Permanent Capital Management LP Acquires New Position in Golar LNG Limited $GLNG

Permanent Capital Management LP acquired a new stake in Golar LNG Limited (NASDAQ:GLNG) in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 52,303 shares of the shipping company’s stock, valued at approximately $2,114,000. Permanent Capital Management LP owned about 0.05% of Golar LNG at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in the stock. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC purchased a new stake in shares of Golar LNG in the first quarter valued at approximately $44,682,000. Encompass Capital Advisors LLC grew its holdings in Golar LNG by 73.8% in the 1st quarter. Encompass Capital Advisors LLC now owns 2,276,083 shares of the shipping company’s stock valued at $86,468,000 after buying an additional 966,692 shares in the last quarter. Adage Capital Partners GP L.L.C. purchased a new stake in Golar LNG in the 2nd quarter valued at $24,714,000. Two Seas Capital LP acquired a new stake in shares of Golar LNG in the 1st quarter worth $19,601,000. Finally, Canada Pension Plan Investment Board raised its holdings in shares of Golar LNG by 153.1% during the 2nd quarter. Canada Pension Plan Investment Board now owns 602,434 shares of the shipping company’s stock worth $24,814,000 after acquiring an additional 364,421 shares during the period. 92.21% of the stock is currently owned by institutional investors and hedge funds.

Golar LNG Trading Down 0.3%

Shares of GLNG stock opened at $37.04 on Monday. Golar LNG Limited has a 1-year low of $29.56 and a 1-year high of $45.98. The firm has a market cap of $3.87 billion, a PE ratio of 64.98 and a beta of 0.18. The company has a 50-day moving average of $38.08 and a two-hundred day moving average of $40.03. The company has a debt-to-equity ratio of 0.61, a current ratio of 1.32 and a quick ratio of 1.32.

Golar LNG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, November 24th. Shareholders of record on Monday, November 17th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.7%. The ex-dividend date was Monday, November 17th. Golar LNG’s dividend payout ratio is 175.44%.

Wall Street Analysts Forecast Growth

A number of brokerages recently issued reports on GLNG. Weiss Ratings reissued a “hold (c+)” rating on shares of Golar LNG in a report on Monday, December 22nd. Citigroup initiated coverage on shares of Golar LNG in a report on Friday, October 10th. They issued a “buy” rating and a $51.00 target price on the stock. Zacks Research cut shares of Golar LNG from a “hold” rating to a “strong sell” rating in a research note on Friday, November 7th. Wall Street Zen downgraded shares of Golar LNG from a “hold” rating to a “sell” rating in a report on Saturday, December 20th. Finally, BTIG Research reiterated a “buy” rating and issued a $50.00 price objective on shares of Golar LNG in a report on Wednesday, November 5th. Three investment analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat.com, Golar LNG currently has an average rating of “Moderate Buy” and a consensus price target of $49.50.

About Golar LNG

Golar LNG Ltd. is a leading owner and operator of liquefied natural gas (LNG) carriers and floating infrastructure. The company specializes in the transportation of LNG on long-term and spot charters for major energy firms around the world. In addition to shipping, Golar LNG has broadened its services to include project development and the conversion of existing carriers into Floating Liquefied Natural Gas (FLNG) and Floating Storage and Regasification Unit (FSRU) vessels.

Since pioneering the first purpose-built FLNG conversion project, Golar LNG has been at the forefront of offshore gas monetization.