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Fly News Breaks for June 1, 2018
GMLP
Jun 1, 2018 | 07:41 EDT
BofA/Merrill analyst Ken Hoexter downgraded Golar LNG Partners two notches to Underperform from Buy and cut its price target to $16 from $24 following the Q1 report. The analyst said net income was down 37% year-over-year and distributable cash flow declined to $13.3M, leaving a troubling .32 coverage ratio. Hoexter is concerned in the lack of clarity on cash flows and the sustainability of the dividend, combined with re-contract risk.
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