|Over a week ago|
Teekay LNG initiated with a Buy, $13 price target at B. Riley FBR » 08:3009/1609/16/20
B. Riley FBR analyst Liam…
B. Riley FBR analyst Liam Burke last night initiated coverage of Teekay LNG Partners with a Buy rating and $13 price target. Through directly owned liquid natural gas and liquid petroleum gas assets that operate under long-term charters, the partnership generates "consistent, predictable cash flow with very strong unit distribution coverage," Burke tells investors in a research note. The analyst believes Teekay's current agreements should keep EBITDA stable.
Teekay LNG initiated with a Buy at B. Riley FBR » 21:2709/1509/15/20
B. Riley FBR initiated…
B. Riley FBR initiated coverage of Teekay LNG Partners with a Buy rating and $13 price target.
|Over a month ago|
Teekay LNG backs FY20 adj. net income guidance of up about 48% over FY19 05:2908/1308/13/20
Teekay LNG reports Q2 EPS 67c, consensus 66c » 05:2508/1308/13/20
Reports Q2 revenue…
Reports Q2 revenue $148.21M, consensus $142.47M. "We are pleased to report that this was another record quarter for Teekay LNG," commented Mark Kremin, President and Chief Executive Officer of Teekay Gas Group Ltd. "While COVID-19 continues to have an unprecedented impact on the world and is a major focus for us, we have been able to fully service our charter contracts and have continued to receive contracted cash flows from our high quality customers. As a result of the pandemic, the overall maritime industry has experienced significant challenges related to crew changes, but I am pleased to report that we have safely changed-out a number of crew members on all of our vessels. We continue to work hard with both the industry and inter-governmental organizations to tackle this challenge and bring our remaining overdue colleagues home safely as soon as possible. I am truly proud of how our seafarers and onshore colleagues have responded to ensure safe and successful transitions with no reported COVID-19 cases, while providing uninterrupted service to our customers." Mr. Kremin continued, "Following the completion of our growth program late last year, our focus has been primarily on delivering our balance sheet, which also reduces interest costs, and maximizing our fleet utilization, which provides us with stable, predictable cash flows. This focus, in combination with consistent operational performance and competitive costs, driven by our economies of scale, has resulted in record Adjusted Net Income and Total Adjusted EBITDA for Teekay LNG this quarter." Mr. Kremin continued, "Our LNG fleet is fully-fixed for the remainder of 2020 and 94 percent fixed for 2021, largely insulating Teekay LNG from the current weak short-term LNG shipping market. Furthermore, all of our charter contracts are currently operating in-line with our expectations, which allows us to reaffirm our previously provided financial guidance for 2020."
|Over a quarter ago|
Fly Intel: Pre-market Movers » 09:1605/2105/21/20
KDMN, TGP, TNK, BJ, EXPE, HRL, MDT, BBY, TJX, TTWO, BSX
Check out this morning's…
Teekay LNG reports Q1 adj. EPS 58c, consensus 66c » 05:3005/2105/21/20
Reports Q1 revenue…
Reports Q1 revenue $139.89M, consensus $142.24M. "Teekay LNG continues to record strong operating results with the completion of our growth program and our assets operating as expected, earning reliable cash flows for the Partnership," commented Mark Kremin, President and CEO of Teekay Gas Group. "While the unprecedented recent global events are clearly a major area of focus for us, our long-term contract cover has ensured that they have had a minimal impact on Teekay LNG's operations and cash flows so far in 2020, and we expect this to continue. We are very proud of how our dedicated seafarers and on-shore colleagues have responded to COVID-19, implementing new standards which focus on the health and well-being of everyone involved in our organization, especially our colleagues at sea, while maintaining consistently safe and efficient vessel operation for our customers." Mr. Kremin continued, "I'm pleased that we took proactive steps this quarter to strengthen our commercial position with three new fixed-term LNG charters and to increase our financial flexibility with the refinancing of our unsecured revolver at the same size and pricing despite the volatility in our markets. Our LNG fleet is now 100% fixed on 'take-or-pay' charters with high-quality customers and with over $370 million in total liquidity as of March 31, we believe we are well-positioned to meet our upcoming debt maturities without the need to access the public capital markets until later next year, while maintaining a strong financial foundation. Given the long-term stability of our business model, we are today reaffirming our fiscal 2020 financial guidance which projects an increase in adjusted net income of approximately 48% over 2019."
Teekay LNG files to sell 10.75M units for holder 06:2105/1805/18/20
Teekay LNG, Teekay announce elimination of incentive distribution rights » 09:3505/1105/11/20
TGP, TK, TNK
Teekay Corporation (TK)…
Teekay Corporation (TK) and Teekay LNG Partners L.P. (TGP) announced the execution of a definitive agreement to eliminate all of the Partnership's incentive distribution rights in exchange for 10.75 million newly-issued Teekay LNG common units. The Transaction concurrently closed on May 11, 2020. Following the completion of this Transaction, Teekay now beneficially owns approximately 36 million Teekay LNG common units and remains the sole owner of Teekay GP L.L.C., the general partner of Teekay LNG, which together represents an economic interest of approximately 42 percent in the Partnership. The Boards of Directors of Teekay and Teekay GP, as well as the Teekay GP Conflicts Committee, which consists entirely of independent directors, unanimously approved the IDR elimination transaction.
Teekay LNG increases quarterly cash distribution 32% to 25c per share » 07:0004/1604/16/20
Teekay LNG has declared a…
Teekay LNG has declared a cash distribution of 25c per common unit for the quarter ended March 31, representing a 32% increase over the previous quarter's distribution. This corresponds to $1.00 per common unit on an annualized basis. The cash distribution is payable on May 15 to all common unitholders of record on May 1.
Teekay LNG reports Q4 adj. EPS 56c, consensus 59c » 05:5302/2702/27/20
Reports Q4 revenue…
Reports Q4 revenue $148.8M, consensus $149.26M. "For both the fourth quarter and the full year 2019, Teekay LNG recorded strong financial results through successfully completing our newbuilding program in late-2019 and securing attractive time-charters during the year," commented Mark Kremin, President and CEO of Teekay Gas Group Ltd. "By virtue of having our LNG fleet 97 percent fixed through fiscal 2020, we are well-insulated from the current weakness in the spot LNG shipping market and the low price of natural gas in international markets," commented Mr. Kremin. "Looking ahead to 2020, we remain confident that our results will fall within the anticipated guidance ranges for the year presented at our Investor Day event in November 2019, with adjusted net income between $2.60 to $3.10 per unit, which is 45 to 73 percent higher than our actual 2019 adjusted net income per unit of $1.79. In the fourth quarter of 2019, we concluded our 6-year, $3.5 billion newbuilding program with the successful delivery of our last two Yamal ice-breaking LNG newbuildings to our Yamal LNG Joint Venture, upon which they immediately commenced fixed-rate time-charter contracts. Notably, these LNG carriers were delivered approximately three months ahead of schedule, resulting in an additional three months of charter hire to our Yamal LNG Joint Venture. In addition, the Bahrain regasification terminal completed mechanical construction and commissioning. With our orderbook now complete and our fully-delivered LNG fleet fixed on period charters, the Partnership is expected to benefit from its long-term contracted cash flows, and to continue allocating capital in a manner that focuses on the delevering and strengthening of its balance sheet while also returning capital to unitholders."