Höegh LNG Partners (NYSE:HMLP) Downgraded to Hold at Zacks Investment Research

Zacks Investment Research cut shares of Höegh LNG Partners (NYSE:HMLP) from a buy rating to a hold rating in a research note issued to investors on Saturday morning, Zacks.com reports.

According to Zacks, “Hoegh LNG Partners LP is a provider of floating LNG services under long-term contracts. The Company owns and operates floating storage and regasification units (FSRUs) which act as floating LNG import terminals, and LNG carriers which transport the LNG to its markets. Hoegh LNG Partners LP is based in Hamilton, Bermuda. “

A number of other equities research analysts have also recently issued reports on the stock. ValuEngine cut shares of Höegh LNG Partners from a sell rating to a strong sell rating in a research note on Monday, August 3rd. Stifel Nicolaus lowered shares of Höegh LNG Partners from a buy rating to a hold rating and dropped their target price for the company from $13.00 to $10.00 in a research report on Tuesday, August 18th. Finally, Barclays boosted their target price on shares of Höegh LNG Partners from $14.00 to $16.00 and gave the stock an overweight rating in a research note on Friday. Two equities research analysts have rated the stock with a sell rating, three have given a hold rating and two have assigned a buy rating to the company. Höegh LNG Partners currently has a consensus rating of Hold and a consensus price target of $13.75.

HMLP stock opened at $13.66 on Friday. The firm’s fifty day moving average is $11.87 and its 200 day moving average is $10.82. The firm has a market cap of $454.41 million, a PE ratio of 8.48, a P/E/G ratio of 1.20 and a beta of 1.92. Höegh LNG Partners has a one year low of $4.67 and a one year high of $16.84. The company has a debt-to-equity ratio of 1.23, a quick ratio of 0.77 and a current ratio of 0.77.

Höegh LNG Partners (NYSE:HMLP) last announced its quarterly earnings results on Wednesday, November 18th. The shipping company reported $0.49 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.40 by $0.09. Höegh LNG Partners had a return on equity of 20.11% and a net margin of 39.28%. Research analysts predict that Höegh LNG Partners will post 1.74 earnings per share for the current fiscal year.

The firm also recently announced a quarterly dividend, which was paid on Friday, November 13th. Stockholders of record on Friday, October 30th were issued a dividend of $0.44 per share. This represents a $1.76 dividend on an annualized basis and a dividend yield of 12.88%. The ex-dividend date was Thursday, October 29th. Höegh LNG Partners’s payout ratio is 84.21%.

Large investors have recently bought and sold shares of the company. Morgan Stanley increased its position in Höegh LNG Partners by 42.5% during the first quarter. Morgan Stanley now owns 476,506 shares of the shipping company’s stock worth $3,493,000 after purchasing an additional 142,220 shares during the last quarter. Stifel Financial Corp increased its stake in Höegh LNG Partners by 6.4% during the second quarter. Stifel Financial Corp now owns 64,251 shares of the shipping company’s stock worth $625,000 after purchasing an additional 3,875 shares during the period. California Public Employees Retirement System increased its stake in Höegh LNG Partners by 36.9% during the 2nd quarter. California Public Employees Retirement System now owns 38,989 shares of the shipping company’s stock worth $379,000 after buying an additional 10,500 shares during the period. Bank of America Corp DE increased its position in shares of Höegh LNG Partners by 16.4% during the second quarter. Bank of America Corp DE now owns 59,408 shares of the shipping company’s stock worth $578,000 after acquiring an additional 8,391 shares during the period. Finally, FMR LLC grew its stake in Höegh LNG Partners by 4.4% during the 2nd quarter. FMR LLC now owns 1,862,313 shares of the shipping company’s stock worth $18,120,000 after purchasing an additional 79,207 shares in the last quarter. 21.68% of the stock is currently owned by hedge funds and other institutional investors.

About Höegh LNG Partners

Höegh LNG Partners LP focuses on owning, operating, and acquiring floating storage and regasification units (FSRUs), liquefied natural gas (LNG) carriers, and other LNG infrastructure assets under long-term charters. The company also offers ship management services. As of March 31, 2019, it had a fleet of five FSRUs.

Further Reading: What is the Ex-Dividend Date in Investing?

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