Wunderlich Securities Initiates Coverage on Buckeye Partners (BPL) with a Buy

May 29, 2009 9:18 AM EDT

Wunderlich Securities initiates coverage on Buckeye Partners (NYSE: BPL) with a Buy. Price target $48.

Wunderlich analyst says, "Our Buy rating is based on our conclusion that BPL's assets are highly appropriate for the current environment, capital access, and an expectation of continued mean reversion in valuation. Tempering our assessment is the potential for long-term deterioration in refined products consumption due to biofuels encroachment and higher product prices...Organic growth and acquisition opportunities. As an energy infrastructure firm tied to the very beginning of the oil industry from its roots in Standard Oil, BPL's track record of financial results give it access to capital and at more attractive rates than other potential market participants. Recently the firm announced its 89th consecutive distribution of $0.90/quarter."

To see more analyst ratings on BPL Click Here.

Buckeye Partners, L.P. (Buckeye) is a master limited partnership. The Partnership is principally engaged in the transportation, terminalling and storage of petroleum products in the United States for integrated oil companies, refined petroleum product marketing companies and end users of petroleum products.

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