Buckeye Partners L.P., symbol BPL on New York, operates over 8,700 kilometres of pipelines in the northeastern and midwestern U.S. These lines pump gasoline, jet fuel and other petroleum products. Buckeye also owns oil and natural-gas storage terminals and other related businesses.
In 2010, Buckeye’s revenue jumped 78.0%, to $3.2 billion from $1.8 billion in 2009. The gain mostly reflects the company’s recent acquisition of oil pipelines and storage terminals. In addition, the company is transporting more fuel due to the improving economy. Rising oil prices have also pushed up the company’s fee income.
Earnings fell 13.1% in 2010, to $43.1 million from $49.6 million. Earnings per share fell 33.3%, to $1.66 from $2.49, on more shares outstanding.
In the fourth quarter, the company bought a marine terminal in Puerto Rico from Royal Dutch Shell. Buckeye will store Shell’s fuel there, which lowers the risk of this investment.
Buckeye then paid $1.7 billion for 100% of privately held Bahamas Oil Refining. This company operates an oil-storage terminal on Grand Bahama Island. Buckeye will spend another $400 million over the next three years to expand that terminal’s capacity by 35%. These are big expenses for the company, whose market cap is $3.3 billion.
To finance the purchase, Buckeye will sell $825 million of new units. That will increase the total outstanding by roughly 27%. It will also borrow the remaining $650 million.
The income investing stock pays a quarterly dividend of $0.9875 a unit. The annual rate of $3.95 yields 6.3%.
You can get our in-depth analysis, including our updated buy/sell/hold advice, on Buckeye and other U.S. income investing picks when you subscribe to Wall Street Stock Forecaster. What’s more, you can get one month free when you subscribe today. Click here to learn how.
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