Boardwalk Pipeline Partners (BWP), which primarily provides natural gas and NGL (natural gas liquids) transportation and storage services, has risen 35.4% YTD (year-to-date). By comparison, BWP’s peers, EQT Midstream Partners (EQM), and Spectra Energy Partners (SEP) have fallen 0.3%, and 4.6%, respectively, while Williams Partners (WPZ) has risen 36.8%.
But BWP and most of its peers are still trading below their levels before the rout in energy prices. (For an in-depth analysis of EQT Midstream Partners, check out Why EQT Midstream Partners Is a Top Pick among MLPs.)
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The partnership has risen 83.2% since its February lows. At the same time, the Alerian MLP ETF (AMLP), which is made up of 26 midstream energy MLPs (master limited partnerships), has risen 58.2%.
BWP’s huge gains can be attributed to the slight recovery in crude oil and natural gas prices, its timely completion of organic projects, and its strong project backlog.
BWP is now trading 2.5% below its 50-day moving average and 5.2% above its 200-day moving average. Its 50-day moving average surpassed its 200-day moving average earlier in 2016, which could indicate a bullish sentiment toward BWP’s stock.
Boardwalk Pipeline’s 3Q16 adjusted EBITDA (earnings before interest, taxes, depreciation, and amortization) rose to $176.2 million from $161.2 million in 3Q15, which represents a YoY (year-over-year) rise of 9.3%.
In this series, we’ll analyze BWP’s balance position and cash flow measures. We’ll also discuss BWP’s operating results and examine its valuations, commodity price exposure, key performance indicators, and analyst projections.
Continue to the next part for a look at BWP’s potential production declines.