Thornburg Investment Management Inc. decreased its stake in Teekay Lng Partners, L.P. (NYSE:TGP) by 4.4% during the third quarter, Holdings Channel reports. The institutional investor owned 3,096,887 shares of the shipping company’s stock after selling 142,118 shares during the quarter. Thornburg Investment Management Inc.’s holdings in Teekay Lng Partners were worth $51,718,000 as of its most recent filing with the Securities & Exchange Commission.
Several other institutional investors and hedge funds also recently modified their holdings of TGP. Renaissance Technologies LLC purchased a new stake in shares of Teekay Lng Partners in the second quarter worth about $3,510,000. ACG Wealth purchased a new stake in shares of Teekay Lng Partners in the second quarter worth about $1,180,000. Royce & Associates LP purchased a new stake in shares of Teekay Lng Partners in the second quarter worth about $1,134,000. Russell Investments Group Ltd. purchased a new stake in shares of Teekay Lng Partners in the second quarter worth about $608,000. Finally, Wells Fargo & Company MN boosted its stake in shares of Teekay Lng Partners by 21.2% in the third quarter. Wells Fargo & Company MN now owns 193,278 shares of the shipping company’s stock worth $3,228,000 after buying an additional 33,799 shares during the last quarter. Hedge funds and other institutional investors own 34.77% of the company’s stock.
A number of brokerages have recently commented on TGP. ValuEngine downgraded Teekay Lng Partners from a “hold” rating to a “sell” rating in a research note on Friday. Zacks Investment Research upgraded Teekay Lng Partners from a “strong sell” rating to a “hold” rating in a research note on Thursday, August 9th. Finally, Deutsche Bank began coverage on Teekay Lng Partners in a research note on Wednesday, October 10th. They issued a “hold” rating and a $17.00 target price on the stock. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and one has given a buy rating to the stock. Teekay Lng Partners presently has an average rating of “Hold” and a consensus price target of $19.25.
NYSE TGP opened at $15.16 on Tuesday. The stock has a market capitalization of $1.19 billion, a P/E ratio of 15.16 and a beta of 1.33. Teekay Lng Partners, L.P. has a twelve month low of $13.91 and a twelve month high of $21.65. The company has a quick ratio of 0.46, a current ratio of 0.46 and a debt-to-equity ratio of 1.54.
The firm also recently declared a quarterly dividend, which will be paid on Friday, November 9th. Investors of record on Friday, November 2nd will be issued a $0.14 dividend. The ex-dividend date is Thursday, November 1st. This represents a $0.56 dividend on an annualized basis and a yield of 3.69%. Teekay Lng Partners’s payout ratio is 56.00%.
About Teekay Lng Partners
Teekay LNG Partners L.P. provides marine transportation services for liquefied natural gas (LNG), liquefied petroleum gas (LPG), and crude oil worldwide. The company operates through two segments, Liquefied Gas and Conventional Tanker. It transports liquid petroleum gases, including propane, butane, and ethane; petrochemical gases, such as ethylene, propylene, and butadiene; and ammonia.
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