Market Perform - Price 20.90 on April 28
by Morgan Keegan

BWP's 1Q results missed our estimates, as pipeline-integrity issues were discovered on all of BWP's recently completed expansion projects. BWP estimated that [earnings before interest, taxes, depreciation and amortization] was impacted by $12 million during 1Q for the anomalies....BWP reported Ebitda of $125.2 million versus our estimate of $157 million and consensus $154.9 million. [Discounted cash flow per unit] came in at 50 cents a unit, well below our [estimate of] 67 cents and consensus 65 cents. We are cutting our DCF/unit estimates for 2009 by 54 cents/unit to $2.10, and our Ebitda estimate by $96 million to $588 million, due to the uncertainty over when BWP can fully ramp up its expansion projects... .Downgrading to Market Perform (from Outperform). Market cap: $3.7 billion.

Good yield, fairly large and stable company?

Outperform - Price 20.48 on Oct. 28
by Morgan Keegan

BWP missed estimates after backing out a $36 million one-time gain from a disposal of assets...[so earnings before interest, taxes, depreciation and amortization] came in at $80 million, well below...consensus $102 million. Adding back the item, discounted-cash-flow per unit came in at 68 cents/unit, well above...consensus 43 cents. We're trimming our '08 estimated Ebitda by $23 million to $456 million. Parent Loews (L) said it would provide BWP with equity capital of up to $1 billion needed to complete BWP's pipeline-construction projects. With a current yield over 9%...we maintain Outperform rating. Market cap: $3.2 billion.

PE of 7, a PEG of 1.23, and it pays a yield of 11%.

Boardwalk, of Owensboro, Ky. -- which has the lowest ratio of long-term debt to capital among Glickenhaus' picks (38%) -- owns natural-gas storage fields and operates two gas pipelines in the Southeastern U.S. At its recent quote around 16, Boardwalk looks reasonably priced, at an enterprise value (debt plus equity) of 11 times earnings before interest, taxes, depreciation and amortization -- near the Alerian index's average.

Jim Cramer's take: www.thestreet.com/cramerstake/BWP.html

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