Credit Suisse Analysts Begin Coverage on Boardwalk Pipeline Partners (BWP)
Equities researchers at Credit Suisse (NYSE: CS) assumed coverage on shares of Boardwalk Pipeline Partners (NYSE: BWP) in a report issued on Wednesday. The firm set an “outperform” rating and a $30.00 price target on the stock.
The analysts wrote, “We are reducing our price target on BWP by $3 to $30 based on our belief that investors will continue to demand more yield from BWP given its below average distribution growth outlook. We expect BWP to trade at roughly a 125 bp discount to the AMZ index and is likely to trade in a yield range 7%-7.5%. We believe BWP has 12-month total return potential of 13%-20% which keeps us at Outperform.”
Shares of Boardwalk Pipeline Partners remained flat at $27.66 during during mid-day trading trading on Wednesday. Boardwalk Pipeline Partners has a one year low of $23.54 and a one year high of $30.88. The company has a market cap of $5.747 billion and a P/E ratio of 28.31.
The company last announced its quarterly results on Monday, April 30th. It reported $0.43 earnings per share (EPS) for the previous quarter, meeting the Thomson Reuters consensus estimate of $0.43 EPS. The company’s quarterly revenue was up .6% on a year-over-year basis. On average, analysts predict that Boardwalk Pipeline Partners will post $0.28 earnings per share next quarter.
Other equities research analysts have also recently issued reports about the stock. Analysts at Global Hunter Securities initiated coverage on shares of Boardwalk Pipeline Partners in a research note to investors on Tuesday, April 17th. They set a “neutral” rating and a $26.00 price target on the stock. Separately, analysts at Deutsche Bank (NYSE: DB) initiated coverage on shares of Boardwalk Pipeline Partners in a research note to investors on Tuesday, February 14th. They set a “hold” rating on the stock. Finally, analysts at UBS AG (NYSE: UBS) reiterated a “neutral” rating on shares of Boardwalk Pipeline Partners in a research note to investors on Tuesday, February 7th.
Boardwalk Pipeline Partners, LP owns and operates the business conducted by Boardwalk Pipelines, LP (Boardwalk Pipelines) and its subsidiaries, Gulf Crossing Pipeline Company LLC (Gulf Crossing), Gulf South Pipeline Company, LP (Gulf South) and Texas Gas Transmission, LLC (Texas Gas).