SEAL.PRB

Seapeak LLC 8.50% Series B Fixed-to-Floating Rate Cumulative Redeemable Perpetual Preferred Units

SEAL.PRB

Market cap $176M

Overview Fund Activity

25.84 USD

-0.01

0.04%

At close Updated Aug 29, 4:00 PM EDT

1 day

-0.04%

5 days

0.7%

1 month

1.33%

3 months

1.97%

6 months

-0.27%

Year to date

-0.62%

1 year

0.16%

5 years

8.57%

10 years

4.19%

About: Seapeak LLC is a provider of marine transportation services for liquefied natural gas, liquefied petroleum gas, and crude oil. The company operates into two segments namely: the LNG segment and the NGL segment. The LNG segment consists of LNG carriers which generally operate under long-term, fixed-rate charters to international energy companies. NGL segment consists of LPG, Ethane, and multi-gas carriers which generally operate under voyage charters or time charters. It derives maximum revenue from the LNG segment. The majority of these services are provided through either a time charter, voyage charter, or bareboat charter contract.

Employees: 2,480

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Funds holding %

of 7,446 funds

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Analysts bullish %

Financial journalist opinion

Seapeak's Preferred Shares: The 8.9% Yield Is Still Appealing

Seapeak's management maintains transparency by filing quarterly SEC reports, ensuring preferred shareholders have access to financial statements despite being a private entity. Seapeak's preferred dividends are well-covered, with less than 10% of net profit needed, and a robust asset coverage ratio providing a safety net. Despite a $200M cash transfer to Stonepeak, Seapeak's equity remains strong, and I remain confident in their ability to meet dividend commitments.

Seapeak's Preferred Shares: The 8.9% Yield Is Still Appealing

Seapeak: The 8.9% Yielding Preferred Shares Remain Attractive

Seapeak, formerly Teekay LNG Partners, reported robust financial performance in 2023 with total revenue of almost $727M. The preferred dividends of Seapeak have excellent coverage ratios, with less than 9% of attributable net income needed to cover them. Seapeak's balance sheet improved, with total equity increasing to $2.58B and common equity reaching approximately $2.3B at the end of 2023.

Seapeak's Preferred Shares Offer A 9.3% Yield

Seapeak's Q3 results showed a substantial increase in income from vessel operations, but higher interest expenses and lower equity income affected consolidated results. The preferred dividends of Seapeak are well covered, and the company's ability to pay preferred dividends is not a concern. Seapeak's total amount of common equity has increased, making the preferred equity safer, and the company has an active share buyback program for preferred shares.

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