Teekay LNG Partners (TGP) PT Raised to $17 at Clarksons Platou
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Clarksons Platou analyst Omar Nokta raised the price target on Teekay LNG Partners (NYSE: TGP) to $17.00 (from $15.00) while maintaining a Buy rating.
The analyst comments "We remain favorable on the outlook for TGP, supported by a healthier LNG market backdrop. LNG spot rates have declined in recent weeks after their record surge this past winter, which we believe underscores the tighter supply/demand balance in the LNG shipping market. Looking ahead we expect spot rates to remain above the lows we witnessed in 2020 as the forward LNG price curves suggest continued US exports and cross-hemisphere trading. TGP's exposure to spot rates is minimal but we view a healthier charter rate environment as generally positive. We believe TGP is well-positioned to participate in upcoming tenders from Qatar as Qatar Gas recently took FID on its North Field expansion. TGP has a long history of working with Qatar Gas via its RasGas II and RasGas III ventures, positioning it well to potentially expand its fleet and revenue backlog. We reiterate our Buy rating and raise our target from $15 to $17 based on our forward NAV assessment."
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