NEW YORK (TheStreet) -- Boardwalk Pipeline Partners (BWP) shares were upgraded to "overweight" from "underweight" by analysts at JP Morgan (JPMQL).
Shares are up 2.6% to $15.43 in pre-market trading on Thursday.
The firm raised the price target for the company to $18 from $14.
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The upgrade was based on their assessment of the natural gas pipeline operator's Ohio to Louisiana Access Project offering new opportunities.
"We upgrade Boardwalk Pipeline Partners to Overweight from Underweight after updating our model to reflect industry reports of a successful binding open season for the Ohio to Louisiana Access Project and emerging opportunities to repurpose underutilized pipeline capacity for north to south service," analysts said.
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. Among the primary strengths of the company is its expanding profit margins over time. At the same time, however, we also find weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and deteriorating net income."