UPDATE: Stifel Starts Teekay LNG Partners (TGP) at Hold
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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.
Shares of Teekay LNG Partners closed at $14.05 yesterday.
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