Wells Fargo Starts Dynagas LNG Partners (DLNG) at Market Perform
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Wells Fargo initiates coverage on Dynagas LNG Partners (NYSE: DLNG) with a Market Perform rating with a $9-$10 valuation range.
Analyst Michael Webber commented, "We are initiating coverage of Dynagas LNG Partners (DLNG) with a Market Perform rating as we believe DLNG’s risk/reward profile is relatively balanced given its stable LNG carrier-driven cash flow, its 11% distribution yield, and assertive growth profile juxtaposed against its premium valuation (2.0x NAV), lingering macro headwinds, and the optics associated with a private GP/sponsor. DLNG has established itself as an increasingly important LNG player (particularly in the Arctic ice-class market) and continues to slowly gain mindshare within the Marine MLP space. We’re introducing our 2016E and 2017E DCF/Unit of $2.39 and $2.21, our 2016E distribution of $1.69/unit, and a valuation range of $9-10, based on 1.1x-1.3x our DCF-driven NAV estimate of $7.73/share."
Shares of Dynagas LNG Partners closed at $15.12 yesterday.
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