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Stock Market & Financial Investment News

News Breaks
February 10, 2014
11:43 EDTBWP, L, AMID, SMLP, OKSBoardwalk Pipeline hits 52-week low after slashing distribution 80%
Shares of Boardwalk Pipeline Partners (BWP), which owns and operates three interstate natural gas pipeline systems, are plunging after the partnership reported disappointing fourth quarter results and significantly lowered its quarterly distribution. WHAT'S NEW: This morning, Boardwalk Pipeline reported fourth quarter earnings per share of 8c and revenue of $312.9M, compared with analysts' consensus estimates of 31c and $320.28M, respectively. The company also lowered its quarterly distribution to 10c from over 53c per unit, citing difficult market conditions. The Partnership forecast distributable cash flow for the year ended December 31, 2014 to be approximately $400 million, reflecting a $158.6M decrease from 2013. The company said the decline in distributable cash flow was primarily due to continued, unfavorable market fundamentals negatively impacting the its existing natural gas transportation and storage revenues. ANALYST REACTION: This morning, analyst commentary on Boardwalk Pipeline was decidedly negative. Deutsche Bank downgraded the company to Sell from Hold and lowered its price target on the shares to $20 from $27. Although concerned about Boardwalk's lack of growth and margin pressure, Deutsche Bank was nonetheless surprised by the large cut in its distribution. Another firm, Credit Suisse, downgraded Boardwalk to Underperform from Neutral and lowered its target price to $20, also citing the 80% cut in the company's distribution. PRICE ACTION: In late morning trading, Boardwalk Pipeline plunged $9.35, or nearly 39%, to $14.74 on nearly 30 times its average daily trading volume. Earlier in the session, the stock hit a fresh 52-week low of $14.51 and it's down over 45% in the past twelve months. OTHERS TO WATCH: Boardwalk Pipeline Partners is a subsidiary of Loews Corporation (L), which also reported on its consolidated results this morning. Shares of Loews are down 4% to $43.34 in late morning trading. Other midstream master limited partnerships include American Midstream Partners (AMID), Summit Midstream Partners (SMLP), and Oneok Partners (OKS).
News For BWP;L;AMID;SMLP;OKS From The Last 14 Days
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August 29, 2014
08:36 EDTBWPBoardwalk Pipeline 1.1M share Block Trade priced at $19.75
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August 22, 2014
16:28 EDTOKSONEOK Partners files to sell $650M of common units representing limited partners
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August 19, 2014
07:09 EDTBWP, SMLPCitigroup to hold a conference
MLP / Midstream Infrastructure Conference to be held in Las Vegas on August 19-21.
August 18, 2014
16:49 EDTAMIDAmerican Midstream Partners revises private placement to $120M from $200M
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