Teekay LNG Partners (NYSE:TGP) Receives a Downgrade
In analysts note issued to investors and clients today, Seaport Global Securities cut shares of Teekay LNG Partners (NYSE:TGP) to a “Neutral” rating from the previous “Accumulate” rating.
Approximately 125,162 shares of stock traded hands. Teekay LNG Partners L.P. (NYSE:TGP) has declined 49.57% since May 14, 2015 and is downtrending. It has underperformed by 47.31% the S&P500.
Teekay LNG Partners L.P. is an international well-known provider of marine transportation services for liquefied natural gas (LNG), liquefied petroleum gas (LPG) and crude oil. The company has a market cap of $778.44 million. Teekay LNG Partners operates through two divisions: its liquefied gas segment and its conventional tanker segment. It has 5.96 P/E ratio. The liquefied gas segment consists of LNG and LPG or multigas carriers, which generally operate under long-term, fixed-rate charters to international energy companies and Teekay Corporation.
According to Zacks Investment Research, “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.”