Navios Buoyed by JPMorgan Duble Upgrade
Shares of Navios Maritime Midstream Partners jumped more than 15% early Friday morning as JPMorgan upgraded the crude oil tanker operator to "overweight" from "underweight" Stock currently up 13.6 pct at $4.34; top percentage gainer on the NYSE In a Q1 2018 Oil Tankers Earnings preview, Analyst Noah Parquette is more constructive on a 2019 tanker recovery as scrapping boosts supply side and IMO regulations increase demand Regarding NAP upgrade, Parquette cites valuation following distribution cut, believes new distribution level to be sustainable; though trims PT by $1 to $6 On flip side, downgrades sibling co Navios Maritime Acquisition to "underweight" from "neutral" On Mar 26, NAP announced board announced fleet renewal and reset of annual distribution policy to $0.50/unit
Teekay Rating Raised
Standard & Poor's revised its outlook on Teekay Shipping Corp. to positive from stable. The outlook revision reflects Teekay's consistent, solid performance, which has resulted in a gradually improving financial profile, and expectations for more predictable cash flow generation due to the purchase of contract-based shuttle tanker operator Ugland Nordic Shipping ASA. Teekay's rating reflects a favorable business position as the leading midsize ("Aframax") crude oil tanker operator in the Indo-Pacific Basin, expanded presences in the AtlanticAframax tanker market and the North Sea Shuttle tanker market, and fairly conservative financial policies. These factors are offset by significant, but carefully managed exposure to the volatile tanker spot markets.
