Barclays Cuts Numbers on Buckeye (BPL); Dividend Questioned After Weak Q1 Resultss
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Price: $41.46 --0%
Rating Summary:
2 Buy, 15 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
2 Buy, 15 Hold, 2 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays maintains an 'Equalweight' on Buckeye (NYSE: BPL) price target lowered fro $68 to $58.
Analyst, Brian J. Zarahn, said, "While not raising the distribution this quarter is understandable given low coverage in 2011 and likely 2012, we are a little surprised BPL opted to stop its streak of 31 consecutive quarters of bumps. Our PT change is due to lowering 2012/2013 distribution growth rate estimates from 5.0%/4.9% to 1.8%/3.0%. We do expect quarterly bumps to resume in 2013, supported by contributions from Perth Amboy terminal acquisition and BORCO storage expansion project."
FY12 EPS estimate lowered from $3.17 to $2.87 and FY13 from $3.77 to $3.50.
For an analyst ratings summary and ratings history on Buckeye click here. For more ratings news on Buckeye click here.
Shares of Buckeye closed at $54.35 yesterday.
Analyst, Brian J. Zarahn, said, "While not raising the distribution this quarter is understandable given low coverage in 2011 and likely 2012, we are a little surprised BPL opted to stop its streak of 31 consecutive quarters of bumps. Our PT change is due to lowering 2012/2013 distribution growth rate estimates from 5.0%/4.9% to 1.8%/3.0%. We do expect quarterly bumps to resume in 2013, supported by contributions from Perth Amboy terminal acquisition and BORCO storage expansion project."
FY12 EPS estimate lowered from $3.17 to $2.87 and FY13 from $3.77 to $3.50.
For an analyst ratings summary and ratings history on Buckeye click here. For more ratings news on Buckeye click here.
Shares of Buckeye closed at $54.35 yesterday.
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