Buckeye Partners Raises Cash Distribution
On the back of strong quarterly earnings, Buckeye Partners has decided to pump out a little more cash for some of its unitholders. The company has declared Q2 distributions for both its limited partner and its class B units. The former will take the form of a cash payout of $1.0625 per unit, while class B holders will receive additional units of that security "pursuant to Buckeye's partnership agreement." Both will be handed out on August 20 to holders of record as of August 12 The cash distribution is $0.0125, or 1%, higher than the preceding payout of $1.05 dispensed at the end of May.
The new cash distribution annualizes to $4.25 per share. That yields 5.9% at Buckeye Partners' most recent closing unit price of $71.92.
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