Boardwalk Pipeline Partners, Upgraded to Outperform by Credit Suisse (BWP)
Boardwalk Pipeline Partners, (NYSE:BWP) was upgraded by equities researchers at Credit Suisse from an “underperform” rating to an “outperform” rating in a research report issued on Tuesday, TheFlyOnTheWall.com reports. The firm currently has a $20.00 price objective on the stock, up from their previous price objective of $15.00. Credit Suisse’s price target suggests a potential upside of 21.73% from the stock’s previous close.
The analysts wrote, “The bottom on BWP appears to be in. After a detailed review asset by asset, and after taking into account contract roll-offs, offset by likely contract reversals amid a growing demand for N to S pipeline capacity, we believe that BWP is likely to be capable of raising its distribution back to a normalized pay-out as early as 2017, though we have continued to assume 2018. Consequently, we have raised our estimated pay-out by $0.20/unit/year in 2018, to $1.60/year, followed by $0.01/unit/Q increases through 2020, 5% increases thereafter and an assumed 1% terminal growth rate.”
Shares of Boardwalk Pipeline Partners, (NYSE:BWP) traded up 1.48% on Tuesday, hitting $16.43. 4,005,628 shares of the company’s stock traded hands. Boardwalk Pipeline Partners, has a one year low of $11.99 and a one year high of $33.00. The stock’s 50-day moving average is $14.07 and its 200-day moving average is $21.35. The company has a market cap of $3.996 billion and a price-to-earnings ratio of 17.35. Boardwalk Pipeline Partners, also was the target of a significant decline in short interest in March. As of March 31st, there was short interest totalling 2,442,761 shares, a decline of 44.4% from the March 14th total of 4,393,650 shares. Based on an average trading volume of 4,075,527 shares, the days-to-cover ratio is presently 0.6 days. Currently, 1.0% of the company’s stock are sold short.
Boardwalk Pipeline Partners, (NYSE:BWP) last posted its quarterly earnings results on Monday, April 28th. The company reported $0.44 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.31 by $0.13. The company had revenue of $356.90 million for the quarter, compared to the consensus estimate of $303.09 million. During the same quarter in the prior year, the company posted $0.42 earnings per share. The company’s quarterly revenue was up 8.6% on a year-over-year basis. On average, analysts predict that Boardwalk Pipeline Partners, will post $0.84 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Thursday, May 15th. Stockholders of record on Thursday, May 8th will be paid a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a dividend yield of 2.43%. The ex-dividend date is Tuesday, May 6th.
BWP has been the subject of a number of other recent research reports. Analysts at RBC Capital upgraded shares of Boardwalk Pipeline Partners, from a “sector perform” rating to an “outperform” rating in a research note on Monday, April 21st. They now have a $22.00 price target on the stock, up previously from $14.00. Separately, analysts at JPMorgan Chase & Co. upgraded shares of Boardwalk Pipeline Partners, from an “underweight” rating to an “overweight” rating in a research note on Thursday, April 17th. They now have a $18.00 price target on the stock, up previously from $14.00. Finally, analysts at Zacks upgraded shares of Boardwalk Pipeline Partners, from an “underperform” rating to a “neutral” rating in a research note on Monday, April 14th. They now have a $14.30 price target on the stock. Two analysts have rated the stock with a sell rating, eight have given a hold rating and five have assigned a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus price target of $18.23.
Boardwalk Pipeline Partners, LP is a limited partnership company. The Company owns and operates three interstate natural gas pipeline systems including integrated storage facilities.
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