Why Boardwalk Pipeline Partners (BWP) Plummeted to a One-Year Low Today (Update)

Update (5:30 p.m.): Updated with closing price, one-year low price and volume.

NEW YORK (TheStreet) -- Boardwalk Pipeline Partners  (BWP) shares plummeted 45.99% to $13.01, an $11.08 decline from its previous close of $24.09, at the close of the trading day on Monday after the energy company reported a 78% decrease in net income attributable to controlling interests in its fourth-quarter report.

The stock plunged to a one-year low of $12.79 on Monday and had a volume of 43,104,169, more than 65 times its average of 655,777.

The company noted a drop to $19.5 million to from $90.1 million in the same quarter one year earlier. Net income per unit also declined to eight cents a share from 38 cents a share in the same period one year earlier. Boardwalk also announced that it had cut its quarterly cash distribution by more than 80% to 10 cents a share.

Credit Suisse downgraded Boardwalk Pipeline to "underperform" from "neutral," lowering its target price to $20.

TheStreet Ratings team rates BOARDWALK PIPELINE PRTNRS-LP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate BOARDWALK PIPELINE PRTNRS-LP (BWP) a HOLD. The primary factors that have impacted our rating are mixed ? some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, reasonable valuation levels and expanding profit margins. However, as a counter to these strengths, we also find weaknesses including a generally disappointing performance in the stock itself, disappointing return on equity and weak operating cash flow."

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