Wells Fargo Securities downgraded shares of Avance Gas Wednesday on expectations that the LPG market could be headed south.
In addition to cutting his rating to “market perform” from “outperform”, analyst Michael Webber also slashed expectations for the Oslo-listed owner’s share price a day after the company reported a worse-than-expected quarterly profit and cut its dividend model in half.
After strong rates for the LPG sector, the analyst warned that the tide may be turning for very large gas carriers (VLGCs).
“The
