Teekay LNG Partners L.P. (NYSE:TGP) was downgraded by Zacks Investment Research from a “hold” rating to a “strong sell” rating in a research report issued to clients and investors on Tuesday.
According to Zacks, “Teekay LNG Partners L.P. is a Marshall Islands partnership recently formed by Teekay Shipping Corporation as part of its strategy to expand its operations in the liquefied natural gas shipping sector. Teekay LNG Partners provides liquefied natural gas and crude oil marine transportation services under long-term, fixed-rate contracts with major energy and utility companies through its fleet of seven LNG carriers and five Suezmax class crude oil tankers. “
TGP has been the topic of a number of other reports. UBS AG dropped their target price on shares of Teekay LNG Partners L.P. from $26.00 to $24.00 and set a “buy” rating on the stock in a research note on Friday. ValuEngine cut shares of Teekay LNG Partners L.P. from a “strong-buy” rating to a “buy” rating in a research note on Friday, July 28th. Stifel Nicolaus reiterated a “hold” rating and issued a $16.00 target price on shares of Teekay LNG Partners L.P. in a research note on Friday, October 13th. Finally, TheStreet cut shares of Teekay LNG Partners L.P. from a “b-” rating to a “c” rating in a research note on Thursday, August 3rd. Two analysts have rated the stock with a sell rating, three have given a hold rating and two have issued a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and a consensus target price of $17.50.
Teekay LNG Partners L.P. (NYSE:TGP) traded down $0.35 on Tuesday, reaching $17.65. 115,500 shares of the company’s stock were exchanged, compared to its average volume of 303,915. The company has a current ratio of 0.32, a quick ratio of 0.32 and a debt-to-equity ratio of 1.22. The stock has a market capitalization of $1,433.28, a PE ratio of 20.69 and a beta of 1.26. Teekay LNG Partners L.P. has a 52-week low of $13.30 and a 52-week high of $19.90.
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Hedge funds have recently made changes to their positions in the stock. Icon Advisers Inc. Co. lifted its stake in shares of Teekay LNG Partners L.P. by 9.5% during the 2nd quarter. Icon Advisers Inc. Co. now owns 556,207 shares of the shipping company’s stock valued at $8,538,000 after buying an additional 48,200 shares in the last quarter. Airain ltd lifted its stake in shares of Teekay LNG Partners L.P. by 14.9% during the 2nd quarter. Airain ltd now owns 167,745 shares of the shipping company’s stock valued at $2,575,000 after buying an additional 21,699 shares in the last quarter. Renaissance Technologies LLC purchased a new stake in shares of Teekay LNG Partners L.P. during the 1st quarter valued at approximately $670,000. Cetera Investment Advisers purchased a new stake in shares of Teekay LNG Partners L.P. during the 2nd quarter valued at approximately $1,073,000. Finally, JPMorgan Chase & Co. lifted its stake in shares of Teekay LNG Partners L.P. by 13.4% during the 2nd quarter. JPMorgan Chase & Co. now owns 2,500,726 shares of the shipping company’s stock valued at $38,386,000 after buying an additional 295,184 shares in the last quarter. Institutional investors own 37.56% of the company’s stock.
About Teekay LNG Partners L.P.
Teekay LNG Partners L.P. is an international provider of marine transportation services for liquefied natural gas (LNG), liquefied petroleum gas (LPG) and crude oil. The Company’s fleet, excluding newbuildings, consists of approximately 30 LNG carriers (including the six MALT LNG Carriers, four RasGas 3 LNG Carriers, four Angola LNG Carriers and two Exmar LNG Carriers), over 20 LPG carriers (including 20 Exmar LPG Carriers), approximately seven Suezmax-class crude oil tankers and a Handymax product tanker, all of which are double-hulled.
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