BUCKEYE PARTNERS L.P. $75 (New York symbol BPL; Income Portfolio, Utilities sector; Units outstanding: 123.2 million; Market cap: $9.2 billion; Price-to-sales ratio: 1.6; Dividend yield: 5.8%; TSINetwork Rating: Average; www.buckeye.com) operates over 9,600 kilometres of pipelines in the northeastern and midwestern U.S. Its network pumps gasoline, jet fuel and other petroleum products. The partnership also owns oil and gas storage terminals.
Buckeye continues to expand by acquisition. In December 2013, it bought 19 oil-storage terminals on the U.S. east coast and one on the Caribbean island of St. Lucia from Hess Corp. (New York symbol HES). It now has over 120 terminals.
These assets cost Buckeye $850 million. To put that in context, it earned $351.6 million in 2013. That’s up 49.1% from $235.9 million in 2012, which included a $60.0- million charge for a pipeline closure. Earnings per unit rose 36.3%, to $3.23 from $2.37, on more units outstanding.
Revenue gained 17.9%, to $5.0 billion from $4.3 billion, thanks to 33 oil-storage terminals the partnership bought in 2011.
Buckeye has gained 38% in the past year. It now trades at a high 19.8 times its likely 2014 earnings of $3.83 a unit. The $4.35 annual distribution rate yields 5.8%.
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