UPDATE: Stifel Downgrades GasLog Ltd. (GLOG) to Hold, Following Acquisition, Earnings

February 22, 2021 1:22 PM EST
Get Alerts GLOG Hot Sheet
Price: $5.79 --0%

Rating Summary:
    11 Buy, 8 Hold, 1 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 10 | Down: 11 | New: 50
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(Updated - February 22, 2021 2:38 PM EST)

Stifel analyst Benjamin J. Nolan downgraded GasLog Ltd. (NYSE: GLOG) from Buy to Hold with a price target of $5.80 (from $5.00).

The analyst comments "GasLog announced today that BlackRock Global Energy & Power Infrastructure was buying all the shares not owned by the Livanos family and the Onassis Foundation for $5.80, or a 17% premium to Friday's close. If the transaction is completed, the company will be delisted from the NYSE exchange, although the preferreds will continue to trade in the open market. With the transaction price at 9.4x 2021E and 8.5x 2022E EBITDA, we don't believe there will be a higher bid for the company. In addition, with the sale of only 45% of the stock, we believe the company will get the required votes needed to complete the transaction in 2Q-2021. As a result, we believe there is little in the way of upside in the shares and expect them to ultimately trade to the $5.80 takeout price."

For an analyst ratings summary and ratings history on GasLog Ltd. click here. For more ratings news on GasLog Ltd. click here.

Shares of GasLog Ltd. closed at $4.95 yesterday.

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