Brookfield Infrastructure Partners LP (NYSE:BIP) Reaches New 52-Week High Following Dividend Announcement

Shares of Brookfield Infrastructure Partners LP (NYSE:BIP) (TSE:BIP.UN) hit a new 52-week high during trading on Monday after the company announced a dividend. The company traded as high as $41.59 and last traded at $41.55, with a volume of 481,352 shares. The stock had previously closed at $40.25.

The newly announced dividend which will be paid on Friday, September 29th. Shareholders of record on Thursday, August 31st will be paid a dividend of $0.435 per share. The ex-dividend date is Tuesday, August 29th. This represents a $1.74 dividend on an annualized basis and a yield of 3.94%. Brookfield Infrastructure Partners’s dividend payout ratio (DPR) is presently 370.22%.

BIP has been the topic of a number of recent research reports. Barclays PLC restated an “equal weight” rating and set a $42.00 price objective (up previously from $37.00) on shares of Brookfield Infrastructure Partners in a research note on Sunday, April 23rd. Scotiabank lifted their price target on Brookfield Infrastructure Partners from $39.00 to $55.00 and gave the company an “outperform” rating in a research note on Friday, May 5th. Credit Suisse Group upgraded Brookfield Infrastructure Partners from a “neutral” rating to an “outperform” rating and lifted their price target for the company from $40.00 to $44.00 in a research note on Friday, June 16th. Zacks Investment Research upgraded Brookfield Infrastructure Partners from a “hold” rating to a “buy” rating and set a $46.00 price target on the stock in a research note on Friday, June 2nd. Finally, Royal Bank Of Canada lifted their price target on Brookfield Infrastructure Partners from $40.00 to $44.00 and gave the company an “outperform” rating in a research note on Friday, May 5th. Two research analysts have rated the stock with a hold rating and nine have given a buy rating to the stock. The company currently has a consensus rating of “Buy” and a consensus target price of $45.72.

The stock’s 50-day moving average price is $41.25 and its 200 day moving average price is $39.11. The firm has a market cap of $11.48 billion, a P/E ratio of 97.14 and a beta of 1.11.

Brookfield Infrastructure Partners (NYSE:BIP) (TSE:BIP.UN) last issued its quarterly earnings data on Thursday, August 3rd. The utilities provider reported ($0.06) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.80 by $0.86. Brookfield Infrastructure Partners had a return on equity of 2.70% and a net margin of 9.36%. The company had revenue of $934 million during the quarter, compared to analysts’ expectations of $768 million. On average, analysts predict that Brookfield Infrastructure Partners LP will post $1.24 earnings per share for the current fiscal year.

Several institutional investors have recently made changes to their positions in BIP. Capital World Investors increased its position in shares of Brookfield Infrastructure Partners by 58.9% in the second quarter. Capital World Investors now owns 5,215,000 shares of the utilities provider’s stock worth $213,297,000 after buying an additional 1,932,672 shares in the last quarter. Sentry Investments Corp. increased its stake in shares of Brookfield Infrastructure Partners by 4.2% in the first quarter. Sentry Investments Corp. now owns 4,421,590 shares of the utilities provider’s stock valued at $170,983,000 after buying an additional 176,900 shares during the period. Partners Value Investments LP purchased a new stake in shares of Brookfield Infrastructure Partners during the first quarter valued at $128,693,000. Montrusco Bolton Investments Inc. increased its stake in shares of Brookfield Infrastructure Partners by 46.4% in the first quarter. Montrusco Bolton Investments Inc. now owns 1,812,319 shares of the utilities provider’s stock valued at $69,903,000 after buying an additional 574,812 shares during the period. Finally, First Manhattan Co. increased its stake in shares of Brookfield Infrastructure Partners by 1.3% in the second quarter. First Manhattan Co. now owns 1,632,968 shares of the utilities provider’s stock valued at $66,804,000 after buying an additional 20,217 shares during the period. 34.02% of the stock is owned by institutional investors and hedge funds.

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About Brookfield Infrastructure Partners

Brookfield Infrastructure Partners L.P. owns and operates utilities, transport, energy and communications infrastructure businesses in North and South America, Europe and Asia Pacific. The Company’s segments include utilities, transport, energy, communications infrastructure and other. The utilities segment consists of regulated businesses, including regulated distribution (electricity and natural gas connections), electricity transmission and a regulated terminal (coal export terminal).

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