- Today was a disaster for Boardwalk Pipeline Partners (BWP), -46% on the day after cutting its distribution by more than 80%; the good news is that Wall Street does not seem too concerned about a spillover into peers and competitors, at least not yet.
- Most of the high-yield MLPs held up well, though one exception was El Paso Pipeline Partners (EPB), whose emphasis in natural gas pipelines and terminating caused it to slide in sympathy with BWP.
- In its downgrade to Underperform from Neutral with a reduced price target of $20/unit, Credit Suisse says the MLP's assets are primarily located along Gulf Coast regions where drilling activity and production have been in decline due to lower natural gas prices; storage margins also have dropped due to tighter differentials across natural gas trading hubs.
- ETFs: AMJ, AMLP, KYN.
at CNBC.com (Nov 3, 2014)