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Teekay LNG Partners LP. Message Board

  • abter1 abter1 May 8, 2006 5:07 PM Flag

    AG Edwards releases new TGP update

    Here are the bullet summary points from the AG Edwards "Recent Developments" report on TGP released 5/5/06.

    " TGP, as expected, increased the quarterly distribution to $0.4625, up 12.1% sequentially. The partnership also reiterated that it plans to increase the distribution by 13.5% by the November 2007 payment.
     DCF for 1Q06 was in-line with our estimate at $17.6 million, or $0.50 per unit, and covered the distribution paid to common unitholders during the quarter by 2.08 times and total distribution by 1.20 times.
     Favorable underlying fundamentals of servicing the growing shipping needs of the LNG industry remain intact. Existing fleet and scheduled newbuilds should provide growth of 6%-8% over the next five years.
     Growth outlook beyond what already has been announced remains positive. Management indicated that they are busy looking at new LNG projects and we expect TGP to announce newbuild agreements in the near future.
     Based on an attractive long-term growth outlook and current yield of 5.8% that is 80% tax deferred, we reiterate our Buy/Aggressive rating on TGP units."

    The full report will be up at the MLP Research group soon.

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