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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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October 27, 2014
16:23 EDTOKSONEOK Partners announces acquisition of natural gas liquids assets for $800M
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08:06 EDTSMLPCrestwood constructs additional release, departure rails at COLT Hub
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October 23, 2014
17:08 EDTSMLPSummit Midstream raises quarterly cash distribution to 54c from 52c per unit
The distribution will be paid on November 14 to unitholders of record as of the close of business on November 7.
16:38 EDTAMIDAmerican Midstream Partners increases quarterly distribution 2.2% to 47.25c
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10:01 EDTOKSOn The Fly: Analyst Downgrade Summary
Today's noteworthy downgrades include: 3D Systems (DDD) downgraded to Hold from Buy at Brean Capital... Angie's List (ANGI) downgraded to Hold from Buy at Needham... Avalon Rare Metals (AVL) downgraded to Neutral from Buy at Citigroup... Axiall (AXLL) downgraded at Cowen... BB&T (BBT) downgraded to Neutral from Buy at Goldman... Boeing (BA) downgraded at Credit Suisse... Boulder Brands (BDBD) downgraded to Hold from Buy at Canaccord... Citrix (CTXS) downgraded to Hold from Buy at Drexel Hamilton... ClickSoftware (CKSW) downgraded to Hold from Buy at Lake Street... DTS, Inc. (DTSI) downgraded to Underweight from Neutral at JPMorgan... GulfMark Offshore (GLF) downgraded to Market Perform from Outperform at Cowen... Home Loan Servicing (HLSS) downgraded to Neutral from Buy at Compass Point... ICON plc (ICLR) downgraded to Equal Weight from Overweight at First Analysis... IPC The Hospitalist Co. (IPCM) downgraded to Market Perform at Wells Fargo... Melco Crown (MPEL) downgraded to Neutral from Buy at Nomura... Mercer (MERC) downgraded at Credit Suisse... ONEOK Partners (OKS) downgraded to Neutral from Buy at BofA/Merrill... Owens Corning (OC) downgraded to Neutral from Overweight at JPMorgan... Regency Energy Partners (RGP) downgraded to Neutral from Buy at BofA/Merrill... The Medicines Co. (MDCO) downgraded to Neutral from Buy at BofA/Merrill... Tupperware Brands (TUP) downgraded to Neutral from Overweight at JPMorgan... Union Bankshares (UBSH) downgraded at RW Baird... VOC Energy Trust (VOC) downgraded at RBC Capital... Yelp (YELP) downgraded to Hold from Buy at Stifel.
07:17 EDTOKSONEOK Partners downgraded to Neutral from Buy at BofA/Merrill
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October 22, 2014
16:21 EDTOKSONEOK Partners increases quarterly distribution 1.5c to 77.5c
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10:09 EDTAMIDOn The Fly: Analyst Upgrade Summary
Today's noteworthy upgrades include: AOL (AOL) upgraded to Buy from Hold at Evercore... ARM Holdings (ARMH) upgraded to Buy from Neutral at UBS... American Assets Trust (AAT) upgraded to Buy from Hold at MLV & Co.... American Midstream Partners (AMID) upgraded to Buy from Neutral at Ladenburg... BancorpSouth (BXS) upgraded to Neutral from Underweight at JPMorgan... Chesapeake (CHK) upgraded at UBS... Chuy's (CHUY) upgraded to Buy from Hold at Stifel... Dean Foods (DF) upgraded to Overweight from Equal Weight at Morgan Stanley... East West Bancorp (EWBC) upgraded at BMO Capital... El Paso Electric (EE) upgraded to Buy from Neutral at Ladenburg... Generac (GNRC) upgraded to Buy from Hold at KeyBanc... Gold Fields (GFI) upgraded to Overweight from Neutral at HSBC... Harmony Gold (HMY) upgraded to Neutral from Underweight at HSBC... Hess Corp. (HES) upgraded to Buy from Neutral at UBS... Hovnanian (HOV) upgraded to Market Perform from Underperform at JMP Securities... Intuitive Surgical (ISRG) upgraded to Buy from Neutral at BTIG... OMV AG (OMVKY) upgraded to Neutral from Underperform at Credit Suisse... Seaspan (SSW) upgraded to Neutral from Underperform at Credit Suisse... Sibanye Gold (SBGL) upgraded to Neutral from Underweight at HSBC... Smith & Nephew (SNN) upgraded to Overweight from Equal Weight at Barclays... Southwestern Energy (SWN) upgraded to Buy from Hold at Maxim... Steel Dynamics (STLD) upgraded to Outperform from Neutral at Macquarie... Steris (STE) upgraded to Strong Buy from Market Perform at Raymond James... Tesoro Logistics (TLLP) upgraded to Strong Buy from Outperform at Raymond James... Texas Instruments (TXN) upgraded to Outperform from Market Perform at Bernstein... Twitter (TWTR) upgraded to Hold from Sell at Hudson Square... Vanguard Natural (VNR) upgraded to Buy from Hold at Wunderlich... Volaris (VLRS) upgraded to Buy from Hold at Deutsche Bank... Wilshire Bancorp (WIBC) upgraded to Outperform from Neutral at Macquarie... Yahoo (YHOO) upgraded to Outperform from Market Perform at FBR Capital.
07:14 EDTAMIDAmerican Midstream Partners upgraded to Buy from Neutral at Ladenburg
Ladenburg upgraded American Midstream Partners to Buy following the company's acquisition of Costar Midstream. The firm raised its price target for shares to $32 from $29.

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