- Boardwalk Pipeline Partners (BWP) -37.7% after declaring a $0.10/unit quarterly dividend, an 81% decrease from the prior dividend.
- Distributable cash flow of $139M for Q4 and $558M for FY 2013 represented respective decreases of 3% and 12% vs. 2012.
- Results were hurt by lower transportation revenues due to contract expirations and contract renewals and lower parking, lending and storage revenues due to decreased parking opportunities from a reduction in the level of and volatility in natural gas price spreads between time periods.
- The distribution cut prompts Credit Suisse to downgrade BWP to Underperform from Neutral with a $20 price target, down from $32.
- Loews (L), which owns 53% of BWP, is 3.8% lower; the company also released Q4 earnings.
Boardwalk Pipeline -37.7% as distributable cash flow drops, dividend cut
Feb 10 2014, 09:58 ET