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TGP

Teekay LNG

$15.12

-0.34 (-2.20%)

, TK

Teekay Corp.

$4.23

-0.24 (-5.37%)

08:33
09/30/19
09/30
08:33
09/30/19
08:33

Teekay Group to postpone investor day

Teekay Corp. (TK), Teekay LNG (TGP) and Teekay Tankers (TNK) announced that they have decided to postpone the Teekay Group investor and analyst meeting previously scheduled to take place in New York City on October 2. In order to focus on avoiding undue disruption to Teekay LNG's business from certain complex issues that have recently emerged, the Teekay Group has determined that it would be prudent to postpone the New York event at this time. The company is working with its joint venture partner to resolve this issue and will provide further updates on the situation as and when appropriate. The Teekay Group will provide details on the rescheduled investor and analyst meeting once a solution has been reached. On September 25, the United States Government, by an Executive Office of Foreign Assets Control, or OFAC, order, imposed sanctions on two subsidiaries of Chinese state-owned shipping and logistics company COSCO, for allegedly trading oil with Iran with their owned vessels. COSCO Dalian is a direct 50% shareholder in China LNG Shipping, or CLNG. CLNG was not listed on the recent OFAC order or otherwise directly implicated in any sanctioned activity, but by virtue of being 50%-owned by COSCO Dalian, CLNG currently qualifies as a "Blocked Person" under OFAC rules. CLNG, in turn, owns a 50% interest in Teekay LNG's Yamal LNG joint venture, which owns four on-the-water ARC7 LNG carriers and two ARC7 LNG carrier newbuildings. As a result of CLNG's 50% interest, the Yamal LNG Joint Venture also currently qualifies as a "Blocked Person" under OFAC rules. Management has been advised by CLNG that it is actively engaged in seeking a prompt resolution to this issue. The Teekay Group has not traded and will not trade with Iran and will not act in contravention of any trading sanctions. With respect to Teekay Tankers' business, given the significant size of COSCO Dalian's tanker fleet, these same COSCO sanctions are having a pronounced positive impact on spot tanker rates.

TGP

Teekay LNG

$15.12

-0.34 (-2.20%)

TK

Teekay Corp.

$4.23

-0.24 (-5.37%)

TNK

Teekay Tankers

$1.30

-0.01 (-0.76%)

  • 02

    Oct

  • 02

    Oct

  • 02

    Oct

TGP Teekay LNG
$15.12

-0.34 (-2.20%)

01/22/19
MSCO
01/22/19
UPGRADE
MSCO
Overweight
Teekay LNG upgraded to Overweight from Equal Weight at Morgan Stanley
11/28/18
STFL
11/28/18
UPGRADE
Target $20
STFL
Buy
Teekay LNG upgraded to Buy from Hold at Stifel
Stifel analyst Benjamin Nolan upgraded Teekay LNG Partners to Buy with a $20 price target. While the recent distribution increase is not as large as some would have hoped, it enables the partnership to "aggressively attack debt and eventually grow organically," Nolan tells investors in a research note. Further, Teekay announced that a plan to amend its tax structure in order to remove the K-1 filing burden on the units, which opens the door to a broader base of investors as a 1099 filer, says the analyst. He sees "no further overhangs to valuation improvement" and believes Teekay LNG units are "simply too cheap to ignore."
11/21/18
WELS
11/21/18
NO CHANGE
Target $15
WELS
Outperform
Teekay LNG price target lowered to $15 from $22 at Wells Fargo
Wells Fargo analyst Michael Webber lowered his price target for Teekay LNG to $15 from $22 following quarterly results. The analyst reiterates an Outperform rating on the shares.
01/22/19
01/22/19
UPGRADE
Target $16

Overweight
Teekay LNG upgraded to Overweight following 45% pullback at Morgan Stanley
As previously reported, Morgan Stanley analyst Fotis Giannakoulis upgraded Teekay LNG to Overweight from Equal Weight following the recent selloff, stating that he believes prior consensus distribution expectations were "too lofty," but he now believes consensus estimates are on the low side following revisions lower. After the stock lost 45% of its value in 2018, the risks are now are skewed to the upside, contends Giannakoulis, who lowered his price target on Teekay LNG shares to $16 from $17.50.
TK Teekay Corp.
$4.23

-0.24 (-5.37%)

01/22/19
01/22/19
DOWNGRADE
Target $1

Underweight
Teekay Offshore Partners downgraded to Underweight at Morgan Stanley
As previously reported, Morgan Stanley analyst Fotis Giannakoulis downgraded Teekay Offshore Partners (TOO) to Underweight from Equal Weight, citing his lower oil price forecast and its impact on the Floating Production Storage and Offloading business. He sees lower oil prices putting pressure on its oil linked FPSO contracts and making redeployment of its assets more difficult, Giannakoulis tells investors. He cut his price target on Teekay Offshore Partners shares to $1 from $2.75 and also lowered his price target on Teekay Corporation (TK) to $3 from $6.50.
10/22/18
BOFA
10/22/18
INITIATION
Target $8
BOFA
Buy
Teekay Corp. initiated with a Buy at BofA/Merrill
BofA/Merrill analyst Melvin Shieh initiated Teekay Corp with a Buy and $8 price target. Shieh is bullish on Teekay's outlook saying he expects potential upside from secular growth of liquefied natural gas and petroleum gas, a recovery in product and crude tanker markets, and demand for energy commodities.
TNK Teekay Tankers
$1.30

-0.01 (-0.76%)

02/22/19
JPMS
02/22/19
DOWNGRADE
JPMS
Underweight
Teekay Tankers downgraded to Underweight from Neutral at JPMorgan
JPMorgan analyst Noah Parquette downgraded Teekay Tankers to Underweight following the company's Q4 results.
02/12/19
02/12/19
UPGRADE

Buy
DNB Markets sees risks discounted in valuation, ups crude tanker stocks to Buy
As previously reported, DNB Markets analyst Nicolay Dyvik upgraded DHT Holdings (DHT), Euronav NV (EURN), Frontline (FRO) and Teekay Tankers (TNK) to Buy from Hold as he believes the risks he put forward in his previous downgrades are now discounted in equity values. At an EV/GAV of 0.8 times, OPEC output cuts are discounted, but IMO 2020 is not, he contended, adding that ship prices are up in the past two months, as the one-year time-charter market starts to discount IMO 2020, and with tanker stocks set to follow.
02/12/19
DNBM
02/12/19
UPGRADE
DNBM
Buy
Teekay Tankers upgraded to Buy from Hold at DNB Markets
01/10/19
WELS
01/10/19
DOWNGRADE
Target $1.2
WELS
Market Perform
Teekay Tankers downgraded to Market Perform at Wells Fargo
As previously reported, Wells Fargo analyst Michael Webber downgraded Teekay Tankers to Market Perform from Outperform and lowered his price target on the shares to $1.20 from $1.40. The analyst notes that tanker stocks have traded off with rest of the energy space, putting the group in an interesting position - cheaper P/NAV multiples, a softer 2019 outlook, but still "enough long-term juice" to warrant a gradual move back to mid-cycle values. While he is moving most of his Outperform-rated tanker names back to Market Perform, he anticipates a quicker turn in dynamics this cycle relative to past.

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