Teekay LNG Partners (NYSE:TGP) Downgraded to “Sell” at Zacks Investment Research

Zacks Investment Research cut shares of Teekay LNG Partners (NYSE:TGP) from a hold rating to a sell rating in a research report sent to investors on Friday, 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. “

Separately, Jefferies Financial Group set a $15.03 price target on Teekay LNG Partners and gave the stock a neutral rating in a research report on Tuesday, July 13th.

TGP stock opened at $14.94 on Friday. Teekay LNG Partners has a 1-year low of $10.06 and a 1-year high of $17.20. The company has a debt-to-equity ratio of 1.45, a current ratio of 0.37 and a quick ratio of 0.37. The company has a market capitalization of $1.30 billion, a price-to-earnings ratio of 6.95 and a beta of 1.24. The business has a 50 day simple moving average of $14.64 and a two-hundred day simple moving average of $14.91.

Teekay LNG Partners (NYSE:TGP) last posted its quarterly earnings results on Thursday, August 5th. The shipping company reported $0.57 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.63 by ($0.06). Teekay LNG Partners had a return on equity of 15.62% and a net margin of 35.78%. The business had revenue of $142.41 million during the quarter, compared to the consensus estimate of $139.53 million. Sell-side analysts anticipate that Teekay LNG Partners will post 2.45 EPS for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, August 13th. Shareholders of record on Thursday, August 5th were paid a $0.287 dividend. The ex-dividend date of this dividend was Wednesday, August 4th. This represents a $1.15 dividend on an annualized basis and a yield of 7.68%. Teekay LNG Partners’s payout ratio is 46.94%.

A number of hedge funds have recently added to or reduced their stakes in TGP. Sanders Morris Harris LLC increased its stake in shares of Teekay LNG Partners by 18.7% during the second quarter. Sanders Morris Harris LLC now owns 16,800 shares of the shipping company’s stock valued at $254,000 after buying an additional 2,650 shares during the period. Glenmede Trust Co. NA increased its stake in shares of Teekay LNG Partners by 516.7% during the first quarter. Glenmede Trust Co. NA now owns 71,613 shares of the shipping company’s stock valued at $1,030,000 after buying an additional 60,000 shares during the period. Beach Investment Counsel Inc. PA grew its stake in Teekay LNG Partners by 5.5% in the first quarter. Beach Investment Counsel Inc. PA now owns 2,307,516 shares of the shipping company’s stock valued at $33,205,000 after purchasing an additional 119,332 shares during the last quarter. McIlrath & Eck LLC purchased a new position in Teekay LNG Partners in the second quarter valued at about $30,000. Finally, Commonwealth Equity Services LLC purchased a new position in Teekay LNG Partners in the first quarter valued at about $168,000. Institutional investors and hedge funds own 21.45% of the company’s stock.

About Teekay LNG Partners

Teekay LNG Partners LP provides marine transportation services for liquefied natural gas, liquefied petroleum gas and crude oil. It operates through the following segments: LNG, LPG and conventional tanker. The company was founded on November 3, 2004 and is headquartered in Hamilton, Bermuda.

Read More: What is Cost of Goods Sold (COGS)?

Get a free copy of the Zacks research report on Teekay LNG Partners (TGP)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Teekay LNG Partners Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Teekay LNG Partners and related companies with MarketBeat.com's FREE daily email newsletter.