Stifel Upgrades Dynagas LNG Partners (DLNG) to Buy

June 18, 2021 1:25 PM EDT
Get Alerts DLNG Hot Sheet
Price: $3.08 --0%

Rating Summary:
    3 Buy, 7 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 17 | Down: 21 | New: 42
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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."

For an analyst ratings summary and ratings history on Dynagas LNG Partners click here. For more ratings news on Dynagas LNG Partners click here.

Shares of Dynagas LNG Partners closed at $3.13 yesterday.

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