B.Riley FBR analyst Liam Burke reiterated a Buy rating on Capital Product (CPLP) today and set a price target of $3. The company’s shares opened today at $2.26, close to its 52-week low of $2.05.
Burke commented:
“L.P . (CPLP – Buy, $3 PT) announced a major realignment of its assets to release the value of the fleet management believed to be held within the master limited partnership structure (MLP). CPLP will spin out its crude and product tanker assets and combine them with the tanker fleet of DSS Holdings L.P ., to create a fleet of 68 crude and product tankers, the third largest publicly traded owner of medium-range and product tanker vessels. The MLP will retain the container vessels and Capesize vessel in its fleet, which are operating under medium and long-term contracts, creating predictable underlying cash flows and stable distribution.”
According to TipRanks.com, Burke is a 1-star analyst with an average return of -2.8% and a 46.2% success rate. Burke covers the Services sector, focusing on stocks such as Ship Finance International, Dynagas LNG Partners LP, and Matthews International.
Currently, the analyst consensus on Capital Product is a Moderate Buy with an average price target of $2.90.
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The company has a one-year high of $3.57 and a one-year low of $2.05. Currently, Capital Product has an average volume of 717.7K.
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Capital Product Partners LP operates as an international shipping company. It engages in the seaborne transportation of cargo, including crude oil, refined oil products and chemicals. The company fleet consists of vessels, suezmax crude oil tankers, medium range tankers, and capesize bulk carrier.
