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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
Check below for free stories on BWP;L;AMID;SMLP;OKS the last two weeks.
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April 17, 2014
16:11 EDTOKSONEOK Partners raises quarterly distribution to 74.5c per unit from 73c per unit
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09:59 EDTBWPOn The Fly: Analyst Upgrade Summary
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05:27 EDTBWPBoardwalk Pipeline upgraded to Overweight from Underweight at JPMorgan
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April 14, 2014
10:02 EDTBWPOn The Fly: Analyst Upgrade Summary
Acorda Therapeutics (ACOR) upgraded to Outperform from Market Perform at FBR Capital... Allegheny Technologies (ATI) upgraded to Neutral from Underperform at Sterne Agee... BP (BP) upgraded to Buy from Hold at Canaccord... Bloomin' Brands (BLMN) upgraded to Buy from Hold at Deutsche Bank... Boardwalk Pipeline (BWP) upgraded to Neutral from Underperform at BofA/Merrill... Boston Scientific (BSX) upgraded at BofA/Merrill... Charles Schwab (SCHW) upgraded to Buy from Neutral at UBS... Citigroup (C) upgraded to Hold from Sell at Rafferty Capital... Community Health (CYH) upgraded to Outperform from Perform at Oppenheimer... Eaton Vance (EV) upgraded to Neutral from Sell at Citigroup... Eli Lilly (LLY) upgraded to Hold from Underperform at Jefferies... F5 Networks (FFIV) upgraded to Buy from Hold at Stifel... HeartWare (HTWR) upgraded to Buy from Neutral at BTIG... Heartland Payment (HPY) upgraded to Hold from Sell at Stifel... Hyatt Hotels (H) upgraded to Outperform from Market Perform at FBR Capital... MasterCard (MA) upgraded to Outperform from Neutral at RW Baird... McDermott (MDR) upgraded to Neutral from Underweight at HSBC... Palo Alto (PANW) upgraded to Overweight at Stephens... PetroChina (PTR) upgraded to Neutral from Underperform at Credit Suisse... Seagate (STX) upgraded to Buy from Hold at Argus... Sensata (ST) upgraded to Buy from Neutral at Citigroup... Stryker (SYK) upgraded to Neutral from Reduce at SunTrust... TD Ameritrade (AMTD) upgraded to Buy from Neutral at UBS... TTM Technologies (TTMI) upgraded to Buy from Hold at Stifel... Transocean (RIG) upgraded to Hold from Sell at Deutsche Bank... VMware (VMW) upgraded to Outperform from Underperform at CLSA... Visa (V) upgraded to Outperform from Neutral at RW Baird... Yahoo (YHOO) upgraded to Buy from Neutral at SunTrust... Zimmer (ZMH) upgraded to Neutral from Reduce at SunTrust... bebe stores (BEBE) upgraded to Buy from Neutral at Janney Capital.
06:38 EDTBWPBoardwalk Pipeline upgraded to Neutral from Underperform at BofA/Merrill
BofA/Merrill upgraded Boardwalk Pipeline to Neutral from Underperform based on reports it contracted some legacy pipeline capacity reversals and is working on others. Price target raised to $16 from $14.
April 9, 2014
10:06 EDTAMIDOn The Fly: Analyst Initiation Summary
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06:16 EDTAMIDAmerican Midstream Partners initiated with an Overweight at Barclays
Target $29.
April 8, 2014
11:26 EDTBWPBalyasny Asset reports 5.7% passive stake in Boardwalk Pipeline
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April 7, 2014
11:49 EDTLOptions with increasing implied volatility: PBR AKAM HST L
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