GasLog Ltd: A Pure LNG Dividend Play
Chris Nealand • 19 Comments
Chris Nealand • 19 Comments
Wed, Nov. 23, 3:15 PM
- Golar LNG (GLNG +1.8%) is initiated with a Buy recommendation and a $35 price target, while GasLog (GLOG +0.1%) is started with a Neutral rating and an $18 target at Seaport Global.
- The firm believes the liquefied natural gas shipping market is in the early stages of a multi-year recovery, driven by new LNG projects in Australia and the U.S., and that GLNG and GLOG are well positioned for a recovery because of their high quality fleet and strong financial platform, with 79% of its fleet employed on long-term charters with a blue-chip customer base that provide sound earnings visibility.
- Seaport believes GLOG shares are fairly valued at a 22.8% premium to its adjusted NAV estimate, but the potential recovery in the LNG shipping market as well as an expansion into the FSRU market could serve as potential catalysts.
Wed, Nov. 9, 8:25 AM
Thu, Nov. 3, 7:10 AM
Wed, Nov. 2, 5:30 PM
- AAC, AAON, AAWW, ACIW, ACRE, ACTA, AFSI, AGIO, AGU, AKRX, AMAG, AMCX, AMRN, ANIP, ANSS, APA, ARCB, ARW, AVP, BCE, BDX, BLL, CCC, CCOI, CHD, CHK, CHTR, CI, CLDT, CNSL, COMM, CPK, CRIS, CRZO, CYBR, DDD, DNR, DW, ECA, EFOI, ENB, ENOC, EVA, FCPT, FI, FIG, FMSA, GEL, GEO, GIL, GLOG, GOGO, H, HAR, HFC, HHS, HII, HMHC, HRC, HSC, IBP, ICPT, INSY, IPCC, IQNT, IRWD, IT, KOP, LAMR, LBY, LDOS, LFUS, LINC, LNG, LXP, MFA, MGA, MITK, MITL, MPEL, MPG, MPW, MSGN, NERV, NGS, NNN, NXTM, OGE, ONCE, ONDK, PBH, PDCE, PGTI, PNW, PRFT, PWR, RDUS, RFP, RGEN, ROLL, RWLK, SFM, SGM, SHLX, SMG, SNSS, SPAR, SPGI, SQBG, STFC, STOR, TDY, TGI, THS, TICC, TIME, TK, TNK, TOO, TVPT, TWI, TX, UNT, USCR, VGR, VWR, WILN, WPC, WRLD, ZEUS
Thu, Aug. 4, 7:10 AM
Wed, Aug. 3, 5:30 PM
- AAC, AAON, ACRE, ACTA, AGCO, AGIO, AKRX, ALSK, AMCX, AME, AMRN, ANIP, ANSS, APA, APLP, ARRY, AYR, BBW, BCE, BCRX, BDX, BLL, CBB, CCOI, CHD, CHK, CNNX, CNSL, COT, CPK, CRIS, CRZO, CTB, DNR, DUK, DW, ELOS, EPAM, ESNT, EVA, FMSA, GLDD, GLOG, GOGO, GTN, HAR, HGG, HII, HL, HMHC, HRC, HSC, HSIC, HSNI, ICPT, IMGN, IOC, IPCC, IRM, IT, ITCI, ITT, K, KOP, LBY, LFUS, LGND, LIOX, LPX, LQDT, LXRX, MFC, MGM, MGP, MITL, MMS, MNTA, MPEL, MPG, MPW, NAO, NERV, NGS, NOK, NSAM, NXTM, OGE, OMAM, OMF, ORBC, PBH, PCRX, PGNX, PGTI, PH, PLUG, PPP, PRFT, PRIM, PRTY, PWR, QSR, RDUS, REGN, RFP, RGEN, RLGY, ROLL, RVLT, RWLK, SBH, SEAS, SFM, SGM, SHLX, SNR, SPAR, SPH, SRE, SSTK, SSYS, STFC, STOR, STWD, TDY, TEVA, THS, TICC, TIME, TK, TNK, TOO, TSEM, TVPT, TWI, UAM, UNT, USAC, USCR, VIAB, VLP, VWR, WIN, WPC, WRK, XLRN
Mon, Jul. 11, 9:17 AM
- Gaslog (NYSE:GLOG) announces the charter of its Hull 2801, the company's only newbuild vessel without a multi-year contract, to Total (NYSE:TOT) for seven years.
- GLOG says the daily charter rate is in line with its average long-term charter rate, and expects gross contracted revenue from the contract of ~$190M over the seven-year period.
- GLOG says the vessel is under construction at Hyundai Heavy Industries in South Korea and is due to be delivered in 2018.
Mon, Jun. 20, 9:16 AM
- GasLog (NYSE:GLOG) says it is launching $1.05B in debt financing across six legacy facilities covering eight on-the-water vessels.
- The re-financing includes a $100M revolving credit facility and extends the maturity of existing facilities to 2021.
- GLOG says the terms of the legacy facility re-financing are in line with existing facilities, demonstrating the banks' strong appetite to lend to leading companies in the liquefied natural gas industry.
Fri, May 6, 7:00 AM
- GasLog (NYSE:GLOG): Q1 EPS of -$0.09 misses by $0.06.
- Revenue of $104.38M (+7.2% Y/Y) misses by $0.97M.
Thu, May 5, 5:30 PM
Fri, Apr. 22, 12:28 PM
- Jefferies upgrades both GasLog (GLOG +4.2%) and Golar LNG (GLNG +3.5%) to Buy from Hold, saying the companies are well positioned for an improving liquefied natural gas shipping market environment.
- The firm cites GLOG's built-in growth and growth aspirations as well as the potential to also pursue FLNG projects; it raises its stock price target to $17 from $8 based on shares trading at 140% of estimates net asset value, in-line with the historical multiple.
- Jefferies likes GLNG's significant spot market exposure and burgeoning FLNG business, and thinks the company is poised for an anticipated near-term increase in global LNG shipping volumes as well as potentially stronger crude oil and LNG prices in 2017.
- Now read LNG shipping: Demand-side macro outlook for April
Wed, Mar. 16, 10:58 AM
- J.P. Morgan downgrades GasLog (GLOG -2.9%) to Underweight from Neutral with a $9 price target while upgrading GasLog Partners (GLOP +4.1%) to Neutral from Underweight with a $15 target, citing an anticipated dividend cut by the parent company.
- GLOG likely will run out of unrestricted cash by H2 2017 if it continues with its current $0.56 annual dividend payout, and the only way to plug the gap is via a ~80% dividend cut, the firm says, adding that while such a move would be prudent in protecting liquidity in the long run, "typically stocks have a knee jerk negative reaction to a dividend cut."
- The firm says GLOG aims to exploit a cost of capital arbitrage to grow the distribution at its GLOP MLP while retaining significant value at the parent company, but the strategy may no longer be viable in view of the deterioration in MLP valuations.
Thu, Feb. 25, 7:00 AM
- GasLog (NYSE:GLOG): Q4 EPS of -$0.02 in-line.
- Revenue of $107.52M (+8.6% Y/Y) misses by $0.31M.
Wed, Feb. 24, 5:30 PM
- AAON, ACIW, AG, ALKS, AMCX, AMRN, AMWD, ANSS, APA, APLP, AROC, BBY, BUD, CCOI, CHS, CLDX, CM, CNSL, CORE, CPB, CPK, CRI, CVC, DPZ, EGRX, EME, EMES, ENOC, FCH, FCN, FIG, GLOG, GOGO, GTLS, GVA, HBM, HEES, HMHC, HTWR, INCR, IONS, IRDM, IRM, ITC, KERX, KOP, KSS, LKQ, MITL, NEWM, NPO, [[NTi]], NXST, PCRX, PDCO, PF, PGTI, PRIM, PWR, RDUS, RGEN, RRD, RWLK, SAFM, SDRL, SEAS, SERV, SFM, SFUN, SHLD, SPAR, STWD, TD, TFX, TREE, TWI, UNT, UTHR, VAC, VC, VWR, W, WIN, WNR, WNRL, WPC, XCRA, ZBRA, ZEUS
Dec. 18, 2015, 5:30 PM
- Golar LNG Partners (NASDAQ:GMLP) rebounded more than 15% to recover a chunk of its 42% shellacking suffered yesterday amid the Teekay dividend cuts, after saying it has experienced no material changes in its operations since its Q3 earnings announcement on Nov. 30.
- GMLP says its distribution policy has not changed and expects an unchanged distribution of $0.5775/unit in Q4; also, GMLP's board authorizes the repurchase of up to $25M of its outstanding common units.
- The other relevant stocks ended mostly higher: GLOG +2.7%, GLNG +0.1%, GLOP -3.1%, TK +21%, TNK +2.4%, TGP +12.8%, TOO +36.4%.
Dec. 17, 2015, 12:45 PM