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Boardwalk Pipeline Partners, LP Message Board

  • gpd8252 gpd8252 Feb 21, 2013 8:18 AM Flag

    Concern for the future

    My concern is contained in the following statement from BWP's 10-K. Primarily the last line. Generally, a stock will trade down in anticipation of a dividend cut, all the while company officials will be telling people not to worry. Once the stock bottoms, then the CEO announces the dividend cut. The future cut is being telegraphed right now. In the words of John D Rockefeller, "More money has been lost chasing dividends than any other reason ".

    "The amount of contracted transportation capacity which will expire in 2013 is greater than in recent years. In light of the market conditions discussed above, we expect that transportation contracts we renew or enter into in 2013 will be at lower rates than our expiring contracts. Remaining available capacity will be marketed and sold on a short-term firm or interruptible basis, which will also be at lower rates, based on current market conditions. We expect that these circumstances will negatively affect our transportation revenues, EBITDA and distributable cash flows in 2013. "

    Sentiment: Sell

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