Teekay LNG Partners L.P. (TGP) Rating Lowered to Sell at Zacks Investment Research
Teekay LNG Partners L.P. (NYSE:TGP) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.
According to Zacks, “Teekay LNG Partners L.P. is a Marshall Islands partnership recently formed by Teekay Shipping Corporation as part of its strategy to expand its operations in the liquefied natural gas shipping sector. Teekay LNG Partners provides liquefied natural gas and crude oil marine transportation services under long-term, fixed-rate contracts with major energy and utility companies through its fleet of seven LNG carriers and five Suezmax class crude oil tankers. “
A number of other brokerages have also recently issued reports on TGP. Stifel Nicolaus initiated coverage on Teekay LNG Partners L.P. in a report on Monday, November 21st. They set a “hold” rating and a $14.50 price objective for the company. JPMorgan Chase & Co. restated a “buy” rating and set a $20.00 price objective on shares of Teekay LNG Partners L.P. in a report on Friday, November 4th. Jefferies Group reiterated a “hold” rating and issued a $16.00 price target on shares of Teekay LNG Partners L.P. in a research report on Tuesday, September 13th. Finally, Wells Fargo & Co. upgraded shares of Teekay LNG Partners L.P. from a “market perform” rating to an “outperform” rating in a research report on Friday, September 9th. One analyst has rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the company. Teekay LNG Partners L.P. currently has an average rating of “Hold” and a consensus price target of $16.92.
Shares of Teekay LNG Partners L.P. (NYSE:TGP) opened at 14.40 on Wednesday. The company’s 50-day moving average price is $14.64 and its 200-day moving average price is $13.28. The company has a market capitalization of $1.15 billion, a price-to-earnings ratio of 9.13 and a beta of 1.29. Teekay LNG Partners L.P. has a 52-week low of $7.92 and a 52-week high of $22.81.
Teekay LNG Partners L.P. (NYSE:TGP) last posted its quarterly earnings results on Thursday, November 3rd. The company reported $0.40 EPS for the quarter, missing analysts’ consensus estimates of $0.48 by $0.08. Equities research analysts forecast that Teekay LNG Partners L.P. will post $1.97 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, November 10th. Shareholders of record on Friday, November 4th were given a dividend of $0.14 per share. The ex-dividend date was Wednesday, November 2nd. This represents a $0.56 annualized dividend and a yield of 3.89%.
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A number of hedge funds and other institutional investors have recently made changes to their positions in the stock. FMR LLC increased its position in shares of Teekay LNG Partners L.P. by 98.9% in the second quarter. FMR LLC now owns 7,955,100 shares of the company’s stock valued at $89,495,000 after buying an additional 3,955,560 shares in the last quarter. Morgan Stanley increased its position in shares of Teekay LNG Partners L.P. by 29.9% in the third quarter. Morgan Stanley now owns 2,656,007 shares of the company’s stock valued at $40,186,000 after buying an additional 611,989 shares in the last quarter. Credit Suisse AG boosted its stake in Teekay LNG Partners L.P. by 153.1% in the second quarter. Credit Suisse AG now owns 803,871 shares of the company’s stock worth $9,044,000 after buying an additional 486,276 shares during the last quarter. HITE Hedge Asset Management LLC boosted its stake in Teekay LNG Partners L.P. by 230.0% in the second quarter. HITE Hedge Asset Management LLC now owns 375,086 shares of the company’s stock worth $4,220,000 after buying an additional 261,422 shares during the last quarter. Finally, Boston Partners bought a new stake in Teekay LNG Partners L.P. during the third quarter worth $3,621,000.
About Teekay LNG Partners L.P.
Teekay LNG Partners L.P. is an international provider of marine transportation services for liquefied natural gas (LNG), liquefied petroleum gas (LPG) and crude oil. The Company’s fleet, excluding newbuildings, consists of approximately 30 LNG carriers (including the six MALT LNG Carriers, four RasGas 3 LNG Carriers, four Angola LNG Carriers and two Exmar LNG Carriers), over 20 LPG carriers (including 20 Exmar LPG Carriers), approximately seven Suezmax-class crude oil tankers and a Handymax product tanker, all of which are double-hulled.
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