Boardwalk Pipeline Partners L.P. (NYSE: BWP) and Antero Midstream Partners (NYSE:AM) are both mid-cap oils/energy companies, but which is the superior investment? We will contrast the two companies based on the strength of their analyst recommendations, profitabiliy, risk, institutional ownership, dividends, valuation and earnings.

Valuation & Earnings

This table compares Boardwalk Pipeline Partners L.P. and Antero Midstream Partners’ gross revenue, earnings per share (EPS) and valuation.

Gross Revenue Price/Sales Ratio EBITDA Earnings Per Share Price/Earnings Ratio
Boardwalk Pipeline Partners L.P. $1.33 billion 3.29 $823.80 million $1.27 13.76
Antero Midstream Partners $625.05 million 9.64 $409.52 million $1.36 23.84

Boardwalk Pipeline Partners L.P. has higher revenue and earnings than Antero Midstream Partners. Boardwalk Pipeline Partners L.P. is trading at a lower price-to-earnings ratio than Antero Midstream Partners, indicating that it is currently the more affordable of the two stocks.

Volatility & Risk

Boardwalk Pipeline Partners L.P. has a beta of 0.8, indicating that its share price is 20% less volatile than the S&P 500. Comparatively, Antero Midstream Partners has a beta of 1.96, indicating that its share price is 96% more volatile than the S&P 500.

Institutional & Insider Ownership

99.1% of Boardwalk Pipeline Partners L.P. shares are held by institutional investors. Comparatively, 46.6% of Antero Midstream Partners shares are held by institutional investors. 7.9% of Antero Midstream Partners shares are held by insiders. Strong institutional ownership is an indication that hedge funds, large money managers and endowments believe a stock is poised for long-term growth.

Analyst Recommendations

This is a breakdown of current ratings and price targets for Boardwalk Pipeline Partners L.P. and Antero Midstream Partners, as provided by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score
Boardwalk Pipeline Partners L.P. 1 3 2 0 2.17
Antero Midstream Partners 0 0 12 0 3.00

Boardwalk Pipeline Partners L.P. presently has a consensus target price of $21.60, suggesting a potential upside of 23.57%. Antero Midstream Partners has a consensus target price of $39.67, suggesting a potential upside of 22.35%. Given Boardwalk Pipeline Partners L.P.’s higher probable upside, equities analysts clearly believe Boardwalk Pipeline Partners L.P. is more favorable than Antero Midstream Partners.

Dividends

Boardwalk Pipeline Partners L.P. pays an annual dividend of $0.40 per share and has a dividend yield of 2.3%. Antero Midstream Partners pays an annual dividend of $1.20 per share and has a dividend yield of 3.7%. Boardwalk Pipeline Partners L.P. pays out 31.5% of its earnings in the form of a dividend. Antero Midstream Partners pays out 88.2% of its earnings in the form of a dividend, suggesting it may not have sufficient earnings to cover its dividend payment in the future.

Profitability

This table compares Boardwalk Pipeline Partners L.P. and Antero Midstream Partners’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets
Boardwalk Pipeline Partners L.P. 24.11% 7.10% 3.71%
Antero Midstream Partners 38.95% 19.78% 10.55%

Summary

Antero Midstream Partners beats Boardwalk Pipeline Partners L.P. on 11 of the 16 factors compared between the two stocks.

Boardwalk Pipeline Partners L.P. Company Profile

Boardwalk Pipeline Partners, LP is a limited partnership company. The Company’s business includes integrated natural gas and natural gas liquids, and other hydrocarbons (referred to together as NGLs) pipeline and storage systems. The Company is engaged in the operation of interstate natural gas and NGLs pipeline systems, and integrated storage facilities, including interstate natural gas pipeline systems located in the Gulf Coast region, Oklahoma, Arkansas and the Midwestern states of Tennessee, Kentucky, Illinois, Indiana and Ohio, and its NGLs pipelines and storage facilities in Louisiana and Texas. The Company conducts business through its subsidiary, Boardwalk Pipelines, LP (Boardwalk Pipelines), and its subsidiaries, Gulf South Pipeline Company, LP, Texas Gas Transmission, LLC, Gulf Crossing Pipeline Company LLC, Boardwalk Louisiana Midstream, LLC, Boardwalk Petrochemical Pipeline, LLC and Boardwalk Field Services, LLC.

Antero Midstream Partners Company Profile

Antero Midstream Partners LP is a limited partnership formed by Antero Resources Corporation (Antero Resources) to own, operate and develop midstream energy assets to service Antero Resources’ production. The Company’s segments include gathering and compression, and water handling and treatment. The gathering and compression segment includes a network of gathering pipelines, compressor stations, and processing and fractionation plants that collect and process natural gas, natural gas liquids (NGLs) and oil from Antero Resources’ wells in West Virginia and Ohio. Its water handling and treatment segment includes two independent fresh water distribution systems from sources including the Ohio River, local reservoirs, as well as several regional waterways. The water handling and treatment segment also includes other fluid handling services which includes, high rate transfer, wastewater transportation, disposal and treatment.

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