UPDATE: Wells Fargo Upgrades GasLog Partners LP (GLOP) to Outperform

September 9, 2016 7:59 AM EDT
Get Alerts GLOP Hot Sheet
Price: $21.40 -1.38%

Rating Summary:
    9 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 14 | Down: 11 | New: 8
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(Updated - September 9, 2016 9:02 AM EDT)

Wells Fargo upgraded GasLog Partners LP (NYSE: GLOP) from Market Perform to Outperform with a price target of $20-$24 (from $14-$17). Analyst Michael Webber called GasLog "best of breed" and highlighted its attractive growth outlook.

"We are upgrading GLOP to Outperform from Market Perform, as we believe GLOP is both attractively valued (at 1.ox NAV, relative to GMLP, DLNG, and others trading at a 30% premium), and still remains best-of-breed within the space. We think GLOP is poised to eventually resume distribution growth on top of its 9.4% yield, with its recent equity raise providing a cushion in the mean-time. While re-chartering/residual value persists across the LNG (liquefied natural gas) carrier space, we think GLOP has developed a relatively solid, defensible position, pushing out near-term debt maturities to 2018/2021, helping to minimize linger sector tail risk as the LNG carrier market slowly improves," said Webber.

For an analyst ratings summary and ratings history on GasLog Partners LP click here. For more ratings news on GasLog Partners LP click here.

Shares of GasLog Partners LP closed at $20.44 yesterday.

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