|Bid||0.00 x 1000|
|Ask||0.00 x 1300|
|Day's Range||41.46 - 41.48|
|52 Week Range||25.71 - 42.65|
|Beta (3Y Monthly)||N/A|
|PE Ratio (TTM)||8.41|
|Earnings Date||Feb 6, 2020 - Feb 10, 2020|
|Forward Dividend & Yield||N/A (N/A)|
|1y Target Est||41.64|
Rating Action: Moody's downgrades Buckeye's notes to B1; concludes review. Global Credit Research- 04 Nov 2019. New York, November 04, 2019-- Moody's Investors Service downgraded Buckeye Partners, L.P.' ...
“You don’t get a lot of disclosure in terms of what might the secret sauce be for increasing the valuation,” an analyst said. “It’s pretty difficult to know for sure what they’re doing.”
IFM Investors Pty Ltd (“IFM”) and Buckeye Partners, L.P. (“Buckeye”) today announced the completion of the acquisition of Buckeye by entities affiliated with IFM, adding one of the largest diversified networks of integrated midstream assets to IFM’s substantial investments in energy infrastructure across North America. Buckeye’s assets include 6,000 miles of pipeline, with over 100 delivery locations and 115 liquid petroleum products terminals with aggregate tank capacity of over 118 million barrels, and a network of marine terminals located primarily in the East and Gulf Coast regions of the United States, as well as in the Caribbean.
We are still in an overall bull market and many stocks that smart money investors were piling into surged through October 17th. Among them, Facebook and Microsoft ranked among the top 3 picks and these stocks gained 45% and 39% respectively. Hedge funds' top 3 stock picks returned 34.4% this year and beat the S&P […]
The multibillion-dollar deal to take Houston-based Buckeye Partners LP (NYSE: BPL) private is about to close. Australia-based IFM Investors' acquisition of the master limited partnership has received all regulatory approvals, Buckeye announced Oct. 21. The purchase price of $41.50 per common unit also represents a 31.9 percent premium to the company’s volume-weighted average unit price since Nov. 1.
Buckeye Partners, L.P. (BPL) today announced that all regulatory approvals required to complete the acquisition of Buckeye by entities affiliated with the IFM Global Infrastructure Fund previously announced on May 10, 2019 (the “proposed merger”) have been received. The merger agreement relating to the proposed merger and the transactions contemplated thereby were previously approved by the affirmative vote of the holders of a majority of Buckeye’s outstanding limited partner units on July 31, 2019. The completion of the proposed merger is currently expected to occur prior to market opening on Friday, November 1, 2019, subject to the provisions of the merger agreement, including the satisfaction or waiver of customary closing conditions.
Moody's Investors Service ("Moody's") has withdrawn its Ba1 rating for Buckeye Partners, L.P.'s (Buckeye) proposed $500 million senior secured notes due 2027 following the company's cancellation of that debt offering. Buckeye is instead upsizing its senior secured term loan due 2026 from $1.75 billion to $2.25 billion. The proposed secured debt issuance is part of IFM Global Infrastructure Fund's financing package for its acquisition of Buckeye.
Moody's Investors Service ("Moody's") assigned a Ba3 Corporate Family Rating (CFR) and a SGL-3 Speculative Grade Liquidity rating to Buckeye Partners, L.P. (Buckeye), as well as a Ba1 rating to the proposed acquisition related $1.75 billion secured term loan due 2026, $600 million secured revolving facility due 2024 and $500 million secured notes due 2027 (together, secured debt). Buckeye's Baa3 senior unsecured rating and Ba1 junior subordinated notes rating remain on review for downgrade.
(Bloomberg Opinion) -- As the fight for Marathon Petroleum Corp.’s future intensifies, collateral damage looms for an already battle-scarred asset class: master limited partnerships.Elliott Management Corp.’s call for splitting Marathon in three has garnered support from a couple of other shareholders now pushing CEO Gary Heminger to step down. Marathon’s board says it stands behind Heminger, but the persistent discount in the stock versus its sum-of-the-parts value should keep the issue of a corporate overhaul alive. While the future of retail arm Speedway looks like the most contentious area, Elliott’s suggestion of converting Marathon’s MLP, called MPLX LP, into a regular C-Corp and spinning it off looks less controversial.Such conversions have become commonplace. Problems with governance, debt, tax reform and general energy exposure have crushed MLP valuations, eroding their main reason for existing, namely as a cheap source of capital. MPLX now sports a distribution yield of about 9.5%. Converting to a C-Corp, as many others have done, would open up a wider pool of investors.That could be great for MPLX; less so for MLPs.I wrote here back in May about the shrinking MLP pool. Since then, a few partnerships have disappeared, including Andeavor Logistics LP, which was bought by MPLX. Meanwhile, Tallgrass Energy LP has received a buyout offer (of sorts), and Kinder Morgan Canada Ltd. should disappear by the end of the year. Plus, with Occidental Petroleum Corp. trying to pay off the debt from its acquisition of Anadarko Petroleum Corp., Western Midstream Partners LP also could be exiting the scene.Here are updated charts breaking down 83 North American energy infrastructure companies (not including utilities) into their respective groups, weighted by market cap and free float. The dominance of the C-Corps is pretty clear: An MPLX conversion would have a big impact. With a market cap of roughly $30 billion(1), MPLX represents about 11% of North American energy partnerships’ aggregate value. It’s also the largest member of the Alerian MLP Index. Assume MPLX converts and is spun off, plus Buckeye Partners LP(2), Tallgrass, Kinder Morgan Canada and Western Midstream all disappear. Under that scenario, C-Corps would jump from about 62% of the aggregate free float of energy infrastructure firms to more than two-thirds. Meanwhile, outside of C-Corps and the big four, we would be left with a long tail of 61 companies with a combined free float of just $48 billion, averaging less than $800 million each.And the dwindling ranks of the Alerian MLP index would thin further; MPLX, Tallgrass and Western Midstream account for a fifth of its weighting. The relative weighting of smaller partnerships with lower-quality midstream assets would increase. For example, all else equal, Genesis Energy LP, which houses everything from soda-ash production to pipelines to shipping, could enter the top 10 of the index’s holdings.A vicious cycle is at work here. As generalist investors have withdrawn, so MLP valuations have remained subdued despite some recovery in energy prices and continued growth in U.S. physical energy flows. This, along with governance concerns, persuades more partnerships to either sell out or give up on the structure, reducing the pool of available investments, which in turn leads to investment mandates and specialist funds migrating away.Earlier this month, large pension funds in Iowa and Oklahoma effectively eliminated asset allocations to MLPs, with Teachers’ Retirement System of Oklahoma noting a number of drawbacks, including an “extremely small universe of securities relative to other asset classes.” In his latest weekly roundup of the sector, Hinds Howard at CBRE Clarion Securities noted that after a year of trying to deal with weak performance and growing concentration, institutions are “throwing in the towel,” with allocations “being diverted to listed infrastructure strategies, private equity or just plain old global equities.” He adds:MLPs have lost the special designation as a separate allocation within real assets that the sector has enjoyed over the years. That fund flow headwind is the biggest impediment to midstream performance [for] the rest of 2019, especially if oil prices are going to remain a headwind.Of course, even if MLPs are shrinking in importance, the hard assets they own remain and can be invested in under other structures. BP Capital Fund Advisors LLC is touting the catchily named UBS E-TRACS NYSE Pickens Core Midstream Index ETN, which includes allocations to C-Corps, with a recent report subtitled: “Is your midstream exchange traded product still relevant?” Some funds have taken an holistic approach to energy infrastructure for years, notably the First Trust North American Energy Infrastructure Fund, which mixes partnerships with C-Corps and even utilities, and the Voya CBRE Global Infrastructure Fund, which extends beyond energy-related infrastructure.Looking at the relative performance, it isn’t hard to see why. And as more MLP constituents either change identity or leave altogether, more institutional money will follow.\- With graphics by Elaine He (1) All data are as at the market close on September 26, 2019.(2) IFM Investors agreed to buy Buckeye for $11.1 billion (including assumed debt) in May 2019, with completion expected by the end of the year.To contact the author of this story: Liam Denning at email@example.comTo contact the editor responsible for this story: Mark Gongloff at firstname.lastname@example.orgThis column does not necessarily reflect the opinion of the editorial board or Bloomberg LP and its owners.Liam Denning is a Bloomberg Opinion columnist covering energy, mining and commodities. He previously was editor of the Wall Street Journal's Heard on the Street column and wrote for the Financial Times' Lex column. He was also an investment banker.For more articles like this, please visit us at bloomberg.com/opinion©2019 Bloomberg L.P.
Buckeye Partners, L.P. (“Buckeye”) (BPL) today reported that it resumed full operations at its Buckeye Bahamas Hub (“BBH”) following completion of inspections and necessary repairs of impacts from Hurricane Dorian. “On behalf of the entire company, I want to thank the Buckeye emergency response teams and all of our employees in The Bahamas for their dedicated work to safely restore operations at our Buckeye Bahamas Hub,” said Khalid A. Muslih, Executive Vice President and President of Buckeye’s Global Marine Terminals.
Announcement of Periodic Review: Moody's announces completion of a periodic review of ratings of Buckeye Partners, L.P. New York, September 16, 2019 -- Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Buckeye Partners, L.P. and other ratings that are associated with the same analytical unit. The review was conducted through a portfolio review in which Moody's reassessed the appropriateness of the ratings in the context of the relevant principal methodology(ies), recent developments, and a comparison of the financial and operating profile to similarly rated peers.
DALLAS , Sept. 13, 2019 /PRNewswire/ -- Alerian announced the results of the September quarterly review for the Alerian Index Series. All changes will be implemented as of the close of business on Friday, ...
Buckeye Partners, L.P. (“Buckeye”) (BPL) today reported that it has partially resumed operations at its Buckeye Bahamas Hub (“BBH”) facility following Hurricane Dorian. BBH is now able to accommodate customer vessels at its inland berths for both loading and unloading of petroleum products. “I would like to commend our Buckeye emergency response teams for their tireless efforts to support our employees and their families during the recovery, as well as staying focused on safely resuming full operations at our Buckeye Bahamas Hub,” said Khalid A. Muslih, Executive Vice President and President of Buckeye’s Global Marine Terminals.
The credit ratings of a substantial number of energy companies in the Americas are currently near the "crossover zone," or the boundary between investment grade and speculative grade, Moody's Investors Service says in a new report. Only seven, however, are in the zone, with potential "rising stars" including US-based exploration and production firm, Anadarko Petroleum and potential "fallen angels" including the Mexican national oil company, PEMEX.
Buckeye Partners, L.P. (“Buckeye”) (BPL) today reported that it has now accounted for all employees at its Buckeye Bahamas Hub (BBH) facility and continues its focus on relief and recovery. An initial delivery of supplies and other resources, including food, clothing, hygiene stations, and temporary housing, for those BBH employees and their immediate families in need is commencing, and such support and relief efforts will continue in the days ahead. Given the unprecedented nature of Hurricane Dorian and its devastating impact to the residents of Freeport/Grand Bahama Island, Buckeye has also communicated our commitment to relief efforts to the Government of The Bahamas,” stated Clark C. Smith, Chairman, President and Chief Executive Officer.
Buckeye Partners L.P. (BPL) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
Buckeye Partners L.P. (BPL) has been upgraded to a Zacks Rank 2 (Buy), reflecting growing optimism about the company's earnings prospects. This might drive the stock higher in the near term.
HOUSTON, Aug. 12, 2019 -- Trafigura Trading LLC, (“Trafigura”) and Buckeye Partners, L.P. (“Buckeye”) (NYSE: BPL) announced today that Trafigura has received its first delivery.
DALLAS , Aug. 9, 2019 /PRNewswire/ -- Alerian reported, as of June 28, 2019 , total products directly tied to and tracking the Alerian indices was $13.7 billion . Exchange traded funds, exchange traded ...