Zacks Investment Research Downgrades Teekay Lng Partners (NYSE:TGP) to Sell

Zacks Investment Research cut shares of Teekay Lng Partners (NYSE:TGP) from a hold rating to a sell rating in a report published on Wednesday, Zacks.com reports.

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. “

Other analysts have also issued reports about the company. TheStreet raised Teekay Lng Partners from a d+ rating to a c rating in a report on Thursday, August 1st. ValuEngine lowered Teekay Lng Partners from a sell rating to a strong sell rating in a report on Thursday, August 1st. Two equities research analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company. The stock presently has an average rating of Hold and an average price target of $17.00.

TGP stock traded down $0.48 during trading on Wednesday, hitting $14.15. 196,820 shares of the company traded hands, compared to its average volume of 198,005. The stock’s 50-day moving average is $14.61. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.84. The firm has a market capitalization of $1.16 billion, a P/E ratio of 12.50 and a beta of 1.50. Teekay Lng Partners has a 1 year low of $10.74 and a 1 year high of $17.50.

Teekay Lng Partners (NYSE:TGP) last announced its quarterly earnings results on Thursday, August 1st. The shipping company reported $0.35 earnings per share for the quarter, beating the consensus estimate of $0.33 by $0.02. Teekay Lng Partners had a return on equity of 7.14% and a net margin of 12.72%. The company had revenue of $153.10 million during the quarter, compared to analysts’ expectations of $155.70 million. The firm’s quarterly revenue was up 25.2% on a year-over-year basis. Research analysts predict that Teekay Lng Partners will post 1.79 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Wednesday, August 14th. Investors of record on Tuesday, August 6th will be paid a dividend of $0.19 per share. The ex-dividend date is Monday, August 5th. This represents a $0.76 annualized dividend and a yield of 5.37%. Teekay Lng Partners’s payout ratio is 100.00%.

Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC boosted its position in shares of Teekay Lng Partners by 3.4% during the fourth quarter. FMR LLC now owns 7,970,001 shares of the shipping company’s stock worth $87,829,000 after buying an additional 260,528 shares during the period. Thornburg Investment Management Inc. boosted its position in shares of Teekay Lng Partners by 18.8% during the first quarter. Thornburg Investment Management Inc. now owns 3,794,476 shares of the shipping company’s stock worth $56,765,000 after buying an additional 601,453 shares during the period. Beach Investment Counsel Inc. PA boosted its position in shares of Teekay Lng Partners by 2.3% during the second quarter. Beach Investment Counsel Inc. PA now owns 1,264,611 shares of the shipping company’s stock worth $17,831,000 after buying an additional 28,064 shares during the period. Bank of Montreal Can boosted its position in shares of Teekay Lng Partners by 121.8% during the second quarter. Bank of Montreal Can now owns 241,270 shares of the shipping company’s stock worth $3,402,000 after buying an additional 132,500 shares during the period. Finally, Van ECK Associates Corp boosted its position in shares of Teekay Lng Partners by 2.3% during the second quarter. Van ECK Associates Corp now owns 229,114 shares of the shipping company’s stock worth $3,231,000 after buying an additional 5,095 shares during the period. 29.02% of the stock is owned by hedge funds and other institutional investors.

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 three segments: The Liquefied Natural Gas, The Liquefied Petroleum Gas, and The 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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