Buckeye Partners L.P.NYSE
Buckeye Partners: Secure Income That Is 4x The 10-Year T-Bill
Michael Fitzsimmons • 15 Comments
Michael Fitzsimmons • 15 Comments
Thu, Nov. 10, 9:39 AM
Mon, Oct. 24, 4:49 PM
- Buckeye Partners (NYSE:BPL) -3.7% AH after agreeing to acquire a 50% equity interest in VTTI’s global marine terminal business for $1.15B; the assets will be owned 50/50 with Vitol.
- VTTI is one of the largest independent global marine terminal businesses, owning and operating ~54M barrels of petroleum products storage across 13 terminals, located in mostly northwest Europe, the UAE and Singapore.
- To help fund the deal, BPL launches a 7.5M-unit public offering, with an underwriters option to purchase up to an additional 1.125M units.
- BPL also reports better than expected Q3 earnings on a 5% Y/Y revenue gain to $766M.
Mon, Oct. 24, 4:17 PM
Tue, Oct. 4, 9:56 AM
- Hurricane Matthew threatens to shut in ~33M barrels of oil storage in the Bahamas and disrupt shipping in the Caribbean Sea this week, as the Category 4 storm passes over Haiti today on its way to eastern Cuba and the U.S. Atlantic coast.
- Statoil (STO +0.8%) operates the 6.7M-barrel South Riding Point terminal in Freeport on Grand Bahama Island, and Buckeye Partners (BPL +0.3%) operates a 26.2M-barrel terminal on the island, two terminals that are significant for storage and used for blending and transshipment of crude and petroleum products.
- Jamaica hosts two petroleum terminals, one operated by Aegean Marine Petroleum (ANW +0.6%) and Petroleum Corp. of Jamaica.
Mon, Sep. 19, 3:28 PM
- Goldman Sachs upgrades its coverage on energy midstream partnerships to Attractive from Neutral, expecting a return of volume growth in 2017 and further growth in natural gas liquids, oil and natural gas helping to generate better margins.
- The firm foresees few risks of any additional dividend cuts, as leverage and coverage should show improvements in 2017 and 2018, and believes financial risks from capital markets have begun to recede.
- Goldman upgrades two names - Targa Resources (TRGP +3%) and Buckeye Partners (BPL +1.8%) - to Buy from Neutral, and lifts two more - Enable Midstream Partners (ENBL +3%) and Enbridge Energy Partners (EEP +0.9%) - to Neutral from Sell; however, EnLink Midstream (ENLC -0.5%) is downgraded to Sell.
Thu, Aug. 25, 2:58 PM
- Phillips 66 Partners (PSXP +1.1%) and Buckeye Partners (BPL -0.5%) are both initiated with Neutral ratings at Goldman Sachs (I, II), with respective stock price targets of $54 and $78.
- The firm likes PSXP's "premiere portfolio of diversified energy assets" across both midstream and downstream functions, but potential risks include project delays, divestures by concentrated shareholders, commodity prices and capital markets.
- BPL can continue to expand its pipeline, storage and terminalling capacity at favorable returns given attractive organic growth opportunities, Goldman says, but current valuation largely reflects its average distribution growth outlook.
Fri, Aug. 5, 6:32 AM
Thu, Aug. 4, 5:30 PM
Fri, May 6, 6:48 AM
- Buckeye Partners (NYSE:BPL) declares $1.20/share quarterly dividend, 1.1% increase from prior dividend of $1.1875.
- Forward yield 6.88%
- Payable May 23; for shareholders of record May 16; ex-div May 12.
Fri, May 6, 6:31 AM
- Buckeye Partners (NYSE:BPL): Q1 EPS of $1.01 misses by $0.03.
- Revenue of $780.59M (-28.4% Y/Y) misses by $219.41M.
Thu, May 5, 5:30 PM
Wed, Mar. 30, 7:09 AM
- February monthly performance was: +1%
- 52-week performance vs. the S&P 500 is: -38%
- No dividends were paid in February
- Top 10 Holdings as of 12/31/2015: Enterprise Products Partners LP (EPD): 18.36%, Energy Transfer Partners LP (ETP): 10.13%, Magellan Midstream Partners LP (MMP): 8.69%, MPLX LP (MPLX): 5.14%, Buckeye Partners LP (BPL): 4.11%, Plains All American Pipeline LP (PAA): 3.95%, Sunoco Logistics Partners LP (SXL): 3.86%, EQT Midstream Partners LP (EQM): 3.84%, Enbridge Energy Partners LP (EEP): 3.57%, Williams Partners LP (WPZ): 3.49%
Tue, Mar. 8, 5:17 PM
- A U.S. bankruptcy judge says Sabine Oil & Gas (OTCPK:SOGCQ) can reject contracts with midstream companies it made before oil and gas prices plunged.
- But the judge says her ruling is not binding, potentially setting the stage for another legal battle over the pipeline operators' argument that the agreements cannot be broken because they are inextricably tied to the land on which Sabine operates.
- The ruling covers agreements with two companies, including an affiliate of Cheniere Energy (NYSEMKT:LNG), that gather natural gas for Sabine in specific geographic locations; Sabine has said that rejecting the contracts could save as much as $115M for the bankruptcy estate.
- Restructuring and energy experts have warned that a loss for Sabine's pipeline operators could inspire other bankrupt oil and gas producers to seek similar relief, spreading the distress that has plagued them to the midstream companies that process and transport oil and natural gas.
- Similar requests are pending in the chapter 11 cases of companies including Quicksilver Resources (OTCPK:KWKAQ) and Magnum Hunter Resources (OTCPK:MHRCQ); a Delaware judge is expected to rule on KWK's request by the end of the month.
- Pipeline stocks include: KMI, ENB, EEP, SE, SEP, WMB, ETE, ETP, OKS, PAA, PBA, MMP, CQP, BWP, BPL, WES, SXL, NS, NSH, TCP, NGL, DPM, GEL, HEP, APL, SEMG, TLLP, MMLP, TLP, SGU, BKEP
Thu, Feb. 25, 7:25 PM
- Morgan Stanley analyst Tom Abrams sees improvement in the MLP multiple compression that has weighed on the group throughout the oil downturn, and the firm expands its MLP coverage by initiating ratings on several midstream names.
- While MLP prices could yet fall to new lows, Abrams believes progress has been made in approaching a bottom; however, he says investors should continue to avoid MLPs with overly-levered balance sheets, funding issues, weak cash flows and high distribution risk.
- Initiated with an Overweight rating: BPL, PSXP, VLP, DM, CPPL.
- Initiated at Equal Weight: MMP, CPGX, EQGP, EQM, WGP, WES, NS, NSH.
- Initiated at Underweight: EEP, ENBL, EEQ, MEP.
Fri, Feb. 12, 6:32 AM
- Buckeye Partners (NYSE:BPL): Q4 EPS of $1.03 beats by $0.04.
- Revenue of $840.16M (-32.8% Y/Y) beats by $14.17M.
- DCF from continuing ops: $176.2M
Thu, Feb. 11, 5:30 PM