L.P. in a report on Monday, April 17th. They issued a “neutral” rating and a $72.00 target price on the stock. Stifel Nicolaus raised Buckeye Partners L.P. from a “hold” rating to a “buy” rating and set a $74.00 target price on the stock in a report on Monday, May 15th. Royal Bank Of Canada reaffirmed a “hold” rating and issued a $73.00 target price on shares of Buckeye Partners L.P. in a report on Wednesday, April 19th. Credit Suisse Group set a $74.00 target price on Buckeye Partners L.P. and gave the company a “hold” rating in a report on Monday. Finally, Barclays PLC lowered their target price on Buckeye Partners L.P. from $68.00 to $66.00 and set an “equal weight” rating on the stock in a report on Monday. Two investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and three have given a buy rating to the company’s stock. The company has an average rating of “Hold” and an average target price of $73.36.

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.

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

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