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February 10, 2014
11:43 EDTAMID, OKS, L, SMLP, BWPBoardwalk 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 25, 2015
16:11 EDTSMLPSummit Midstream says COO Casadaban to depart
Summit Midstream Partners announced that its COO, Rene Casadaban, will be leaving the company to "pursue other interests." Casadaban will continue his employment with the company until September 30 to help transition his duties.
August 19, 2015
07:22 EDTOKSCitigroup to hold a conference
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August 17, 2015
10:09 EDTSMLPOn The Fly: Analyst Downgrade Summary
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09:13 EDTSMLPSummit Midstream downgraded Neutral at Baird
As reported previously, Baird downgraded Summit Midstream to Neutral from Outperform. The firm cited a "fleeing cost of capital" and a slower than anticipated development cycle of its to-be-dropped assets. Baird lowered its price target to $26 from $39 on Summit Midstream shares.
06:46 EDTSMLPSummit Midstream downgraded to Neutral from Outperform at Baird

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