Will This Upgrade Help Boardwalk Pipeline Partners (BWP) Stock Today?

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.

Must Read: Warren Buffett's 10 Favorite Growth Stocks

STOCKS TO BUY: TheStreet Quant Ratings has identified a handful of stocks that can potentially TRIPLE in the next 12 months. Learn more.

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."

If you liked this article you might like

This Is One Boardwalk You'll Want to Avoid

Corning, Hasbro, Procter & Gamble: 'Mad Money' Lightning Round

Measure the Meaning of This Rally: Cramer's 'Mad Money' Recap (Tues 8/22/17)

Analysts' Actions -- Boeing, Blueprint Medicines, Rockwell Collins, Johnson Controls and More

Will Boardwalk Pipeline (BWP) Stock Be Helped by Q2 Beat?