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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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October 15, 2014
10:02 EDTBWPOn The Fly: Analyst Upgrade Summary
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08:05 EDTBWPBoardwalk Pipeline upgraded to Buy from Neutral at BofA/Merrill
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October 14, 2014
14:09 EDTAMIDAmerican Midstream Partners raises FY14 adjusted EBITDA view to $46M-$48M
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14:01 EDTAMIDAmerican Midstream Partners aims to up 1Q15 distribution
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13:51 EDTAMIDAmerican Midstream Partners acquires Costar for $470M
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11:04 EDTAMIDAmerican Midstream Partners trading halted, pending news
October 10, 2014
11:43 EDTSMLPGoldman Sachs reports 13.5% passive stake in Summit Midstream
October 8, 2014
14:27 EDTAMIDAmerican Midstream Midla reaches agreement regarding Midla Pipeline
American Midstream Midla, a subsidiary of American Midstream Partners, announced an agreement in principle regarding Midla’s interstate pipeline that traverses Louisiana and Mississippi. Parties involved reached the agreement in principle in order to provide continued service to Midla’s customers while addressing safety concerns with the existing pipeline. Midla and the parties agreed that Midla may retire the existing 1920s vintage pipeline and replace the existing natural gas service with a new 12-inch pipeline from Winnsboro, Louisiana to Natchez, Mississippi to serve existing residential, commercial, and industrial customers. Customers not served by the new Natchez Line will be connected to other interstate or intrastate pipelines, other gas distribution systems, or offered conversion to propane service. The agreement is subject to final agreements and ongoing proceedings at the Federal Energy Regulatory Commission. Under the agreement in principle and subject to FERC approval, Midla will execute long-term agreements to recover its investment in the Natchez Line. Midla estimates it will take up to two years to secure the necessary permits and construct the Natchez Line. Midla anticipates filing a formal settlement with the FERC within the next 30 days and receiving approval by late 2014 or early 2015.
October 7, 2014
06:58 EDTBWPBoardwalk Pipeline pullback brings attractive entry point, says RBC Capital
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