GasLog Partners: Climbs as Jefferies sees 'buying opportunity', upgrades

GasLog Partners LP

27/04/2021 15:23

** Jefferies upgrades oil & gas transportation services co
 GLOP.N  to "buy" from "hold" on improving LNG market outlook
and recent pullback, shares rise ~6% to $2.67 in early trade
    ** Brokerage says LNG shipping rates fell from January
peaks, following a normal seasonal pattern, but are already
recovering faster-than-expected on strong demand in Northeast
Asia
    ** Despite the recovery in LNG charter rates and a positive
outlook for the remainder of 2021, GLOP units have traded lower
in recent weeks, to $2.50/unit, well below PT of $4/unit
    ** "To note, GLOP units have been under pressure as its 
largest holder, Invesco, recently sold its 16.1% ownership
stake..." 
    ** With this selling overhang now in the past, the 
attractive industry fundamentals and improving charter rates
will act as a tailwind for GLOP units - Jefferies
    ** Shares in the company down 1.5% YTD

 (Reporting by Arundhati Sarkar in Bengaluru)
 ((Arundhati.Sarkar@thomsonreuters.com;
twitter.com/Arundhati_05; +1 646 223 8780 Ext: 2776))