Boardwalk Pipeline Partners L.P. (NYSE:BWP) released its quarterly earnings results on Monday, July 31st. The pipeline company reported $0.28 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.29 by $0.01, MarketWatch Earnings reports. The firm had revenue of $317.60 million for the quarter, compared to analyst estimates of $315.12 million. Boardwalk Pipeline Partners L.P. had a net margin of 20.78% and a return on equity of 7.14%. Boardwalk Pipeline Partners L.P.’s revenue for the quarter was up 3.7% on a year-over-year basis. During the same period in the previous year, the business posted $0.26 earnings per share.
Shares of Boardwalk Pipeline Partners L.P. (BWP) traded up 0.4485% on Thursday, reaching $15.7001. 43,573 shares of the company’s stock traded hands. The company’s 50-day moving average is $17.22 and its 200-day moving average is $17.91. Boardwalk Pipeline Partners L.P. has a 52 week low of $15.48 and a 52 week high of $18.95. The firm has a market capitalization of $3.93 billion, a P/E ratio of 14.3906 and a beta of 0.76.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, August 17th. Shareholders of record on Thursday, August 10th will be issued a dividend of $0.10 per share. This represents a $0.40 annualized dividend and a yield of 2.56%. The ex-dividend date is Tuesday, August 8th. Boardwalk Pipeline Partners L.P.’s dividend payout ratio is currently 36.36%.
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A number of institutional investors have recently added to or reduced their stakes in the stock. Bank of America Corp DE boosted its position in Boardwalk Pipeline Partners L.P. by 10.6% in the first quarter. Bank of America Corp DE now owns 3,371,237 shares of the pipeline company’s stock valued at $61,728,000 after buying an additional 322,563 shares during the last quarter. Usca Ria LLC boosted its position in Boardwalk Pipeline Partners L.P. by 15.2% in the first quarter. Usca Ria LLC now owns 15,208 shares of the pipeline company’s stock valued at $278,000 after buying an additional 2,008 shares during the last quarter. Skandinaviska Enskilda Banken AB publ bought a new position in Boardwalk Pipeline Partners L.P. during the first quarter valued at approximately $3,988,000. Spirit of America Management Corp NY boosted its position in Boardwalk Pipeline Partners L.P. by 13.8% in the first quarter. Spirit of America Management Corp NY now owns 731,750 shares of the pipeline company’s stock valued at $13,398,000 after buying an additional 88,650 shares during the last quarter. Finally, Ameriprise Financial Inc. boosted its position in Boardwalk Pipeline Partners L.P. by 4.8% in the first quarter. Ameriprise Financial Inc. now owns 169,029 shares of the pipeline company’s stock valued at $3,095,000 after buying an additional 7,760 shares during the last quarter. Hedge funds and other institutional investors own 98.72% of the company’s stock.
A number of equities research analysts recently weighed in on the stock. ValuEngine lowered shares of Boardwalk Pipeline Partners L.P. from a “buy” rating to a “hold” rating in a report on Friday, June 2nd. Zacks Investment Research raised shares of Boardwalk Pipeline Partners L.P. from a “hold” rating to a “buy” rating and set a $20.00 price target for the company in a report on Monday, July 3rd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $21.00 price target on shares of Boardwalk Pipeline Partners L.P. in a report on Thursday, April 13th. Wells Fargo & Company reaffirmed an “outperform” rating and set a $35.00 price target on shares of Boardwalk Pipeline Partners L.P. in a report on Tuesday, May 9th. Finally, BidaskClub raised shares of Boardwalk Pipeline Partners L.P. from a “hold” rating to a “buy” rating in a report on Thursday, July 6th. One investment analyst has rated the stock with a sell rating, five have assigned a hold rating and one has assigned a buy rating to the company. Boardwalk Pipeline Partners L.P. presently has a consensus rating of “Hold” and an average price target of $22.75.
About Boardwalk Pipeline Partners L.P.
Boardwalk Pipeline Partners, LP is a limited partnership company. The Company’s business includes integrated natural gas and natural gas liquids, and other hydrocarbons (referred to together as NGLs) pipeline and storage systems. The Company is engaged in the operation of interstate natural gas and NGLs pipeline systems, and integrated storage facilities, including interstate natural gas pipeline systems located in the Gulf Coast region, Oklahoma, Arkansas and the Midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGLs pipelines and storage facilities in Louisiana and Texas.
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