Stock Update (NASDAQ:BBEP): BreitBurn Energy Partners L.P. Announces Monthly Cash Distributions for Common and Preferred Units
BreitBurn Energy Partners L.P. (NASDAQ:BBEP) announced today a cash distribution of $0.04166 per common unit for the third month attributable to the second quarter of 2015, payable on September 11, 2015, to record holders of its common units at the close of business on September 8, 2015. This monthly distribution is equal to a distribution of $0.50 per common unit on an annualized basis.
Breitburn also announced today distributions for its 8.25% Series A Cumulative Redeemable Perpetual Preferred Units (NASDAQ: BBEPP) and 8.0% Series B Perpetual Convertible Preferred Units. A cash distribution of $0.171875 per Series A Unit is payable on October 15, 2015, to record holders of its Series A Units at the close of business on September 30, 2015. This monthly distribution is equal to an annual distribution of $2.0625 per Series A Unit. Breitburn has elected to pay the distribution on the Series B Units in kind by issuing additional Series B Units instead of paying a cash distribution. A distribution of 0.006666 PIK unit per Series B Unit is payable on September 15, 2015, to record holders of Series B Units at the close of business on August 31, 2015. (Original Source)
Shares of Breitburn Energy Partners opened today at $2.58 and are currently trading up at $2.675. BBEP has a 1-year high of $23.06 and a 1-year low of $2.02. The stock’s 50-day moving average is $3.07 and its 200-day moving average is $5.16.
On the ratings front, Breitburn Energy has been the subject of a number of recent research reports. In a report issued on August 13, UBS analyst Shneur Gershuni upgraded BBEP to Hold. Separately, on August 11, Credit Suisse’s Abhiram Rajendran maintained a Sell rating on the stock and has a price target of $3.
According to TipRanks.com, which ranks over 7,500 financial analysts and bloggers to gauge the performance of their past recommendations, Shneur Gershuni and Abhiram Rajendran have a total average return of 0.8% and 19.6% respectively. Gershuni has a success rate of 53.7% and is ranked #2010 out of 3734 analysts, while Rajendran has a success rate of 72.7% and is ranked #447.
BreitBurn Energy Partners LP is engaged in the acquisition, exploitation and development of oil, NGL and gas properties in the United States.