Cartenna Capital LP Acquires 225,000 Shares of Golar LNG Limited $GLNG

Cartenna Capital LP lifted its holdings in shares of Golar LNG Limited (NASDAQ:GLNG) by 13.2% during the 3rd quarter, Holdings Channel.com reports. The firm owned 1,925,000 shares of the shipping company’s stock after purchasing an additional 225,000 shares during the period. Golar LNG comprises 2.2% of Cartenna Capital LP’s portfolio, making the stock its 9th largest holding. Cartenna Capital LP’s holdings in Golar LNG were worth $77,789,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in GLNG. Circle Wealth Management LLC acquired a new position in Golar LNG during the 3rd quarter worth about $241,000. Cinctive Capital Management LP bought a new stake in Golar LNG during the 3rd quarter worth about $4,658,000. Clearline Capital LP increased its position in Golar LNG by 39.3% in the 3rd quarter. Clearline Capital LP now owns 391,409 shares of the shipping company’s stock valued at $15,817,000 after acquiring an additional 110,335 shares in the last quarter. Bank of America Corp DE raised its stake in shares of Golar LNG by 25.4% in the third quarter. Bank of America Corp DE now owns 570,471 shares of the shipping company’s stock worth $23,053,000 after acquiring an additional 115,546 shares during the last quarter. Finally, Ameriprise Financial Inc. bought a new position in shares of Golar LNG in the third quarter worth about $273,000. 92.21% of the stock is currently owned by institutional investors and hedge funds.

Golar LNG Trading Down 4.1%

NASDAQ:GLNG opened at $42.94 on Friday. 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 Limited has a 1-year low of $29.56 and a 1-year high of $47.48. The firm has a market capitalization of $4.49 billion, a price-to-earnings ratio of 67.09 and a beta of 0.18. The business’s 50-day moving average price is $42.32 and its two-hundred day moving average price is $40.23.

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

Golar LNG Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Monday, March 9th will be issued a dividend of $0.25 per share. The ex-dividend date is Monday, March 9th. This represents a $1.00 dividend on an annualized basis and a yield of 2.3%. Golar LNG’s payout ratio is currently 156.25%.

Analysts Set New Price Targets

GLNG has been the topic of several research analyst reports. The Goldman Sachs Group set a $56.00 price target on shares of Golar LNG in a research note on Monday, February 2nd. Zacks Research upgraded shares of Golar LNG from a “strong sell” rating to a “hold” rating in a research report on Monday, January 5th. Wall Street Zen downgraded Golar LNG from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. 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 report on Wednesday, February 25th. Finally, Weiss Ratings reissued a “hold (c+)” rating on shares of Golar LNG in a research note on Monday, December 29th. Three equities research 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 stock. According to data from MarketBeat, the company currently has a consensus rating of “Buy” and an average target price of $50.50.

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.