Brookfield Infrastructure Partners LP (BIP) Cut to Hold at Zacks Investment Research

Zacks Investment Research lowered shares of Brookfield Infrastructure Partners LP (NYSE:BIP) (TSE:BIP.UN) from a buy rating to a hold rating in a report issued on Tuesday, November 7th.

According to Zacks, “BROOKFIELD INFRASTRUCTURE PARTNERS L.P. was established by Brookfield Asset Management as its primary vehicle to own and operate certain infrastructure assets on a global basis. Brookfield Infrastructure operates high quality, long-life assets that generate stable cash flows, require relatively minimal maintenance capital expenditures and, by virtue of barriers to entry and other characteristics, tend to appreciate in value over time. Its current business consists of the ownership and operation of premier electricity transmission systems and timberlands in North and South America, and it seeks acquisition opportunities in other infrastructure sectors with similar attributes. “

Several other analysts have also recently commented on BIP. BMO Capital Markets assumed coverage on shares of Brookfield Infrastructure Partners in a research note on Monday, September 11th. They issued an outperform rating and a $48.00 target price for the company. BidaskClub raised shares of Brookfield Infrastructure Partners from a hold rating to a buy rating in a research note on Friday, August 11th. Scotiabank reissued an outperform rating and set a $53.00 price objective on shares of Brookfield Infrastructure Partners in a research note on Monday, September 18th. Credit Suisse Group initiated coverage on shares of Brookfield Infrastructure Partners in a research note on Monday, September 18th. They set a neutral rating and a $44.00 price objective for the company. Finally, TD Securities boosted their price objective on shares of Brookfield Infrastructure Partners from $42.00 to $44.00 and gave the company a buy rating in a research note on Tuesday, August 8th. Three equities research analysts have rated the stock with a hold rating and eight have given a buy rating to the company’s stock. Brookfield Infrastructure Partners has an average rating of Buy and a consensus target price of $48.88.

Brookfield Infrastructure Partners (BIP) opened at $43.94 on Tuesday. The company has a debt-to-equity ratio of 0.61, a quick ratio of 0.23 and a current ratio of 0.23. Brookfield Infrastructure Partners has a 12-month low of $31.03 and a 12-month high of $44.91. The stock has a market capitalization of $16,910.00, a P/E ratio of 162.74, a P/E/G ratio of 1.28 and a beta of 1.06.

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Brookfield Infrastructure Partners announced that its Board of Directors has initiated a share repurchase plan on Tuesday, November 7th that authorizes the company to repurchase 13,820,000 outstanding shares. This repurchase authorization authorizes the utilities provider to reacquire shares of its stock through open market purchases. Stock repurchase plans are generally an indication that the company’s board believes its stock is undervalued.

The business also recently announced a quarterly dividend, which will be paid on Friday, December 29th. Stockholders of record on Thursday, November 30th will be paid a $0.435 dividend. The ex-dividend date of this dividend is Wednesday, November 29th. This represents a $1.74 dividend on an annualized basis and a dividend yield of 3.96%. Brookfield Infrastructure Partners’s dividend payout ratio (DPR) is presently 669.23%.

Several large investors have recently made changes to their positions in BIP. Capital World Investors grew its position in shares of Brookfield Infrastructure Partners by 58.9% during the 2nd quarter. Capital World Investors now owns 5,215,000 shares of the utilities provider’s stock valued at $213,297,000 after buying an additional 1,932,672 shares during the last quarter. CIBC World Markets Inc. bought a new stake in shares of Brookfield Infrastructure Partners during the 2nd quarter valued at about $57,006,000. Janus Henderson Group PLC bought a new stake in shares of Brookfield Infrastructure Partners during the 2nd quarter valued at about $51,505,000. TD Asset Management Inc. grew its position in shares of Brookfield Infrastructure Partners by 13.6% during the 3rd quarter. TD Asset Management Inc. now owns 9,884,891 shares of the utilities provider’s stock valued at $425,408,000 after buying an additional 1,183,668 shares during the last quarter. Finally, Ninepoint Partners LP bought a new stake in shares of Brookfield Infrastructure Partners during the 3rd quarter valued at about $21,370,000. 43.32% of the stock is owned by institutional investors and hedge funds.

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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