Teekay LNG Thrashed After Dividend Cut

Teeklay LNG Partners L.P. TGP shares are trading sharply lower by $8.28 at $10.10 in Thursday's session. Investors are heading for the exits after the company drastically reduced its quarterly dividend from $0.70 to $0.14 per share. After a sharply lower open (Wednesday's close of $18.38 vs. today's open of $12.81), it managed a brief pop to $12.98 before continuing its move lower. So far, it has reached $9.33 and rebounded back into the $10 handle. The current lower marks its lowest level since October 2008, when it bottomed at $9.10.