Golar LNG (NASDAQ:GLNG) Reaches New 12-Month High – Here’s What Happened

Golar LNG Limited (NASDAQ:GLNG)’s share price hit a new 52-week high during mid-day trading on Monday . The stock traded as high as $46.98 and last traded at $46.1950, with a volume of 639677 shares traded. The stock had previously closed at $44.46.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Golar LNG in a report on Monday, December 29th. Wall Street Zen downgraded Golar LNG from a “hold” rating to a “sell” rating in a research report on Saturday. BTIG Research increased their price objective on Golar LNG from $50.00 to $53.00 and gave the company a “buy” rating in a research note 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 target price on shares of Golar LNG in a research note on Monday, February 2nd. Three investment analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company’s stock. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $50.50.

Golar LNG Trading Down 0.8%

The business has a 50 day simple moving average of $41.03 and a two-hundred day simple moving average of $40.08. The company has a current ratio of 2.55, a quick ratio of 1.32 and a debt-to-equity ratio of 1.19. The company has a market cap of $4.78 billion, a PE ratio of 71.49 and a beta of 0.18.

Golar LNG (NASDAQ:GLNG) last announced its quarterly earnings data on Wednesday, February 25th. The shipping company reported $0.30 EPS 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 business had revenue of $132.81 million during the quarter, compared to analysts’ expectations of $123.29 million. On average, analysts forecast that Golar LNG Limited will post 1.39 EPS for the current fiscal year.

Golar LNG Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Monday, March 9th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 9th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.2%. Golar LNG’s dividend payout ratio is currently 156.25%.

Institutional Investors Weigh In On Golar LNG

Several hedge funds have recently modified their holdings of GLNG. Caitong International Asset Management Co. Ltd increased its position in Golar LNG by 278.2% during the third quarter. Caitong International Asset Management Co. Ltd now owns 658 shares of the shipping company’s stock worth $27,000 after purchasing an additional 484 shares during the last quarter. Smartleaf Asset Management LLC grew its stake in shares of Golar LNG by 281.9% during the 3rd quarter. Smartleaf Asset Management LLC now owns 909 shares of the shipping company’s stock valued at $37,000 after buying an additional 671 shares during the period. Allworth Financial LP increased its holdings in shares of Golar LNG by 43.5% during the 2nd quarter. Allworth Financial LP now owns 990 shares of the shipping company’s stock worth $41,000 after buying an additional 300 shares during the last quarter. Crossingbridge Advisors LLC acquired a new stake in shares of Golar LNG during the 2nd quarter worth $41,000. Finally, Zions Bancorporation National Association UT purchased a new position in shares of Golar LNG in the 4th quarter worth $44,000. 92.21% of the stock is 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.