Behind Teekay LNG Partners (TGP), GasLog (GLOG) was the second-best-performing stock in 2017 among the LNG carrier companies. GLOG’s YTD (year-to-date) return reached 28.8% while TGP returned 36.6% on December 20, 2017.
GasLog has outperformed the shipping ETF and the broad equity market indexes. Since December 30, 2016, the Guggenheim Shipping ETF (SEA) has risen 0.87%. On December 20, 2017, the Dow Jones Industrial Average (DIA) rose 25.2%, and the SPDR S&P 500 ETF (SPY) rose 19.5% during the same period.
GasLog hit a 52-week high of $21.50 on December 19, 2017. The last six months have been particularly robust for GasLog, as its price rose ~47.7%.
GasLog is an owner, manager, and operator of LNG carriers. It owns a fleet of 27 LNG carriers, comprising 22 vessels on the water and five LNG carrier newbuilds in the pipeline.
In the third quarter of 2017, GasLog (GLOG) posted revenues of $131.0 million—9.0% higher year-over-year (or YoY). GLOG completed the dropdown of GasLog Geneva to GasLog Partners for $211.0 million. It also announced and closed the dropdown of Solaris to GasLog Partners.
GasLog recorded 10.7% higher adjusted EBITDA[1. earnings before interest, tax, depreciation, and amortization] of $89.7 million in 3Q17. It declared and paid a dividend of $0.14 per share. In 3Q17, GasLog repaid $41.6 million of the revolving credit facility. The credit agreement was up to $1.1 billion.
In the next part of this series, we’ll analyze the third-ranked stock in 2017 among LNG carriers—Golar LNG (GLNG). Later in this series, we’ll analyze the fourth- and fifth-ranked LNG carrier companies—GasLog Partners (GLOP) and Hoegh LNG Partners (HMLP).