Boardwalk Pipeline 3Q Below Estimates, Citigroup Reports

Boardwalk Pipeline Partners'

3Q adjusted EBITDA of $147.3 million was below “both our estimate of $164.2 million and the consensus of $157.3 million,” Citigroup reports. Narrow nat gas basis differentials have continued to pressure transportation results. Distributable cash flow of $86.8 million provided 0.87x coverage. DPU was raised by $0.005 to $0.515/unit ($2.06 annually), up 4% YOY. Boardwalk Pipeline Partners currently trades at $33.46.