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BP Midstream Announces 3rd Consecutive Distribution Hike
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BP Midstream Partners LP recently got an approval from the board of directors of its general partner, BP Midstream Partners GP LLC, for third-quarter 2018 quarterly distribution of 29.15 cents per unit, representing a sequential hike of 7%. The new distribution also marks an 11% cumulative increase from BP Midstream’s lowest quarterly distribution.
The distribution of BP Midstream now stands at $1.17 per unit on an annualized basis, which will be paid on Nov 15 to its unitholders on record as of Nov 1, 2018. Based on the closing price of $18.67 as of Oct 15, the third-quarter 2018 distribution translates to a yield of 6.3%, lower than the industry’s 7.4%.
This marks the partnership’s 3rd consecutive quarterly distribution hike since its listing. The Houston, TX-based BP Midstreamremains focused on boosting its unitholders’ value through distribution hikes, which display strength in its operations.
The partnership announced that it will report third-quarter 2018 earnings on Nov 14, 2018, before the opening bell. Its earnings for the to-be-reported quarter are estimated to rise 3.4% quarter over quarter.
BP Midstream is a growth-oriented master limited partnership, engaged in offering a wide range of midstream services to producers and consumers of crude oil, natural gas and refined products. Among many others, it owns stakes in diluent pipelines and refined products’ terminals.
Price Performance
BP Midstream has gained 8.2% in the past year against 0.3% collective fall of the industry it belongs to.
Zacks Rank and Stocks to Consider
Currently, BP Midstream has a Zacks Rank #3 (Hold). Investors interested in the oil and gas sector can opt for some better-ranked stocks like Petroleo Brasileiro S.A. (PBR - Free Report) or Petrobras, Shell Midstream Partners, L.P. and Chevron Corporation (CVX - Free Report) . While Petrobras and Shell Midstream flaunt a Zacks Rank #1 (Strong Buy), Chevron carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Petrobras is the largest integrated energy firm in Brazil and one of the major players in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
Shell Midstream Partners is involved in owning, operating, developing and acquiring pipelines, and other midstream assets. The partnership delivered an average positive earnings surprise of 7.9% in the trailing four quarters.
Chevron is an integrated energy company based in San Ramon, CA. The company’s top line for 2018 is expected to grow 17.7% year over year.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
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BP Midstream Announces 3rd Consecutive Distribution Hike
BP Midstream Partners LP recently got an approval from the board of directors of its general partner, BP Midstream Partners GP LLC, for third-quarter 2018 quarterly distribution of 29.15 cents per unit, representing a sequential hike of 7%. The new distribution also marks an 11% cumulative increase from BP Midstream’s lowest quarterly distribution.
The distribution of BP Midstream now stands at $1.17 per unit on an annualized basis, which will be paid on Nov 15 to its unitholders on record as of Nov 1, 2018. Based on the closing price of $18.67 as of Oct 15, the third-quarter 2018 distribution translates to a yield of 6.3%, lower than the industry’s 7.4%.
This marks the partnership’s 3rd consecutive quarterly distribution hike since its listing. The Houston, TX-based BP Midstreamremains focused on boosting its unitholders’ value through distribution hikes, which display strength in its operations.
The partnership announced that it will report third-quarter 2018 earnings on Nov 14, 2018, before the opening bell. Its earnings for the to-be-reported quarter are estimated to rise 3.4% quarter over quarter.
BP Midstream is a growth-oriented master limited partnership, engaged in offering a wide range of midstream services to producers and consumers of crude oil, natural gas and refined products. Among many others, it owns stakes in diluent pipelines and refined products’ terminals.
Price Performance
BP Midstream has gained 8.2% in the past year against 0.3% collective fall of the industry it belongs to.
Zacks Rank and Stocks to Consider
Currently, BP Midstream has a Zacks Rank #3 (Hold). Investors interested in the oil and gas sector can opt for some better-ranked stocks like Petroleo Brasileiro S.A. (PBR - Free Report) or Petrobras, Shell Midstream Partners, L.P. and Chevron Corporation (CVX - Free Report) . While Petrobras and Shell Midstream flaunt a Zacks Rank #1 (Strong Buy), Chevron carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Petrobras is the largest integrated energy firm in Brazil and one of the major players in Latin America. It pulled off an average positive earnings surprise of 10.4% in the last four quarters.
Shell Midstream Partners is involved in owning, operating, developing and acquiring pipelines, and other midstream assets. The partnership delivered an average positive earnings surprise of 7.9% in the trailing four quarters.
Chevron is an integrated energy company based in San Ramon, CA. The company’s top line for 2018 is expected to grow 17.7% year over year.
The Hottest Tech Mega-Trend of All
Last year, it generated $8 billion in global revenues. By 2020, it's predicted to blast through the roof to $47 billion. Famed investor Mark Cuban says it will produce "the world's first trillionaires," but that should still leave plenty of money for regular investors who make the right trades early.
See Zacks' 3 Best Stocks to Play This Trend >>