UPDATE: Stifel Starts Teekay LNG Partners (TGP) at Hold

November 21, 2016 7:36 AM EST
Get Alerts TGP Hot Sheet
Price: $17.95 +5.28%

Rating Summary:
    5 Buy, 5 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 22 | Down: 16 | New: 11
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(Updated - November 21, 2016 10:21 AM EST)

Stifel initiated coverage on Teekay LNG Partners (NYSE: TGP) with a Hold rating and a price target of $14.50.

"While Teekay LNG has faced a number of financial issues over the past 18 months, we believe having now largely refinanced and recapitalized the business, the partnership can refocus on absorbing built in growth. However, there are several remaining loans to be refinanced and several vessels which are not earning their full contracted rates. As a result, we believe distribution growth is likely to be gradual and back-end loaded for 2018 and 2019. Thus our $14.50 target price is based on relatively stable distributions at current levels trading at a 4.0% distribution yield," said analyst Benjamin J. Nolan.

For an analyst ratings summary and ratings history on Teekay LNG Partners click here. For more ratings news on Teekay LNG Partners click here.

Shares of Teekay LNG Partners closed at $14.05 yesterday.

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