Boardwalk Pipeline -37.7% as distributable cash flow drops, dividend cut

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.

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