Teekay Lng Partners, L.P. (NYSE:TGP) was the target of a significant drop in short interest during the month of July. As of July 31st, there was short interest totalling 636,000 shares, a drop of 22.3% from the June 30th total of 818,100 shares. Currently, 1.2% of the shares of the company are sold short. Based on an average daily trading volume, of 177,200 shares, the days-to-cover ratio is currently 3.6 days.
A number of analysts have issued reports on TGP shares. TheStreet raised Teekay Lng Partners from a “d+” rating to a “c” rating in a research report on Thursday, August 1st. Zacks Investment Research downgraded Teekay Lng Partners from a “hold” rating to a “sell” rating in a research report on Wednesday, August 7th. Finally, ValuEngine downgraded Teekay Lng Partners from a “sell” rating to a “strong sell” rating in a research report on Thursday, August 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and three have assigned a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and an average price target of $17.00.
NYSE:TGP traded down $0.58 during trading hours on Wednesday, reaching $13.33. The stock had a trading volume of 172,600 shares, compared to its average volume of 233,262. The company has a current ratio of 0.54, a quick ratio of 0.54 and a debt-to-equity ratio of 1.84. The stock has a 50 day moving average of $14.66. Teekay Lng Partners has a 12-month low of $10.74 and a 12-month high of $17.50. The firm has a market capitalization of $1.11 billion, a PE ratio of 17.67 and a beta of 1.50.
The business also recently declared a quarterly dividend, which will be paid on Wednesday, August 14th. Stockholders of record on Tuesday, August 6th will be given a $0.19 dividend. This represents a $0.76 annualized dividend and a dividend yield of 5.70%. The ex-dividend date of this dividend is Monday, August 5th. Teekay Lng Partners’s dividend payout ratio (DPR) is presently 100.00%.
Several hedge funds and other institutional investors have recently made changes to their positions in TGP. Morgan Stanley increased its stake in Teekay Lng Partners by 37.0% in the 2nd quarter. Morgan Stanley now owns 356,705 shares of the shipping company’s stock worth $5,030,000 after buying an additional 96,278 shares in the last quarter. Invesco Ltd. increased its stake in Teekay Lng Partners by 2,014.5% in the 2nd quarter. Invesco Ltd. now owns 2,094,264 shares of the shipping company’s stock worth $29,529,000 after buying an additional 1,995,219 shares in the last quarter. Tranquility Partners LLC purchased a new stake in Teekay Lng Partners in the 2nd quarter worth $1,017,000. Renaissance Technologies LLC purchased a new stake in Teekay Lng Partners in the 2nd quarter worth $1,590,000. Finally, Bank of Montreal Can increased its stake in Teekay Lng Partners by 121.8% in the 2nd quarter. Bank of Montreal Can now owns 241,270 shares of the shipping company’s stock worth $3,402,000 after buying an additional 132,500 shares in the last quarter. Institutional investors own 28.68% of the company’s stock.
About Teekay Lng Partners
Teekay LNG Partners L.P. provides marine transportation services for liquefied natural gas (LNG), liquefied petroleum gas (LPG), and crude oil worldwide. The company operates through three segments: The Liquefied Natural Gas, The Liquefied Petroleum Gas, and The Conventional Tanker. It transports liquid petroleum gases, including propane, butane, and ethane; petrochemical gases, such as ethylene, propylene, and butadiene; and ammonia.
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