Stifel Upgrades Dynagas LNG Partners (DLNG) to Buy
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Stifel analyst Benjamin Nolan upgraded Dynagas LNG Partners (NYSE: DLNG) from Hold to Buy with a price target of $4.50 (from $2.50).
The analyst commented, "We could basically copy and paste the report we wrote last quarter on Dynagas, and the results would not be much different. The two incremental developments are the two-year extension of the Arctic Aurora, which means the partnership is now 100% contract coverage through late 2023, and further debt repayment, which is very gradually getting leverage to more appropriate levels. Going forward, we do not expect much of a difference for at least a year or two. However, as debt is being removed from the capital structure, but cash flows remain the same, the enterprise value is increasingly made up of common equity, i.e. equity value should go up. Our $4.50 target price is based in 8x EV/EBITDA on year-end 2021 debt levels."
Shares of Dynagas LNG Partners closed at $3.13 yesterday.
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