Zacks Investment Research downgraded shares of Teekay Lng Partners (NYSE:TGP) from a hold rating to a strong sell rating in a research note released on Wednesday morning.
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. “
TGP has been the topic of several other reports. ValuEngine upgraded Teekay Lng Partners from a hold rating to a buy rating in a research report on Sunday, December 31st. Citigroup upped their price target on Teekay Lng Partners from $15.00 to $19.00 and gave the company a neutral rating in a research report on Tuesday, February 13th. Stifel Nicolaus set a $20.00 price target on Teekay Lng Partners and gave the company a hold rating in a research report on Friday, February 23rd. Finally, Morgan Stanley upped their price target on Teekay Lng Partners from $15.00 to $19.00 and gave the company an equal weight rating in a research report on Monday, February 12th. Two investment analysts have rated the stock with a sell rating, five have assigned a hold rating and one has issued a buy rating to the company. Teekay Lng Partners has a consensus rating of Hold and an average target price of $20.00.
Teekay Lng Partners (NYSE:TGP) last announced its quarterly earnings results on Thursday, February 22nd. The shipping company reported $0.35 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.32 by $0.03. Teekay Lng Partners had a return on equity of 5.97% and a net margin of 8.87%. The firm had revenue of $122.00 million for the quarter, compared to analysts’ expectations of $111.54 million. analysts expect that Teekay Lng Partners will post 1.58 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, May 11th. Investors of record on Friday, May 4th will be given a $0.14 dividend. This represents a $0.56 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Thursday, May 3rd. Teekay Lng Partners’s dividend payout ratio (DPR) is 56.00%.
Hedge funds have recently bought and sold shares of the stock. Goldman Sachs Group Inc. increased its position in shares of Teekay Lng Partners by 18.6% in the fourth quarter. Goldman Sachs Group Inc. now owns 934,499 shares of the shipping company’s stock worth $18,830,000 after purchasing an additional 146,514 shares during the last quarter. Goldentree Asset Management LP increased its position in shares of Teekay Lng Partners by 22.2% in the fourth quarter. Goldentree Asset Management LP now owns 25,855 shares of the shipping company’s stock worth $521,000 after purchasing an additional 4,700 shares during the last quarter. Spirit of America Management Corp NY increased its position in shares of Teekay Lng Partners by 2.2% in the fourth quarter. Spirit of America Management Corp NY now owns 376,556 shares of the shipping company’s stock worth $7,588,000 after purchasing an additional 8,100 shares during the last quarter. ACG Wealth bought a new position in shares of Teekay Lng Partners in the fourth quarter worth approximately $1,402,000. Finally, Virtu Financial LLC bought a new position in shares of Teekay Lng Partners in the fourth quarter worth approximately $540,000. Institutional investors own 34.46% of the company’s stock.
About Teekay Lng Partners
Teekay LNG Partners L.P. provides marine transportation services for liquefied natural gas (LNG), liquefied petroleum gas (LPG), and crude oil worldwide. The company operates through two segments, Liquefied Gas and Conventional Tanker. It transports liquid petroleum gases, including propane, butane, and ethane; petrochemical gases, such as ethylene, propylene, and butadiene; and ammonia.
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