Golar LNG (NASDAQ:GLNG) Shares Pass Above Two Hundred Day Moving Average – Here’s What Happened

Shares of Golar LNG Limited (NASDAQ:GLNG) crossed above its two hundred day moving average during trading on Tuesday . The stock has a two hundred day moving average of $50.43 and traded as high as $52.39. Golar LNG shares last traded at $52.04, with a volume of 987,567 shares.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on the stock. Pareto Securities upgraded shares of Golar LNG from a “hold” rating to a “buy” rating in a research note on Monday. Weiss Ratings cut Golar LNG from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Friday, August 21st. The Goldman Sachs Group set a $66.00 target price on shares of Golar LNG and gave the company a “conviction-buy” rating in a report on Tuesday, July 7th. BTIG Research lifted their price target on Golar LNG from $67.00 to $70.00 and gave the stock a “buy” rating in a research note on Friday, August 14th. Finally, Wall Street Zen downgraded Golar LNG from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. One investment analyst has rated the stock with a Strong Buy rating, four have issued a Buy rating and two have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $63.00.

Golar LNG Price Performance

The company has a market cap of $5.22 billion, a PE ratio of 32.19 and a beta of 0.05. The company has a quick ratio of 2.34, a current ratio of 2.34 and a debt-to-equity ratio of 1.11. The business’s 50 day moving average price is $50.34 and its 200-day moving average price is $50.50.

Golar LNG Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, September 2nd. Shareholders of record on Monday, August 24th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.9%. The ex-dividend date of this dividend is Monday, August 24th. Golar LNG’s dividend payout ratio is presently 62.50%.

Hedge Funds Weigh In On Golar LNG

Several large investors have recently modified their holdings of the stock. T. Rowe Price Investment Management Inc. lifted its position in shares of Golar LNG by 253.7% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 2,306,379 shares of the shipping company’s stock worth $85,821,000 after buying an additional 1,654,353 shares during the last quarter. Rokos Capital Management LLP acquired a new position in Golar LNG during the 1st quarter valued at about $63,293,000. Verbena Value LP bought a new position in Golar LNG in the 4th quarter worth about $38,497,000. Clearline Capital LP grew its position in Golar LNG by 172.6% in the 4th quarter. Clearline Capital LP now owns 1,067,153 shares of the shipping company’s stock worth $39,709,000 after purchasing an additional 675,744 shares during the last quarter. Finally, PointState Capital LP raised its stake in Golar LNG by 19.3% during the 4th quarter. PointState Capital LP now owns 3,932,104 shares of the shipping company’s stock valued at $146,314,000 after acquiring an additional 637,081 shares in the last quarter. Institutional investors own 92.21% of the company’s stock.

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.