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GMLP

Golar LNG Partners

$10.32

0.29 (2.89%)

08:25
08/29/19
08/29
08:25
08/29/19
08:25

Golar LNG Partners expects improved distribution coverage ratio level for Q3

The company said, "The full quarter's contribution to Adjusted EBITDA from both Golar Igloo and Golar Freeze contributed to an anticipated improvement in both 2Q distribution coverage ratio and the Adjusted Net Debt to Annualized Adjusted EBITDA ratio. The distribution coverage ratio has however been negatively impacted by the disappointing Average Daily TCE achieved for the spot traded vessels Golar Maria and Golar Mazo. While the Golar Maria is currently on hire and well positioned for more attractive charters over the winter period, Golar Mazo is currently idle. The current shipping market is however showing strong signs of recovery with significant interest being shown in all vessels including modern steam turbines. Based on current forecasts a further improved distribution coverage ratio level is expected for 3Q. Golar Power continues to make good progress on its Brazilian project portfolio, including an opportunity that could utilize the Golar Spirit. Market dynamics are also changing in the Middle East as new pipelines connect markets to fields offshore Egypt and Israel. It is currently unclear how this will manifest itself in terms of FSRU requirements however security of supply remains particularly important in this region.Should an extension be secured for the FSRU Golar Igloo, remaining modification works necessary for the vessel to meet increasing peak demand in Kuwait will be completed in 1Q 2020 during its scheduled winter downtime. Current low LNG prices have also stimulated the number of requests for FSRUs which may create further employment opportunities. Development times for these projects are however typically slow. With the Partnership's Revenue Backlog of $2.16B, a distribution coverage ratio in excess of 1 and a falling Adjusted Net Debt to Annualized Adjusted EBITDA1 ratio, Golar Partners is on a solid financial footing. The size of future distributions will however be influenced by successful re-contracting of existing FSRUs as well as an expected increased utilization of the Partnership's idle assets."

  • 29

    Aug

GMLP Golar LNG Partners
$10.32

0.29 (2.89%)

11/07/18
BOFA
11/07/18
UPGRADE
Target $16
BOFA
Neutral
Golar LNG Partners upgraded to Neutral from Underperform at BofA/Merrill
BofA/Merrill analyst Ken Hoexter upgraded Golar LNG Partners to Neutral and maintained a $16 price target, saying Q3 results topped estimates and the dividend cut raises liquidity.
12/07/18
JEFF
12/07/18
NO CHANGE
Target $40
JEFF
Buy
Jefferies sees Golar LNG shares hitting 'at least' $40 in 2019
After accompanying Golar management in client meetings, Jefferies analyst Randy Giveans remains "convinced" that the liquefied natural gas shipping market is likely to continue to strengthen over the next few years as new liquefaction capacity continues to outpace vessel deliveries. Golar LNG (GLNG) and Golar LNG Partners (GMLP) are both "very well positioned to benefit from this expected market strength," Giveans tells investors in a research note. Further, the analyst says Golar's non-shipping projects continue to progress and will provide substantial EBITDA in the coming years. He expects 60% upside from current Golar LNG share levels and for the stock to reach his current sum-of-the-parts valuation of $40 per share in 2019. In a research note titled "GLNG-le Bells, GLNG-le Bells, GLNG-le All The Way...To At Least $40 In 2019," the analyst keeps a Buy rating on both Golar LNG and Golar LNG Partners.
03/01/19
BOFA
03/01/19
DOWNGRADE
BOFA
Underperform
Golar LNG Partners downgraded to Underperform from Neutral at BofA/Merrill
03/01/19
03/01/19
DOWNGRADE
Target $12

Underperform
Golar LNG Partners downgraded to Underperform from Neutral at BofA/Merrill
As previously reported, BofA/Merrill analyst Ken Hoexter downgraded Golar LNG Partners to Underperform with a price target of $12 after its Q4 net loss. The analyst notes that while the company's distributable cash flow was still encouraging, the management also warned that the coverage ratio may be reduced to 1.0-times from 1.2-times. Hoexter concludes that although Golar LNG Partners "pays a healthy dividend under reasonably secure contract terms over the next 1-2 years", it is also faced with "recontracting risk and an uncertain outlook for the global economy".

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TEVA

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MSFT

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BA

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VFF

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