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Wed, Jan. 20, 6:58 AM
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. 18, 2015, 12:46 PM
Dec. 17, 2015, 12:45 PM
Dec. 17, 2015, 10:48 AM
- GasLog (GLOG -13.6%) and Golar LNG (GLNG -8.1%) are sharply lower in the wake of the Teekay dividend cuts, as the market focuses on GLOG and GLNG following Teekay's (TK -55.6%) announcement and Kinder Morgan's cut earlier this month.
- Wells Fargo downgrades TK and GLOG to Market Perform from Outperform, saying pressure around dividend cuts is likely to continue weighing on the stocks.
- The firm issues reduced price target ranges for the stocks, to $18-$20 from $35-$37 for TK and to $10-$12 from $21-$23 at GLNG.
- Also: TGP -45.8%, GMLP -34%, GLOP -8.4%, STNG -3.5%, NNA -3.2%, NAP -2.2%.
Dec. 17, 2015, 9:56 AM
- Teekay Corp. (TK -52.2%), Teekay Offshore (TOO -41.4%) and Teekay LNG Partners (TGP -46.3%) are crushed at the open, triggering a circuit breaker halt on the moves after announcing plans to dramatically lower dividend and distribution payouts.
- The dividend at the TK parent, which is supported primarily by the limited partner and general partner cash flows at the underlying MLPs, is being cut by 90%; TK indicated that cuts were partly in response to upcoming bond maturities, suggesting difficulty in getting funding in that market.
- TK is hit with at least three downgrades so far, and TOO has received at least two.
Dec. 17, 2015, 7:42 AM
- Teekay Corp. (NYSE:TK), Teekay Offshore (NYSE:TOO) and Teekay LNG Partners (NYSE:TGP) all announce dividend/distribution cuts, citing their need to use a significant portion of their internally generated cash flow to fund the equity capital requirements of future profitable growth projects and reduce debt levels.
- TK reduces its quarterly dividend to $0.055/share from $0.55 in Q3, TOO cuts its quarterly distribution to $0.11/unit from $0.56 in Q3, and TGP says it is lowering its distributions to $0.14/unit from $0.70 in Q3.
- RBC Capital downgrades TK to Sector Perform from Outperform and lowers its price target to $16 from $52, as difficult but necessary distribution cuts put the company in a holding pattern for foreseeable future; the firm also lowers its price targets for TOO to $11 from $20 and TGP to $23 from $29.
Dec. 2, 2015, 12:58 PM
- A consortium led by Teekay LNG Partners (TGP, TK) have been awarded a deal to develop a liquefied natural gas receiving and regasification terminal in Bahrain.
- The project is planned to have a capacity of 800M cf/day and will be owned and operated under a 20-year agreement starting in mid-2018.
- The project's value is not provided.
Nov. 5, 2015, 2:35 AM
- Teekay (NYSE:TK): Q3 EPS of $0.04 misses by $0.09.
- Revenue of $611.62M (+24.8% Y/Y) beats by $55.05M.
Nov. 4, 2015, 5:30 PM
- AAWW, ACIW, ACRE, ACTA, AES, AGIO, AGU, AINV, ALSK, AMCX, AMED, AMRC, ANSS, APA, ATHM, AZN, BBEP, BCE, BCRX, BDBD, BEE, BR, CCC, CCOI, CECE, CELG, CLDT, CNK, CNP, CNQ, CNSL, CONE, COTY, CROX, CSTM, CWEI, DNR, DUK, EGL, ENB, ENDP, ENOC, ESI, FUN, GEO, GLOG, GLP, GOGO, HFC, HGG, HII, HRC, INSY, IRC, IT, ITC, ITG, KATE, KOP, LAMR, LBY, LINE, LPI, LXP, MEG, MGA, MITL, MPEL, MPW, MSG, MSO, MVIS, MZOR, NDLS, NGS, NHI, NILE, NRP, OGE, OMED, PBH, PDCE, PRFT, PRIM, PWE, PWR, RDUS, RGEN, RGLD, RICE, RL, RLGY, RRD, RVLT, RWLK, SCOR, SEAS, SFM, SFY, SJI, SNSS, SPAR, SRC, SRPT, SSTK, STN, STWD, SYMC, TAP, TDC, TE, THS, TIME, TK, TLP, TNK, TRXC, TU, USAC, VC, VER, VIVO, WAC, WIN, WPP, ZEUS
Oct. 6, 2015, 1:34 PM
- Shipping stocks are putting in some gains with dry bulk and gas/oil transportation companies participating in the rally.
- 28 out of the 35 stocks listed in the broad shipping category are higher. The catch-all Guggenheim Shipping ETF (NYSEARCA:SEA) is up 1.0%.
- Brisk stock market gains in Asia this week have helped sentiment, while a spike in crude oil prices won't go unnoticed. The bigger issue for the long-term will be the delicate balance between shipping/tankers supply and demand.
- Leading sector movers are Navios Maritime Partners (NMM +6.2%), Dorian (LPG +4.8%), Teekay (TK +4.2%), Navigator Holdings (NVGS +4.5%), Diana Shipping (DSX +3.2%), and GasLog Partners (GLOP +4.8%).
Oct. 5, 2015, 6:56 AM
- Teekay (NYSE:TK) declares $0.55/share quarterly dividend, in line with previous.
- Forward yield 7.14%
- Payable Nov. 19; for shareholders of record Oct. 16; ex-div Oct. 14.
Aug. 6, 2015, 2:36 AM
- Teekay (NYSE:TK): Q2 EPS of $0.27 misses by $0.07.
- Revenue of $568.9M (+35.8% Y/Y) beats by $34.66M.
Aug. 5, 2015, 10:30 AM
- Teekay Tankers (TNK +1.9%) agrees to acquire a fleet of 12 Suezmax tankers from Principal Maritime Tankers for $662M, a deal TNK says will make it one of the largest owners of Suezmax tankers in the world.
- TNK says the vessels included in the deal are scheduled to be delivered by October 2015 and are expected to operate in the spot tanker market upon or soon after delivery.
- TNK expects the acquisition to be immediately accretive to earnings, free cash flow and net asset value per share.
- TNK says it has received commitments from four of its lenders to provide a new debt facility of ~$400M to be secured by the acquired vessels, and will issue $50M in new common shares to Principal, $30 million to Teekay Corp. (TK +1.4%) and $60M to a group of institutional investors.
Jul. 21, 2015, 10:32 AM
- The crash in oil prices is good for business for operators of the supertankers capable of hauling more than 2M barrels of crude around the world, such as Frontline (FRO +9.1%), Teekay Tankers (TNK +4.2%), Nordic American (NAT +2.6%), DHT Holdings (DHT +2.4%) and Euronav (EURN +1.5%), whose stocks have been moving up in recent weeks.
- The oil market rout that started in 2014 is a boon that could allow the companies to reduce debt, invest in new vessels and reward shareholders that have stuck with them through some very lean years, FT reports.
- Since the start of the year, the cost of hiring a VLCC has jumped more than 50%, with the rate for shipping oil from Saudi Arabia to Japan - the benchmark supertanker route - rising to $93.6K/day, a seven-year seasonal high.
- The supply of supertankers also has fallen sharply since 2008.
- Other related tickers: GLNG, GNRT, SFL, NAO, ASC, TOO, TK, TGP
Jul. 10, 2015, 10:33 AM
- Notable movers in the shipping sector include DryShips (DRYS +3.1%), Danaois (DAC +5.6%), and Paragon Shipping (PRGN +1.6%).
- Some names in the volatile sector has been trading off of developments in Greece even with many of the Greece-based companies deriving nearly all their revenue outside the nation.
- On a broader look, the Baltic Dry Index is +21 to 874. The breakdown shows the Cape index is 1279 with a spot price of 9612 vs. 11,149 a year ago, the Panamax index is 1052 with a spot price of 8380 vs. 5432 a year ago, and the Supramax index is 767 with a spot price of 8021 vs. 7099 a year ago.
- The Baltic Tanker Clean Index is 837 vs. 521 a year ago and the Baltic Dirty Index is 857 vs. 786 a year ago.
- The Guggenheim Shipping ETF (NYSEARCA:SEA) is +1.43% on the day and -4.12% YTD.
- Related stocks: TNK, EURN, TGP, NMM, SSW, SFL, TK, SMM, TOO, GMLP, DHT, NM, MATX, NAT, FREE, DSX, SB, FRO.
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