WHy Teekay LNG (TGP) Stock Is Down Today

NEW YORK (TheStreet) -- Teekay LNG (TGP) was falling -5.5% to $44.37 Friday after announcing the pricing of a 2.8 million common unit spot secondary offering.

The company priced the 2.8 million common unit offering at $45.05 a common unit. The underwriters of the offering have a 30-day option to purchase up to 420,000 additional units.

Teekay LNG plans to use the proceeds from the offering to fund the equity portion of its first installment payment for the sic newbuilding liquefied natural gas carriers order by its joint venture with China LNG Shipping.

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TheStreet Ratings team rates TEEKAY LNG PARTNERS LP as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate TEEKAY LNG PARTNERS LP (TGP) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, expanding profit margins and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and feeble growth in the company's earnings per share."

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