Boardwalk Pipeline Partners: Now A Value Play?

On the 10th of February, Boardwalk Pipeline Partners, LP (NYSE:BWP) collapsed 42% after the partnership slashed its quarterly distribution from $0.53 to $0.10. For investors, this move came as a surprise and removed one of the main attractions of Boardwalk’s MLP structure; the previously promised 8.8% dividend yield. Boardwalk Pipeline struggling in natural gas markets Still, in the long-term, this decision by Boardwalk’s management and general partner, Loews Corporation (NYSE:L) makes sense. Boardwalk has been grappling with sliding revenue and volatile natural gas markets for some time now. As a result, cash flows have shrunk and become unpredictable, which has ultimately put…