Wells Fargo & Co. Reaffirms “Buy” Rating for Golar LNG Ltd. (GLNG)
Golar LNG Ltd. (NASDAQ:GLNG)‘s stock had its “buy” rating restated by stock analysts at Wells Fargo & Co. in a report released on Wednesday.
A number of other equities analysts have also recently issued reports on GLNG. DNB Markets raised shares of Golar LNG from a “hold” rating to a “buy” rating in a research note on Friday, July 1st. ABN Amro cut shares of Golar LNG from a “buy” rating to a “sell” rating and reduced their price objective for the company from $38.00 to $10.00 in a research note on Thursday, June 30th. Jefferies Group reaffirmed a “buy” rating on shares of Golar LNG in a research note on Monday, August 29th. Sanford C. Bernstein cut shares of Golar LNG from a “buy” rating to a “sell” rating and reduced their price objective for the company from $38.00 to $10.00 in a research note on Thursday, June 30th. Finally, Bank of America Corp. raised shares of Golar LNG from a “neutral” rating to a “buy” rating and set a $21.00 price objective on the stock in a research note on Monday, August 1st. Three investment analysts have rated the stock with a sell rating, two have issued a hold rating and twelve have issued a buy rating to the company. The stock presently has an average rating of “Buy” and an average target price of $30.89.
Shares of Golar LNG (NASDAQ:GLNG) traded up 5.16% on Wednesday, reaching $22.23. The company had a trading volume of 980,444 shares. The stock’s market capitalization is $2.00 billion. Golar LNG has a 52-week low of $9.42 and a 52-week high of $34.69. The company has a 50 day moving average price of $20.95 and a 200 day moving average price of $18.50.
Golar LNG (NASDAQ:GLNG) last released its quarterly earnings results on Wednesday, August 31st. The company reported ($0.96) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.47) by $0.49. Golar LNG had a negative net margin of 453.75% and a negative return on equity of 9.31%. On average, equities research analysts anticipate that Golar LNG will post ($2.02) earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, October 3rd. Stockholders of record on Wednesday, September 14th were given a $0.05 dividend. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.95%. The ex-dividend date of this dividend was Monday, September 12th.
Several hedge funds and other institutional investors have recently made changes to their positions in GLNG. Fifth Third Bancorp increased its position in shares of Golar LNG by 21.0% in the second quarter. Fifth Third Bancorp now owns 7,500 shares of the company’s stock worth $116,000 after buying an additional 1,300 shares during the period. Loews Corp purchased a new position in shares of Golar LNG during the second quarter worth approximately $162,000. Fort Washington Investment Advisors Inc OH purchased a new position in shares of Golar LNG during the second quarter worth approximately $171,000. ProShare Advisors LLC purchased a new position in shares of Golar LNG during the second quarter worth approximately $173,000. Finally, Pacad Investment Ltd. purchased a new position in shares of Golar LNG during the first quarter worth approximately $180,000. 88.14% of the stock is owned by institutional investors.
Golar LNG Company Profile
Golar LNG Limited (Golar) is the owner and operator of liquefied natural gas (LNG) carriers and floating storage regasification units (FSRUs). As of March 31, 2010, Golar had a fleet of 13 vessels, 10 LNG carriers, three FSRUs and a 50% interest in a further LNG carrier. On June 22, 2009, the Company formed a wholly owned subsidiary, Golar LNG Energy Limited (Golar Energy).
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