Boardwalk Pipeline trades lower on Barclays downgrade

• Boardwalk Pipeline (BWP -1.7%) is downgraded to Underweight with a $27 price target, from $32, at Barclays.
• The firm thinks it would be difficult for BWP to put on more debt in a declining EBITDA environment when its debt-to-EBITDA metric is already ~4.5x.
• The incremental contribution from projects currently underway will only partially offset the impact of the structural shift underway in the natural gas transportation pipeline and storage backdrop, the firm adds.