Stocks: Boardwalk Pipeline Partners, LP (BWP) Stake Increased by Jennison Associates LLC

Stocks: Boardwalk Pipeline Partners, LP (BWP) Stake Increased by Jennison Associates LLC

Jennison Associates LLC boosted its stake in Boardwalk Pipeline Partners, LP (NYSE:BWP) by 3.3% during the first quarter, Holdings Channel reports. The fund owned 825,241 shares of the pipeline company’s stock after buying an additional 26,642 shares during the period. Jennison Associates LLC owned approximately 0.33% of Boardwalk Pipeline Partners, worth $15,110,000 as of its most recent filing with the SEC.

Several other large investors have also recently bought and sold shares of the company. Emerald Acquisition Ltd. purchased a new stake in Boardwalk Pipeline Partners, during the third quarter valued at about $10,729,000. Renaissance Technologies LLC raised its stake in Boardwalk Pipeline Partners, by 451.0% in the fourth quarter. Renaissance Technologies LLC now owns 420,995 shares of the pipeline company’s stock valued at $7,308,000 after buying an additional 344,595 shares during the last quarter. Russell Investments Group Ltd. purchased a new stake in Boardwalk Pipeline Partners, during the fourth quarter valued at about $8,992,000. Hsbc Holdings PLC raised its stake in Boardwalk Pipeline Partners, by 18.3% in the third quarter. Hsbc Holdings PLC now owns 970,000 shares of the pipeline company’s stock valued at $16,645,000 after buying an additional 150,000 shares during the last quarter. Finally, Alps Advisors Inc. purchased a new stake in Boardwalk Pipeline Partners, during the third quarter valued at about $135,669,000. 92.58% of the stock is currently owned by institutional investors and hedge funds.

Boardwalk Pipeline Partners, LP (NYSE:BWP) traded up 0.44% during midday trading on Friday, hitting $18.26. 17,967 shares of the stock traded hands. The company’s 50 day moving average is $18.12 and its 200-day moving average is $17.86. Boardwalk Pipeline Partners, LP has a one year low of $15.97 and a one year high of $18.95. The company has a market cap of $4.57 billion, a P/E ratio of 14.55 and a beta of 0.75.

Boardwalk Pipeline Partners, (NYSE:BWP) last released its quarterly earnings data on Monday, May 1st. The pipeline company reported $0.47 EPS for the quarter, topping analysts’ consensus estimates of $0.41 by $0.06. The firm had revenue of $367 million for the quarter, compared to the consensus estimate of $354.09 million. Boardwalk Pipeline Partners, had a net margin of 23.12% and a return on equity of 6.81%. The firm’s revenue was up 6.4% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.40 earnings per share. On average, equities research analysts forecast that Boardwalk Pipeline Partners, LP will post $1.35 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, May 18th. Investors of record on Thursday, May 11th will be issued a dividend of $0.10 per share. This represents a $0.40 dividend on an annualized basis and a yield of 2.20%. The ex-dividend date is Tuesday, May 9th. Boardwalk Pipeline Partners,’s dividend payout ratio is currently 33.33%.

Several equities research analysts have recently issued reports on BWP shares. Zacks Investment Research lowered shares of Boardwalk Pipeline Partners, from a “hold” rating to a “sell” rating in a research note on Monday, January 30th. TheStreet raised shares of Boardwalk Pipeline Partners, from a “c+” rating to a “b-” rating in a research note on Thursday, March 9th. Royal Bank of Canada reissued an “outperform” rating and set a $21.00 target price (up from $19.00) on shares of Boardwalk Pipeline Partners, in a research note on Tuesday, February 7th. Finally, Wells Fargo & Co reissued an “outperform” rating and set a $35.00 target price on shares of Boardwalk Pipeline Partners, in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and three have issued a buy rating to the company. Boardwalk Pipeline Partners, has an average rating of “Hold” and an average price target of $21.29.

About Boardwalk Pipeline Partners,

Boardwalk Pipeline Partners, LP is a limited partnership company. The Company’s business includes integrated natural gas and natural gas liquids, and other hydrocarbons (referred to together as NGLs) pipeline and storage systems. The Company is engaged in the operation of interstate natural gas and NGLs pipeline systems, and integrated storage facilities, including interstate natural gas pipeline systems located in the Gulf Coast region, Oklahoma, Arkansas and the Midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGLs pipelines and storage facilities in Louisiana and Texas.

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