Boston, MA 03/24/2014 (wallstreetpr) – Boardwalk Pipeline Partners, LP (NYSE:BWP) shares were the subject of a large growth in short interest in January, growing by as much as 50.6% to clock in at a high of 2.88 million shares as of February 28. Analysts are currently of the opinion, that 1.2% of the company’s stock is short sold. Boardwalk’s short interest ratio currently stands at 1.1, based on average traded volume of 2,622,264 shares.
Boardwalk Pipeline rating in the market
Analysts at Ladenburg-Thalman have recently weighed into the company’s stock consequently reducing their share price target from a high of $36 to a low of $20, they now have a “Buy” rating. Analysts at Citigroup Inc. (NYSE:C) on the other hand have upgraded Boardwalk’s stock from a “neutral” rating to a “buy” with analysts at Janney Montgomery maintaining a “neutral” rating separately.
Five research equity firms currently have a “Sell” rating on Boardwalk Pipeline Partners, LP (NYSE:BWP)’s stock with four separately issuing a “Hold” rating, two on the other hand have a “Buy” rating. Boardwalk’s consensus average rating in the market stands at a “Hold” with an average price target of $22.28.
Boardwalk has significantly cut its distribution, something that is sure to give it the much needed financial flexibility to focus on its core operations. Having reduced its distribution by $0.4, Boardwalk is set to have up to $420 million in savings this year.
Boardwalk’s recent earnings
Boardwalk Pipeline Partners, LP (NYSE:BWP) last reported its earnings on February 10, 2014, which were not impressive compared to consensus estimates. The company’s earnings per share fell short of consensus estimates coming in at $0.08 a decline of $0.23 compared to estimates of $0.31.
Boardwalk’s revenue for the quarter came in at $312.90 million, a drop compared to consensus estimates of $323.28 million. Its revenue on the other hand was 3.9% down on a year over year basis.
Boardwalk Pipeline Partners, LP (NYSE:BWP) was up on Friday trading session closing the week at a high of $13.32 after going up by 2.30%.
