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- Teekay LNG Partners offers a distribution yield of 7.3%, which is sustainable over the long term.
- The company's growth prospects remain bright, with demand for LNG carriers expected to increase significantly over the next 3-5 years.
- Teekay LNG Partners has a strong revenue visibility and an order book of 15 new LNG carriers. The growth momentum for the company is likely to accelerate.
- Financial flexibility remains high for growth and expansion.
Teekay LNG Partners, L.P. - Expensive At Current Prices?
- On the short- to medium-term, TGP's cash distribution appears safe.
- Future growth of cash distribution may be limited by TGP's master limited partnership structure.
- TGP continues to pay cash distribution in excess of GAAP-compliant net income.
Why Teekay Remains Dependent On Future Equity Issuance
- We're building in some excellent revenue and "earnings before interest" growth for Teekay, and shares are trading at the high end of the estimated fair value range regardless.
- We don't think the company offers investors an interesting valuation proposition.
- Teekay's distribution strength is dependent on the healthy functioning of the capital markets. We're modeling in low-quality future share issuance to (in part) fund dividend expansion.
Buy Teekay LNG Partners For LNG Growth And 6.4% Yield
- The LNG industry has good long-term growth prospects, that could additionally be boosted by the recent geopolitical crisis in Ukraine.
- Europe should seek other alternatives to reduce its dependency on Russia, being the U.S. a viable alternative through LNG exports.
- Teekay LNG Partners is the world's second-largest independent owner of LNG carriers and is a good way to play the expected LNG growth story.
- It currently yields 6.4%, being one of the highest yields within the LNG industry.
Why Teekay Is Overvalued And Its Dividend Is Not Safe
Teekay LNG Partners LP: Investors Overestimating Risk
Thu, Nov. 6, 5:49 AM
Mon, Oct. 6, 10:33 AM
- Teekay (TK +0.2%) is not enjoying the typical Barron's bounce, after a weekend profile of the oil and gas marine transporter and servicer is touted as offering a potential 30% upside.
- With TK, "you’re getting global exposure to emerging economies, and you’re not getting the currency exposure you would with a company like Petrobras or any emerging-markets equity,” says Clearbridge Investments' Chris Eades.
- The stock jumped 16% last week, to above $67, after TK announced plans to triple its $1.265 annual dividend by 2018.
- TGP +0.2%, TOO +0.9%, TNK +0.2%.
Tue, Sep. 30, 12:32 PM
- Teekay (TK +13.8%) says it will change its dividend policy to link its quarterly payouts to growing cash flows from its two MLPs, Teekay LNG Partners (TGP -0.2%)and Teekay Offshore Partners (TOO -1.7%), and includes an 80% increase in its annual dividend effective Q1 2015.
- The moves prompt Deutsche Bank to upgrade shares to Buy from Hold with a $90 price target, raised from $68; the firm says TK’s "bold" new strategy should result in a 20%/year growth in TK’s dividend for the foreseeable future.
Wed, Aug. 27, 10:22 AM
- Teekay LNG Partners (TGP +0.5%) is upgraded to Accumulate from Neutral with a $47 price target at Global Hunter, which believes TGP's recent underperformance coupled with improving visibility to longer-term distribution growth provides investors an attractive total return opportunity.
- The firm thinks TGP's recent LNG project announcements are ~10% accretive for the LP unitholders while additional upside could come from new LNG charter announcements for U.S.-based LNG projects and potential ethane shipping contracts through its Exmar joint venture.
Thu, Aug. 7, 5:39 AM
Thu, Jul. 17, 4:31 PM
- Teekay LNG Partners (NYSE:TGP) -4.1% AH after announcing a public offering of 2.8M common units.
- TGP plans to use the proceeds to fund the equity portion of its first installment payment of ~$95M for six newbuilding liquefied natural gas carriers ordered via its 50/50 joint venture with China LNG Shipping for the Yamal LNG project and to fund a portion of five MEGI newbuildings.
Wed, Jun. 18, 2:25 PM
- MLPs such as Gaslog Partners (GLOP), Dynagas LNG Partners (DLNG), Teekay LNG Partners (TGP) and Golar LNG Partners (GMLP) are the best ways to play the liquefied natural gas shipping market in an industry still in the early innings, Credit Suisse says.
- The four shippers tend to have high fixed-rate contract coverage and limited spot market exposure, which the firm says should insulate them from near-term market weakness and outperform more spot-oriented companies such Golar LNG (GLNG) and Gaslog (GLOG).
- Credit Suisse notes that GLNG has the least contract coverage in the group but is hunting bigger game than point-to-point LNG transportation - i.e. floating LNG operations, where securing a contract could be a game changer; Morgan Stanley thinks GLNG's first such commercial agreement will be signed this year.
Thu, May. 29, 3:32 PM
- The Obama administration announces a major overhaul of its review process for approving U.S. liquefied natural gas exports
- Under the proposal, the Department of Energy would no longer issue conditional approvals of projects; instead, the DoE would decide whether an LNG export project is in the national interest only after the FERC had issued a final environmental review.
- The change to the export process aims to help expedite reviews by focusing only on most commercially viable projects that have finished the FERC process.
- Related stocks: LNG, CQH, GLNG, SRE, GTLS, TGP, D, GMLP, GLOG, CQP, GLOP, DLNG.
Thu, May. 15, 7:52 AM
Wed, Apr. 23, 8:35 AM
- The Yamal LNG project in Russia's Arctic reportedly has chosen Canada's Teekay LNG (TK, TGP), Japan's Mitsui and Russia's Sovkomflot to build 16 liquefied natural gas carriers worth $5B.
- The project is scheduled to start producing gas in 2016 and supply 16.5M metric tons of the tanker-shipped fuel in 2018; Russia's Novatek holds a 60% stake in the $27B, while France's Total (TOT) and China's CNPC (SNP) own 20% each.
Thu, Feb. 20, 9:33 AM
- Russia's $27B Yamal liquefied natural gas project, developed jointly by Total (TOT), China National Petroleum (SNP) and Russia's gas producer Novatek, reportedly will name by next month the shipping companies that will move LNG on icebreaking tankers from the Arctic to ports in Europe and Asia.
- Two vessels have been commissioned so far; bidders for 14 more vessels include Dynagas (DLNG), Teekay LNG Partners (TGP), Golar LNG (GLNG) and a Chinese consortium.
- The giant LNG plant at the remote Yamal Peninsula is one of the world's biggest gas projects and Russia's first foray to extract the vast natural resources that lay below the Arctic ice.
Thu, Feb. 20, 8:54 AM
Nov. 7, 2013, 9:46 AM
Nov. 1, 2013, 3:10 PM
- Rates for the largest oil tankers are surging, as Chinese freight traders lead an acceleration in Asian demand for the ships to load Middle East crude, sapping a fleet surplus that had made the carriers unprofitable almost all year.
- A VLCC built 16 years ago reportedly was hired today at ~13% more than yesterday’s prevailing prices, for the biggest one-day gain in 2013; rising demand has cut a capacity surplus to the smallest since June 4, according to a Bloomberg survey.
- FRO +9.4%, SFL +0.8%, NAT +3%, TK +1.3%, TNK +0.1%, TOO +0.1%, TGP -0.1%.
Oct. 1, 2013, 5:55 PM
- Teekay LNG Partners (TGP) -4% AH after announcing plans for a public offering of 3M common units.
- TGP intends to use the net proceeds to partially fund its acquisition of a second LNG carrier newbuilding from Awilco LNG and for general partnership purposes, which may include funding installment payments on future newbuilding deliveries and future vessel acquisitions.
Sep. 3, 2013, 9:59 AM
- China’s smallest oil imports from west Africa in at least two years are curbing demand for tankers, prolonging the worst rates in more than a decade for Frontline (FRO +1.2%) and other owners, according to a Bloomberg analysis.
- Tanker owners are enduring a fifth year of declining rates as fleet growth outpaces demand; China's preference for cheaper Middle East oil over west African supplies shortens voyages by 42%, effectively increasing the capacity of the fleet.
- Daily earnings for VLCCs have plunged 77% to $4,450 this year, according to shipbroker Clarkson; FRO says its ships need $25K/day to break even.
- Shippers: SFL, NAT, TK, TNK, TOO, TGP.
TGP vs. ETF Alternatives
Teekay LNG Partners LP through its subsidiaries is a provider of marine transportation services for liquefied natural gas, liquefied petroleum gas and crude oil. Its reportable segments include: Liquefied Gas Segment and Conventional Tanker Segment.
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