Bank of America Corp DE increased its stake in shares of Hoegh LNG Partners LP (NASDAQ:HMLP) by 179.6% during the first quarter, Holdings Channel reports. The firm owned 108,659 shares of the shipping company’s stock after buying an additional 69,793 shares during the period. Bank of America Corp DE’s holdings in Hoegh LNG Partners were worth $2,135,000 at the end of the most recent quarter.
Several other institutional investors also recently modified their holdings of HMLP. Nwam LLC boosted its position in shares of Hoegh LNG Partners by 2.8% in the first quarter. Nwam LLC now owns 50,440 shares of the shipping company’s stock valued at $991,000 after buying an additional 1,364 shares during the period. UBS Group AG boosted its position in shares of Hoegh LNG Partners by 27.1% in the first quarter. UBS Group AG now owns 9,268 shares of the shipping company’s stock valued at $182,000 after buying an additional 1,978 shares during the period. Stifel Financial Corp bought a new position in shares of Hoegh LNG Partners during the first quarter valued at about $354,000. Renaissance Technologies LLC boosted its position in shares of Hoegh LNG Partners by 148.0% in the fourth quarter. Renaissance Technologies LLC now owns 65,957 shares of the shipping company’s stock valued at $1,253,000 after buying an additional 39,357 shares during the period. Finally, Van ECK Associates Corp bought a new position in shares of Hoegh LNG Partners during the first quarter valued at about $2,835,000.
Hoegh LNG Partners LP (NASDAQ:HMLP) traded down 0.82% during midday trading on Friday, reaching $18.15. The company’s stock had a trading volume of 43,655 shares. The company’s 50-day moving average is $19.13 and its 200 day moving average is $19.38. The firm has a market capitalization of $597.33 million and a P/E ratio of 9.23. Hoegh LNG Partners LP has a 52 week low of $17.05 and a 52 week high of $20.65.
Hoegh LNG Partners (NASDAQ:HMLP) last posted its quarterly earnings results on Wednesday, May 24th. The shipping company reported $0.41 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.37 by $0.04. Hoegh LNG Partners had a net margin of 106.97% and a return on equity of 33.57%. The company had revenue of $35.08 million during the quarter, compared to the consensus estimate of $30.17 million. Analysts expect that Hoegh LNG Partners LP will post $1.64 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, August 14th. Stockholders of record on Thursday, August 3rd will be paid a dividend of $0.43 per share. The ex-dividend date is Tuesday, August 1st. This represents a $1.72 dividend on an annualized basis and a dividend yield of 9.48%.
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Several brokerages have recently issued reports on HMLP. Barclays PLC raised Hoegh LNG Partners from an “equal weight” rating to an “overweight” rating and boosted their price objective for the company from $21.00 to $22.00 in a report on Tuesday, July 18th. TheStreet raised Hoegh LNG Partners from a “d” rating to a “c+” rating in a report on Monday, August 7th. BidaskClub cut Hoegh LNG Partners from a “hold” rating to a “sell” rating in a report on Saturday, August 5th. Zacks Investment Research cut Hoegh LNG Partners from a “hold” rating to a “strong sell” rating in a report on Tuesday, July 25th. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $20.50 price target (down previously from $22.00) on shares of Hoegh LNG Partners in a report on Tuesday, June 13th. Two equities research analysts have rated the stock with a sell rating, one has issued a hold rating and five have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $21.10.
About Hoegh LNG Partners
Hoegh LNG Partners LP owns, operates and acquires floating storage and regasification units (FSRUs), liquefied natural gas (LNG) carriers and other LNG infrastructure assets under long-term charters. The Company’s segments include Majority held FSRUs, Joint venture FSRUs and other. The Majority held FSRUs segment includes the direct financing lease related to the PT Perusahaan Gas Negara (Persero) Tbk (PGN) FSRU Lampung and the operating lease related to the Hoegh Gallant.
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