Boardwalk Pipeline Partners, Shares Up 3.5% Following Better-Than-Expected Earnings (BWP)
Boardwalk Pipeline Partners, (NYSE:BWP) shot up 3.5% on Monday after the company announced better than expected quarterly earnings, American Banking News.com reports. The company traded as high as $20.10 and last traded at $19.45, with a volume of 2,304,052 shares changing hands. The stock had previously closed at $18.80.
The company reported $0.23 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.15 by $0.08. The company had revenue of $293.40 million for the quarter, compared to the consensus estimate of $261.09 million. During the same quarter last year, the company posted $0.28 earnings per share. Boardwalk Pipeline Partners,’s revenue was up 1.6% compared to the same quarter last year.
The company also recently declared a quarterly dividend, which is scheduled for Thursday, August 21st. Investors of record on Thursday, August 14th will be given a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.13%.
Several analysts have recently commented on the stock. Analysts at Zacks downgraded shares of Boardwalk Pipeline Partners, from an “outperform” rating to a “neutral” rating in a research note on Wednesday, July 2nd. They now have a $20.40 price target on the stock. Analysts at JPMorgan Chase & Co. reiterated an “overweight” rating on shares of Boardwalk Pipeline Partners, in a research note on Wednesday, July 2nd. They now have a $24.00 price target on the stock, up previously from $18.00. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating and five have given a buy rating to the stock. The company presently has a consensus rating of “Hold” and a consensus price target of $19.69.
The stock has a 50-day moving average of $18.39 and a 200-day moving average of $16.92. The company has a market cap of $4.746 billion and a P/E ratio of 18.97.
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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