Dynagas LNG Partners LP
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Energy : Oil, Gas & Consumable Fuels | Small Cap Value
Based in Monaco
Company profile

Dynagas LNG Partners LP is a limited partnership, which focuses on owning and operating liquid natural gas (LNG) carriers. The Company's vessels are employed on multi-year time charters with international energy companies. As of December 31, 2016, the Company owned and operated a fleet of six LNG carriers, consisting of the three LNG carriers in its Initial Fleet, the Clean Energy, the Ob River and the Amur River, and three 2013-built Ice Class LNG carriers that the Company acquired from its Sponsor the Arctic Aurora, the Yenisei River, and the Lena River (collectively referred as its Fleet). The vessels in its Fleet have an average age of 6.6 years and are contracted under multi-year charters with Shell, Gazprom, Statoil and Yamal with an average remaining charter term, as of March 17, 2017, of approximately 10.6 years, including the charter agreements relating to the Yenisei River and the Lena River with Yamal. The Company's Fleet is managed by its manager, Dynagas Ltd.

Price
Delayed
$16.80
Day's Change
0.34 (2.07%)
Bid
--
Ask
--
B/A Size
--
Day's High
16.89
Day's Low
16.50
Volume
(Heavy Day)

Today's volume of 9,466 shares is on pace to be much greater than DLNG-A's 10-day average volume of 5,401 shares.

9,466

UPDATE: Canopy Growth extends gains, but analyst highlights issue that was overlooked in earnings

7:20 am ET February 19, 2020 (MarketWatch)
Print

By Ciara Linnane, MarketWatch

Canopy's better-than-expected revenue overshadowed one issue that will weigh in future quarters

Canopy Growth Corp.'s U.S.-listed shares rose Monday, extending gains made Friday after the Canadian cannabis company surprised investors with better-than-expected earnings.

The stock (WEED.T) (WEED.T) was up 1.6% and was outperforming rivals after the company beat revenue estimates in its fiscal third quarter. The Friday report sparked a rally across the sector (http://www.marketwatch.com/story/canopy-roars-higher-after-better-than-expected-earnings-and-sparks-rally-in-cannabis-sector-2020-02-14)that had lost steam by Monday as the broader indexes were hit by a warning from Apple Inc (http://www.marketwatch.com/story/what-apple-walmart-and-other-us-companies-are-saying-about-the-coronavirus-2020-02-18).(AAPL) (http://www.marketwatch.com/story/what-apple-walmart-and-other-us-companies-are-saying-about-the-coronavirus-2020-02-18)that the coronavirus that has sickened thousands of people in China would hurt second-quarter earnings.

The Dow Jones Industrial Average was last down 0.7%, while the S&P 500 was down 0.4%.

But not all analysts were bullish on Canopy on Monday, with MKM analyst Bill Kirk highlighting an issue that was overshadowed by Friday's headline numbers: inventory. Since the end of 2017, Canopy has grown 115,000 more kilograms of cannabis than it has sold, he said.

Don't miss:Why Canopy Growth's sales grew as Aurora Cannabis struggled to sell more weed (http://www.marketwatch.com/story/three-reasons-why-canopy-growths-cannabis-sales-grew-as-aurora-struggled-2020-02-14)

"On an annual basis, the entire Canadian legal market is 180,000kgs (run rate), suggesting Canopy carries >50% of industry wide needs for the year (some may be CBD inventory in U.S.)," Kirk wrote in a note to clients. "Assuming Canopy ceased all growing operations AND maintained current market share, it would take 2.5 years to sell this product in Canada."

Adding to the gloom, Canopy indicated that its current inventory levels may not have peaked, suggesting it has a lot of product that consumers just don't want.

"We expect large write-downs/destruction/price concessions," said Kirk. "Canopy doesn't want to participate in price competition, but to unlock cash from this inventory balance, they may have no choice. Net sales growth is unlikely to accelerate enough to match current production levels, so facility closures are also necessary."

Kirk rates Canopy as neutral and lowered his fair value estimate for the stock to C$21 ($15.84) from C$23.

Read now:Why Canopy Growth's sales grew as Aurora Cannabis struggled to sell more weed (http://www.marketwatch.com/story/three-reasons-why-canopy-growths-cannabis-sales-grew-as-aurora-struggled-2020-02-14)

Aurora Cannabis shares (ACB.T) (ACB.T) were up 2.7%. The company posted a more than C$1 billion loss last week, although the news was expected after it unveiled an overhaul of management and operations (http://www.marketwatch.com/story/aurora-cannabis-ceo-terry-booth-is-stepping-down-and-company-plans-layoffs-sources-say-2020-02-06)a week earlier.

British Columbia Investment Management purchased 1.2 million Aurora shares in the fourth quarter, according to a filing with the Securities and Exchange Commission, (https://www.sec.gov/Archives/edgar/data/1228242/000122824220000004/xslForm13F_X01/BCIMC_13F_20191231.xml?mod=article_inline) raising its total by year-end to 1.4 million shares.

Read:From cash to ash: Pot companies have just months to live on average, study finds (http://www.marketwatch.com/story/from-cash-to-ash-pot-companies-have-just-months-to-live-on-average-study-finds-2020-02-11)

But the other big licensed producers were lower, led by Cronos (CRON.T), down 1.2%, Aphria (APHA.T) (APHA.T) down 0.9% and Tilray (TLRY) down 0.8%. Organigram (OGI.T) was up 1.7% and Hexo (HEXO.T) (HEXO.T) was down 3.3%.

The ETFMG Alternative Harvest ETF (MJ) was down 0.4%, while the Horizons Marijuana Life Sciences ETF was down 0.7%.

Cannabis Watch: For all of MarketWatch's coverage of cannabis companies:Click here (http://www.marketwatch.com/storyno-meta-for-guid)

-Ciara Linnane; 415-439-6400; AskNewswires@dowjones.com

(END) Dow Jones Newswires

February 19, 2020 07:20 ET (12:20 GMT)

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