3 Oct

Behind Hoegh LNG Partners’ Analyst Ratings

WRITTEN BY Kurt Gallon

Analyst recommendations

Hoegh LNG Partners (HMLP) is among the three MLPs (master limited partnerships) that have 100% “buy” ratings from its Wall Street analysts—along with Antero Midstream Partners (AM) and Viper Energy Partners (VNOM).

Barclays last upgraded HMLP to “buy” in July 2017. HMLP is now trading below the low range ($20.5) of the analysts’ average target price. HMLP’s average target price of $21.8 implies a 17% upside potential from its current price levels.

Behind Hoegh LNG Partners’ Analyst Ratings

Valuation analysis

HMLP was trading at a forward EV-to-EBITDA (enterprise value to earnings before interest, tax, depreciation, and amortization) multiple of 9.6x as of September 28, 2017—above the historical average of 7.9x and above the peer median multiple of 8.7x.

HMLP’s current distribution yield of 9.1% is higher than the historical average of 8.3%. HMLP’s current valuation could be reflecting strong earnings growth driven by a strong rise in floating LNG (liquefied natural gas) services demand.

For a post-earnings analysis of HMLP, check out Market Realist’s Highlights of Hoegh LNG Partners’ 2Q17 Results.

Continue to the next part of this series for a closer look at the analyst ratings for Enterprise Products Partners (EPD).

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