Boardwalk Pipeline Partners LP
Best-Performing MLPs in the Week Ending July 6
Seadrill Partners (SDLP) was the top MLP gainer in the week ending July 6. Seadrill Partners rallied 12.1%.
Top MLP Losses in the Week Ending June 15
Sprague Resources (SRLP) was the top MLP loss in the week ending June 15. Sprague Resources fell 8.9% last week.
At Its All-Time Low, BWP Offers Maximum Upside Potential
Boardwalk Pipeline Partners, a midstream MLP mainly involved in natural gas and natural gas liquids transportation, saw a new all-time low recently.
These Top Midstream Companies Offer Maximum Upside Potential
In this series, we’ll look into ten midstream players’ market performances, upside potentials, valuations, and analyst recommendations.
Can WPZ Meet Its Distribution Growth Targets for 2018?
Based on its recent quarter distribution, Williams Partners is trading at a distribution yield of 6.5%.
The MLP-Treasury Yield Spread Widens
The yield spread between the Alerian MLP Index (^AMZ) and the ten-year Treasury has widened due to the recent correction.
Can Boardwalk Pipeline Partners Generate Strong Returns?
Boardwalk Pipeline Partners has lost 24.2% since the beginning of this year.
These 10 MLPs Offer a Maximum Upside from Current Levels
So far in 2017, most MLPs are trading in negative territory despite strong crude oil prices. The Alerian MLP ETF (AMLP), which comprises 25 energy MLPs, has lost 16.3% year-to-date.
How BWP Correlates with Natural Gas
Boardwalk Pipeline Partners (BWP), a midstream MLP mainly involved in natural gas and NGLs transportation and storage, ranks second among MLPs in terms of correlation with natural gas.
These MLPs Have the Highest Correlations with Natural Gas
In this series, we’ll look at the MLPs that have the highest correlations with natural gas amid the volatility in natural gas prices.
Last Week’s Biggest MLP Losers
Sanchez Production Partners (SNMP), the midstream MLP involved mainly in natural gas gathering, compression, and processing, was the biggest MLP loser last week.
Institutional Activity in Spectra Energy Partners in 2Q17
Neuberger Berman and Tortoise Capital Advisors unloaded major positions in Spectra Energy Partners (SEP), the MLP now owned by Enbridge (ENB), in 2Q17.
Why Boardwalk Pipeline Saw Rating Downgrades
Boardwalk Pipeline Partners (BWP) announced its quarterly earnings on July 31, 2017.
Why Boardwalk Pipeline Partners Stock Is Weak before Its 2Q17 Results
Boardwalk Pipeline Partners’ distribution has remained flat at $0.20 per unit since its distribution cut.
How Boardwalk Pipeline Partners Is Growing Cash Flow
Boardwalk Pipeline Partners’ (BWP) distributable cash flow rose to $176.1 million in 1Q17, compared with to $160.1 million in 1Q16.
Behind Boardwalk Pipeline Partners’ Expansion Plans
Boardwalk Pipeline Partners (BWP) expects to spend $1.1 billion on expansion projects during the 2017–2019 period.
What’s Driving Boardwalk Pipeline’s Recent Market Performance?
Boardwalk Pipeline Partners, a midstream MLP mainly involved in natural gas and NGL transportation and storage, is among Credit Suisse’s top MLP picks.
Williams Partners to Sell Geismar Olefins Plant for $2.1 Billion
Williams Partners (WPZ) has announced the sale of its Geismar Olefins Plant to Nova Chemical for $2.1 billion.
How WPZ Benefits from Strong Marcellus Drilling Activity
According to the recent rigs report published by Baker Hughes (BHI), the region’s rig count had risen to 41 as of March 10, 2017, compared to its all-time low of 21 in August 2016.
These Midstream Stocks Have the Highest Short Interest
On March 13, EnLink Midstream had a short-interest-to-equity float ratio of 10.1%—the highest among the midstream stocks in the Alerian MLP ETF (AMLP).
These Midstream Stocks Lead in Short Interest
On March 6, EnLink Midstream Partners had a short-interest-to-equity float ratio of 10.1%—the highest among the midstream companies in AMLP.
Bearish Midstream Stocks: Do You Own Them?
In the past three months, EnLink Midstream has risen 8.9%, while its short-interest-to-equity-float ratio has risen 30.9%.
What to Look for in Boardwalk Pipeline’s 4Q16 Earnings
Boardwalk Pipeline’s net-debt-to-adjusted EBITDA multiple stood at 4.5x at the end of 3Q16.
What Will Drive Boardwalk Pipeline Partners’ 4Q16 EBITDA?
Boardwalk Pipeline Partners (BWP) is scheduled to release its 4Q16 earnings on February 6, 2017.
How Changing Energy Demand Impacts MLPs’ Throughput Volumes
US natural gas demand is expected to rise in the coming years, driven by increased consumption by power utilities, industries, and liquefied natural gas exports.
Which Segment Will Drive DCP Midstream’s 3Q16 Performance?
Natural Gas Services DCP Midstream Partners’ (DPM) Natural Gas Services segment mainly provides natural gas gathering, processing, compression, and transportation services. Natural Gas Services is DPM’s largest business segment. It alone accounted for 63.8% of DPM’s 2Q16 adjusted EBITDA (earnings before interest, tax, depreciation, and amortization). The segment’s 3Q16 earnings could be negatively impacted by […]
What Boardwalk Pipeline’s Valuation Indicates ahead of 3Q Results
Boardwalk Pipeline Partners has risen 30.3% since the beginning of 2016. At the same time, the Alerian MLP ETF has risen 4.0%.
An Analysis of Crestwood Equity’s Cash Flow Measures
Crestwood Equity’s 2Q16 adjusted earnings before interest, tax, depreciation, and amortization fell 20.0% year-over-year to $106.5 million from $133.1 million in 2Q15.
Boardwalk Pipeline’s Commodity Price Exposure: Key for Investors
The correlation between BWP’s stock price and crude oil (USO) resulted in a correlation coefficient of 0.46 over the past year.
Where Does Boardwalk Pipeline Stand Compared to Its Peers?
Boardwalk Pipeline Partners (BWP) has the lowest distribution yield of 2.4% among the selected peers.
What Does Boardwalk Pipeline’s Current Valuation Say?
Boardwalk Pipeline Partners (BWP) is currently trading at a price-to-distributable cash flow of 8.8x. The partnership is trading slightly above the ten quarters’ historical average of 8.5x.
How BWP Benefits from Strong Natural Gas Demand Growth
According to the recent Short-Term Energy Outlook report by the EIA, natural gas consumption is expected to increase to 76.6 billion cubic feet per day in 2016 and 77.8 Bcfpd in 2017.
How BWP is Positioned to Benefit from Natural Gas Supply Growth
According to Boardwalk Pipeline Partners’s (BWP) investor presentation, it expects US natural gas production to increase 23% in the next five years.
How Boardwalk Pipeline’s Stock Performed So Far in 2016
Boardwalk Pipeline Partners (BWP), which mainly provides natural gas and natural gas liquids transportation and storage services, has gained 32.1% year-to-date. BWP is still trading 27.2% lower compared to the levels before the distribution cuts.
What to Look for in Boardwalk Pipeline’s 2Q16 Earnings
Boardwalk Pipeline Partners (BWP) generates 92% of its revenue from firm contracts. The remaining 8% of revenue comes from interruptible contracts.
Buckeye Partners’ Commodity Price Exposure: Key for Investors
The earnings of midstream companies, including larger ones such as Buckeye Partners, aren’t believed to have much direct commodity price exposure.
NGL Energy’s Short Interest is on Par With the Industry Average
NGL Energy’s (NGL) short interest as a percentage of float has moved dramatically since the beginning of 2016.
Could NGL Energy Resume Distribution Growth in Three Quarters?
NGL Energy Partners (NGL) recently decided to cut its distribution by 39%.
What Does Cheniere Energy’s Current Leverage Indicate?
Cheniere Energy’s (LNG) total outstanding debt at the end of first quarter of 2016 was $16.3 billion. That’s $4.2 billion higher than the total debt outstanding in 1Q15.
How Does NuStar Energy’s Short Ratio Compare?
NuStar Energy’s (NS) short interest as a percentage of float, or short ratio, has changed dramatically since the beginning of 2016.
What Analysts Recommend for Williams Partners
On a broad level, 53.9% of analysts rate Williams Partners as a “buy” and the remaining 46.2% rate it as a “hold.” The MLP has no sell recommendations.
Why Boardwalk Pipeline Partners Has High Counterparty Exposure
Six of Boardwalk Pipeline’s 50 customers don’t carry an investment-grade rating. This represents ~17% of the partnership’s $1 billion in revenue.
How Do EQT Midstream and Boardwalk Stand Compared to Peers?
EQT Midstream’s forward EV-to-EBITDA multiple of 11.3x is lower than the peer average of 11.9x. Its leverage of 1.3x is the lowest among the peer group.
A Look at BWP’s Credit Exposure following Its 1Q16 Earnings
BWP has returned 26.6% since the beginning of 2016. Spectra Energy Partners, Cone Midstream Partners, and TC Pipelines have returned 4.4%, 44.4%, and 10.5%.
Boardwalk Pipeline’s 1Q16 Earnings: What Do Analysts Expect?
Boardwalk Pipeline’s 1Q16 earnings release is scheduled for May 2. Wall Street analysts’ consensus 1Q16 EBITDA estimate for Boardwalk Pipeline is $215 million.
Vanguard Natural Resources’ 2016 Capex to Decline by 45%: Why?
Vanguard Natural Resources’ (VNR) distributable cash flow fell to $164.3 million in 2015 from $214.8 million in 2014, a decline of 23.5%.
What’s Boardwalk Pipeline Partners’ Revenue Mix?
Boardwalk Pipeline Partners (BWP) generates 91% of its revenue from firm contracts.
Why BWP’s Commodity Price Exposure Is Key for Investors
Boardwalk Pipeline’s low correlation with natural gas reflects its fee-based revenue from firm contracts.
EnLink Midstream’s 4Q15 EBITDA Estimates: Key for Investors?
EnLink Midstream Partners (ENLK) is expected to release its 4Q15 earnings on February 17, 2016. In this series, we’ll cover 4Q15 estimates, segment earnings, performance, and recommendations.
Kinder Morgan Lowered Its Project Backlog by $3.1 Billion
Kinder Morgan (KMI) decided to slash its quarterly dividend by 75% in the 2016 outlook it released few days ago.
MPLX Is Trading at a Higher Yield Compared to Historical Average
MPLX LP currently trades at a forward distribution yield of 4.9%. This is higher than its three-year average yield of 3.6%.
Will ONEOK Partners Miss 3Q15 Consensus Revenue Estimates Again?
The consensus revenue estimate for ONEOK Partners (OKS) for the third quarter of 2015 is $2.6 billion. OKS missed revenue estimates by 23% in the second quarter of 2015.
ONEOK Partners: 2015 Returns Exceed MLP Average
In this series, we’ll take a look at ONEOK Partners’ revenue and EBITDA estimates for 3Q15 before its anticipated earnings release on November 3, 2015.
Why Kinder Morgan’s Project Backlog Fell in 3Q15 versus 2Q15
Kinder Morgan’s project backlog fell to $21.3 billion by the end of 3Q15, a quarter-over-quarter fall of $700 million.
Why Linn Energy and Memorial Production Fell on Friday
Linn Energy (LINE) and Memorial Production Partners (MEMP) lost 12.80% and 11.14% of their equity value in a single trading session on Friday.
ONEOK Partners in 2Q15: Unit Sale Intended to Reduce Leverage
In the second quarter of 2015, OKS issued ~5.5 million common units through its at-the-market program. In 1Q15, ONEOK Partners issued ~1.7 million common units through this program.
Midcoast Energy: Top Midstream MLP Gainer on Tuesday, August 11
Midcoast Energy Partners (MEP) was the top gainer among midstream MLPs at the end of trading on August 11. It rose 6.48% in a single trading session.
June 23’s MLP Gainers: Crestwood Midstream and Targa Resources
Crestwood Midstream Partners (CMLP) was the biggest gainer among midstream MLPs at the end of trading on Tuesday, June 23.
Western Gas Partners Reports Higher Cash Distribution in 1Q15
Western Gas Partners increased its cash distribution from $0.16 per unit in August 2008 to $0.72 per unit in April 2015.
Analyzing How Williams Partners’ Segments Performed in 1Q15
For the quarter, the Atlantic-Gulf segment’s adjusted EBITDA increased by 25.9% to $335 million—compared to $266 million for 1Q14.
Why NGL Fractionation Is an Important Subsegment for EPD
Fractionation is the process through which mixed natural resources are separated into pure form that can be taken up by the end users.
EPD’s Most Profitable Segment: NGL Pipelines & Services
EPD’s Natural Gas Liquid Pipelines & Services segment involves natural gas processing plants and NGL marketing activities.
EPD’s Natural Gas Liquids Pipeline Segment Shows Marginal Increase
EPD’s natural gas processing subsegment has been declining since 2013 due to low natural gas prices in 2013 and 2014.
Wall Street Analysts’ Calls on Boardwalk Pipeline Stock
Looking at Wall Street analysts’ calls on Boardwalk Pipeline stock, 64% of analysts rate it a “buy,” 27% rate it a “hold,” and 9% rate it a “sell.”
One-Year Unit Price Increases 15% for Boardwalk Pipeline
Boardwalk Pipeline Partners’ (BWP) unit price increased 15% in the past one year, while Sunoco Logistics’ (SXL) fell 5% and DCP Midstream Partners’ (DPM) dropped 27%.
Enbridge Energy Partners 4Q14 Earnings Fall Short of Estimates
Adjusted earnings per unit fell short of estimates in many past quarters. Between 3Q12 and 4Q14, the company’s adjusted earnings decreased by 7%.
How Does DCP Midstream’s Valuation Compare to Its Peers?
DCP Midstream’s valuation when compared to its peers shows DCP Midstream’s projected EV-EBITDA multiple of 10.4 is at par with its peers’ average.
DCP Midstream’s Distribution and Coverage
In the past 12 quarters, since 1Q12, DCP Midstream’s distribution per unit increased 18% to $0.78 per unit in 4Q14. Since 4Q13, distribution increased 6%.
DCP Midstream’s Market Performance Below Par in 2014
There’s a variety of issues that have affected DCP Midstream’s operations and performance. How much have they affected DCP Midstream’s market performance?
DCP Midstream’s Natural Gas Services Shows Improved Performance
Revenues in the Natural Gas Services segment increased 22% to $3.16 billion in 2014, from $2.59 billion in 2013.
DCP Midstream Partners and Its Three Operating Segments
Unit price for DCP Midstream decreased 24% in the past year. The fall is particularly sharp since the end of October when its unit price crashed 32%.
Sunoco Logistics’ Distribution and Coverage
In the past 12 quarters since 1Q12, Sunoco Logistics’ distribution per unit increased 87% to $0.40 per unit in 4Q14.
An Overview of Sunoco Logistics Partners
Sunoco Logistics Partners (SXL) is an energy midstream master limited partnership. It operates crude oil, natural gas, refined products, and natural gas liquids pipeline and terminal assets.
Key comparison between MPLX and its peers
MPLX shows the steepest fall in its EV/EBITDA, indicating expectations for the strongest EBITDA growth among its peers here.
Why midstream companies could profit from LNG exports
So, by the time any other facilities come online, Cheniere’s facilities will already be in place. And, Cheniere is likely to enjoy its front-of-the-line advantage for a little while longer.
Magnetar Capital exits position in Boardwalk Pipeline Partners
Boardwalk Pipeline owns ~14,000 miles of natural gas and natural gas liquids (NGL) pipelines, as well as underground caverns for natural gas and NGL storage.
Why gas production and price impact midstream energy suppliers
Generally, most of the midstream companies enter into contracts with the producers of natural gas, such as Chesapeake Energy (CHK) or Range Resources (RRC).
NuStar’s Fuels Marketing segment benefits from asphalt sale-off
Following the sale of the remaining 50% ownership interest in asphalt JV to Lindsay Goldberg in February 2014, NuStar is on course to improve its margin from the Fuels Marketing segment.
A must-know introduction to NuStar Energy and its assets
On April 24, 2014, NuStar Energy, a master limited partnership operating in the midstream energy space, presented its earnings for the first quarter of 2014.
Oasis Petroleum—small cap growth investors’ oasis?
This article considers the prospects for small cap growth shares such as OAS within the context of the Fed’s dovish March 31 commentary, which has continued to support the equity market.
Boardwalk Pipeline Partners: 2014 guidance and 2013 results
On February 10, 2014, Boardwalk Pipeline Partners (BWP) announced 4Q13 and FY2013 results. The company reported 4Q13 adjusted EBITDA of $129.6 million.
Why greater natural gas production has actually hurt Boardwalk
The amount of revenue garnered with capacity reservation charges under firm transportation agreements was $45 million lower than during 2012.
Why did Boardwalk Pipeline Partners cut its distribution?
To give some brief context, Boardwalk Pipeline Partners is a master limited partnership, a special type of entity exempt from corporate taxes.
Boardwalk Pipeline Partners: An investor’s must-know overview
Boardwalk Pipeline Partners (BWP) is a master limited partnership that provides transportation, storage, gathering, and processing services for natural gas and natural gas liquids.