Wells Fargo Upgrades Teekay LNG Partners (TGP) to Outperform; Distribution Growth More Visible

Wells Fargo upgraded Teekay LNG Partners (NYSE: TGP) to Outperform with a price target of $38.00.

Wells analyst said, "We are upgrading TGP based on an increase in visibility regarding the partnership's distribution growth outlook given the recent/expected additions to the partnership's fleet, the recent pullback in TGP's unit price, and an attractive current yield of 7.8%. TGP announced that it will recommend to its board of directors a 7% increase to its quarterly distribution starting with the May 2012 payment...Our long-term outlook for the partnership remains positive given its lack of direct commodity price exposure, long-term contracts and visible distribution growth over the next several years. We are adjusting our 2011 and 2012 DCF per unit estimate to $2.70 and $3.39 compared to our previous estimates of $2.80 and $3.32."

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 $32.25 yesterday.

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