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Fly News Breaks for January 29, 2019
DLNG
Jan 29, 2019 | 08:36 EDT
Jefferies analyst Randy Giveans downgraded Dynagas LNG Partners to Hold from Buy and cut his price target for the shares to $3 from $12. The partnership's decision to cut its quarterly distribution by 75% to 6.25c per unit is well below the analyst's expectations. As such, he expects limited share upside in the near-term. With a balloon payment of $250M in senior unsecured bonds due in October, Dynagas LNG reduced the distribution in order to retain cash to more easily refinance the upcoming maturity, Giveans tells investors in a research note.
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