Citigroup Inc. Boosts Stake in Golar LNG Limited $GLNG

Citigroup Inc. boosted its holdings in Golar LNG Limited (NASDAQ:GLNG) by 33.2% in the third quarter, according to its most recent Form 13F filing with the SEC. The fund owned 68,269 shares of the shipping company’s stock after purchasing an additional 17,030 shares during the period. Citigroup Inc. owned about 0.07% of Golar LNG worth $2,759,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently bought and sold shares of the business. Allworth Financial LP raised its position in shares of Golar LNG by 43.5% in the 2nd quarter. Allworth Financial LP now owns 990 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 300 shares in the last quarter. Metis Global Partners LLC grew its position in shares of Golar LNG by 6.1% during the second quarter. Metis Global Partners LLC now owns 6,829 shares of the shipping company’s stock worth $281,000 after buying an additional 395 shares in the last quarter. Legal & General Group Plc grew its position in shares of Golar LNG by 2.8% during the second quarter. Legal & General Group Plc now owns 17,100 shares of the shipping company’s stock worth $704,000 after buying an additional 459 shares in the last quarter. Texas Yale Capital Corp. increased its stake in shares of Golar LNG by 0.6% in the second quarter. Texas Yale Capital Corp. now owns 75,925 shares of the shipping company’s stock worth $3,127,000 after buying an additional 475 shares during the last quarter. Finally, The Manufacturers Life Insurance Company increased its stake in shares of Golar LNG by 1.8% in the second quarter. The Manufacturers Life Insurance Company now owns 33,728 shares of the shipping company’s stock worth $1,389,000 after buying an additional 606 shares during the last quarter. Institutional investors and hedge funds own 92.21% of the company’s stock.

Wall Street Analysts Forecast Growth

GLNG has been the topic of a number of research analyst reports. Weiss Ratings reiterated a “hold (c+)” rating on shares of Golar LNG in a research note on Monday, December 29th. The Goldman Sachs Group set a $56.00 target price on shares of Golar LNG in a research report on Monday, February 2nd. Zacks Research upgraded shares of Golar LNG from a “strong sell” rating to a “hold” rating in a research note on Monday, January 5th. BTIG Research increased their price target on shares of Golar LNG from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Finally, Wall Street Zen downgraded Golar LNG from a “hold” rating to a “sell” rating in a research note on Saturday, February 28th. Three investment analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $50.50.

Golar LNG Price Performance

Shares of NASDAQ:GLNG opened at $47.08 on Friday. The company has a market cap of $4.92 billion, a PE ratio of 73.56 and a beta of 0.18. Golar LNG Limited has a fifty-two week low of $29.56 and a fifty-two week high of $47.48. The firm has a 50-day simple moving average of $41.58 and a 200 day simple moving average of $40.21. The company has a quick ratio of 1.32, a current ratio of 2.55 and a debt-to-equity ratio of 1.19.

Golar LNG (NASDAQ:GLNG) last issued its earnings results on Wednesday, February 25th. The shipping company reported $0.30 EPS for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.08). The company had revenue of $132.81 million during the quarter, compared to analyst estimates of $123.29 million. Golar LNG had a net margin of 16.69% and a return on equity of 6.24%. On average, sell-side analysts anticipate that Golar LNG Limited will post 1.39 EPS for the current year.

Golar LNG Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Monday, March 9th will be paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Monday, March 9th. Golar LNG’s payout ratio is presently 156.25%.

Golar LNG Profile

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.