Golar LNG (NASDAQ:GLNG) Shares Up 3.9% – Here’s Why

Golar LNG Limited (NASDAQ:GLNG)’s stock price shot up 3.9% during mid-day trading on Friday . The stock traded as high as $53.00 and last traded at $52.9510. 1,426,701 shares traded hands during trading, a decline of 17% from the average session volume of 1,718,418 shares. The stock had previously closed at $50.96.

Analyst Ratings Changes

A number of research analysts have commented on the company. Wall Street Zen lowered Golar LNG from a “hold” rating to a “sell” rating in a research report on Saturday, February 28th. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Golar LNG in a research note on Monday, December 29th. BTIG Research raised their price target on Golar LNG from $50.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Zacks Research upgraded Golar LNG from a “strong sell” rating to a “hold” rating in a research report on Monday, January 5th. Finally, The Goldman Sachs Group set a $56.00 price objective on Golar LNG in a report on Monday, February 2nd. Two analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $50.50.

Golar LNG Stock Up 3.4%

The business’s fifty day simple moving average is $43.33 and its 200 day simple moving average is $40.39. The stock has a market cap of $5.51 billion, a price-to-earnings ratio of 82.30 and a beta of 0.18. The company has a current ratio of 2.55, a quick ratio of 1.32 and a debt-to-equity ratio of 1.19.

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

Golar LNG Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, March 18th. Shareholders of record on Monday, March 9th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 9th. This represents a $1.00 annualized dividend and a yield of 1.9%. Golar LNG’s dividend payout ratio is presently 156.25%.

Hedge Funds Weigh In On Golar LNG

Several institutional investors have recently modified their holdings of GLNG. Rubric Capital Management LP raised its position in shares of Golar LNG by 2.3% in the 2nd quarter. Rubric Capital Management LP now owns 9,178,978 shares of the shipping company’s stock valued at $378,082,000 after acquiring an additional 203,829 shares during the period. PointState Capital LP grew its holdings in Golar LNG by 19.3% during the fourth quarter. PointState Capital LP now owns 3,932,104 shares of the shipping company’s stock valued at $146,314,000 after purchasing an additional 637,081 shares during the period. T. Rowe Price Investment Management Inc. increased its stake in Golar LNG by 253.7% in the fourth quarter. T. Rowe Price Investment Management Inc. now owns 2,306,379 shares of the shipping company’s stock valued at $85,821,000 after purchasing an additional 1,654,353 shares in the last quarter. Morgan Stanley increased its stake in Golar LNG by 14.0% in the fourth quarter. Morgan Stanley now owns 2,110,671 shares of the shipping company’s stock valued at $78,538,000 after purchasing an additional 259,915 shares in the last quarter. Finally, Cartenna Capital LP raised its holdings in Golar LNG by 13.2% in the third quarter. Cartenna Capital LP now owns 1,925,000 shares of the shipping company’s stock worth $77,789,000 after purchasing an additional 225,000 shares during the period. 92.21% of the stock is currently owned by institutional investors and hedge funds.

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.