Boardwalk Pipeline Partners LP

Seadrill Partners (SDLP) was the top MLP gainer in the week ending July 6. Seadrill Partners rallied 12.1%.

Sprague Resources (SRLP) was the top MLP loss in the week ending June 15. Sprague Resources fell 8.9% last week.

Boardwalk Pipeline Partners, a midstream MLP mainly involved in natural gas and natural gas liquids transportation, saw a new all-time low recently.

In this series, we’ll look into ten midstream players’ market performances, upside potentials, valuations, and analyst recommendations.

Based on its recent quarter distribution, Williams Partners is trading at a distribution yield of 6.5%.

The yield spread between the Alerian MLP Index (^AMZ) and the ten-year Treasury has widened due to the recent correction.

Boardwalk Pipeline Partners has lost 24.2% since the beginning of this year.

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.

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.

In this series, we’ll look at the MLPs that have the highest correlations with natural gas amid the volatility in natural gas prices.

Sanchez Production Partners (SNMP), the midstream MLP involved mainly in natural gas gathering, compression, and processing, was the biggest MLP loser last week.

Neuberger Berman and Tortoise Capital Advisors unloaded major positions in Spectra Energy Partners (SEP), the MLP now owned by Enbridge (ENB), in 2Q17.

Boardwalk Pipeline Partners (BWP) announced its quarterly earnings on July 31, 2017.

Boardwalk Pipeline Partners’ distribution has remained flat at $0.20 per unit since its distribution cut.

Boardwalk Pipeline Partners’ (BWP) distributable cash flow rose to $176.1 million in 1Q17, compared with to $160.1 million in 1Q16.

Boardwalk Pipeline Partners (BWP) expects to spend $1.1 billion on expansion projects during the 2017–2019 period.

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 (WPZ) has announced the sale of its Geismar Olefins Plant to Nova Chemical for $2.1 billion.

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.

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).

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.

In the past three months, EnLink Midstream has risen 8.9%, while its short-interest-to-equity-float ratio has risen 30.9%.

Boardwalk Pipeline’s net-debt-to-adjusted EBITDA multiple stood at 4.5x at the end of 3Q16.

Boardwalk Pipeline Partners (BWP) is scheduled to release its 4Q16 earnings on February 6, 2017.

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.

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 […]

Boardwalk Pipeline Partners has risen 30.3% since the beginning of 2016. At the same time, the Alerian MLP ETF has risen 4.0%.

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.

The correlation between BWP’s stock price and crude oil (USO) resulted in a correlation coefficient of 0.46 over the past year.

Boardwalk Pipeline Partners (BWP) has the lowest distribution yield of 2.4% among the selected peers.

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.

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.

According to Boardwalk Pipeline Partners’s (BWP) investor presentation, it expects US natural gas production to increase 23% in the next five years.

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.

Boardwalk Pipeline Partners (BWP) generates 92% of its revenue from firm contracts. The remaining 8% of revenue comes from interruptible contracts.

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 (NGL) short interest as a percentage of float has moved dramatically since the beginning of 2016.

NGL Energy Partners (NGL) recently decided to cut its distribution by 39%.

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.

NuStar Energy’s (NS) short interest as a percentage of float, or short ratio, has changed dramatically since the beginning of 2016.

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.

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.

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.

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 release is scheduled for May 2. Wall Street analysts’ consensus 1Q16 EBITDA estimate for Boardwalk Pipeline is $215 million.

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%.

Boardwalk Pipeline Partners (BWP) generates 91% of its revenue from firm contracts.

Boardwalk Pipeline’s low correlation with natural gas reflects its fee-based revenue from firm contracts.

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 (KMI) decided to slash its quarterly dividend by 75% in the 2016 outlook it released few days ago.

MPLX LP currently trades at a forward distribution yield of 4.9%. This is higher than its three-year average yield of 3.6%.

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.

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.

Kinder Morgan’s project backlog fell to $21.3 billion by the end of 3Q15, a quarter-over-quarter fall of $700 million.

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.

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 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.

Crestwood Midstream Partners (CMLP) was the biggest gainer among midstream MLPs at the end of trading on Tuesday, June 23.

Western Gas Partners increased its cash distribution from $0.16 per unit in August 2008 to $0.72 per unit in April 2015.

For the quarter, the Atlantic-Gulf segment’s adjusted EBITDA increased by 25.9% to $335 million—compared to $266 million for 1Q14.

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 Natural Gas Liquid Pipelines & Services segment involves natural gas processing plants and NGL marketing activities.

EPD’s natural gas processing subsegment has been declining since 2013 due to low natural gas prices in 2013 and 2014.

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.”

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%.

Adjusted earnings per unit fell short of estimates in many past quarters. Between 3Q12 and 4Q14, the company’s adjusted earnings decreased by 7%.

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.

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%.

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?

Revenues in the Natural Gas Services segment increased 22% to $3.16 billion in 2014, from $2.59 billion in 2013.

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%.

In the past 12 quarters since 1Q12, Sunoco Logistics’ distribution per unit increased 87% to $0.40 per unit in 4Q14.

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.

MPLX shows the steepest fall in its EV/EBITDA, indicating expectations for the strongest EBITDA growth among its peers here.

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.

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.

Generally, most of the midstream companies enter into contracts with the producers of natural gas, such as Chesapeake Energy (CHK) or Range Resources (RRC).

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.

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.

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.

On February 10, 2014, Boardwalk Pipeline Partners (BWP) announced 4Q13 and FY2013 results. The company reported 4Q13 adjusted EBITDA of $129.6 million.

The amount of revenue garnered with capacity reservation charges under firm transportation agreements was $45 million lower than during 2012.

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 (BWP) is a master limited partnership that provides transportation, storage, gathering, and processing services for natural gas and natural gas liquids.