Morgan Stanley has cut its holding in GasLog Partners in a quarter where it reported record results.
As disclosed in Securities and Exchange Commission filings, the New York investment bank now holds just 106,727 shares in the Andrew Orekar-led company — less than 2% of the company — down by more than two-thirds since the end of the third quarter.
Just before the close Tuesday, GasLog Partners stock was trading at $22.53, up 1.11%.
In the fourth quarter, the LNG carrier company posted record adjusted profit, revenue and Ebitda in what the company touted as a "transformative year" while teasing a first quarter drop down.
The results earned praise from analysts, with Deutsche Bank's Chris Snyder said the company was "well-positioned to drive growth."
He did, however, say the company was not as spot-exposed as his firm prefers.
Last week, Evercore's Jonathan Chappell forecast spot rates for LNG carriers in 2019 and 2020 between $85,000 per day and $90,000 per day, before gas supply catches up with vessel demand in 2021.
GasLog Partner's biggest holder is FMR, with 9.64% of all shares, followed by Oppenheimer Funds at 5.98% and Tortoise Capital Advisors at 5.49%.
