Golar LNG Limited’s (GLNG) Overweight Rating Reiterated at Morgan Stanley
Morgan Stanley reaffirmed their overweight rating on shares of Golar LNG Limited (NASDAQ:GLNG) in a research note issued to investors on Friday morning. The brokerage currently has a $31.00 target price on the shipping company’s stock, down from their previous target price of $32.00.
Several other research analysts also recently commented on the company. Cowen and Company reiterated an outperform rating and set a $45.00 target price on shares of Golar LNG Limited in a research note on Thursday. Stifel Nicolaus reiterated a buy rating and set a $36.00 target price on shares of Golar LNG Limited in a research note on Monday, August 21st. Citigroup Inc reduced their target price on Golar LNG Limited from $28.00 to $26.00 and set a buy rating for the company in a research note on Thursday, August 17th. Zacks Investment Research upgraded Golar LNG Limited from a sell rating to a hold rating in a research note on Tuesday, August 1st. Finally, BidaskClub downgraded Golar LNG Limited from a sell rating to a strong sell rating in a research note on Saturday, June 10th. Two investment analysts have rated the stock with a sell rating, three have issued a hold rating and nine have assigned a buy rating to the company’s stock. Golar LNG Limited presently has an average rating of Buy and a consensus target price of $34.00.
Shares of Golar LNG Limited (NASDAQ:GLNG) traded down 1.06% during midday trading on Friday, reaching $21.45. The company’s stock had a trading volume of 944,081 shares. The firm’s market cap is $2.10 billion. The company has a 50-day moving average price of $22.07 and a 200-day moving average price of $24.70. Golar LNG Limited has a 12 month low of $19.85 and a 12 month high of $29.18.
Golar LNG Limited (NASDAQ:GLNG) last issued its earnings results on Wednesday, August 30th. The shipping company reported ($0.51) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.40) by $0.11. Golar LNG Limited had a negative return on equity of 7.78% and a negative net margin of 179.35%. The business had revenue of $28.41 million for the quarter, compared to the consensus estimate of $17.03 million. Equities analysts expect that Golar LNG Limited will post ($1.67) earnings per share for the current year.
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The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Thursday, September 14th will be paid a $0.05 dividend. The ex-dividend date of this dividend is Wednesday, September 13th. This represents a $0.20 annualized dividend and a yield of 0.93%.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. FMR LLC raised its holdings in Golar LNG Limited by 1.0% in the 1st quarter. FMR LLC now owns 10,103,929 shares of the shipping company’s stock valued at $282,203,000 after acquiring an additional 97,466 shares in the last quarter. Prudential PLC raised its holdings in Golar LNG Limited by 2.3% in the 2nd quarter. Prudential PLC now owns 1,821,946 shares of the shipping company’s stock valued at $40,538,000 after acquiring an additional 40,946 shares in the last quarter. State Street Corp raised its holdings in Golar LNG Limited by 6.2% in the 2nd quarter. State Street Corp now owns 1,734,953 shares of the shipping company’s stock valued at $38,608,000 after acquiring an additional 101,007 shares in the last quarter. HITE Hedge Asset Management LLC raised its holdings in Golar LNG Limited by 79.3% in the 2nd quarter. HITE Hedge Asset Management LLC now owns 1,567,493 shares of the shipping company’s stock valued at $34,877,000 after acquiring an additional 693,185 shares in the last quarter. Finally, Balyasny Asset Management LLC raised its holdings in Golar LNG Limited by 35.1% in the 2nd quarter. Balyasny Asset Management LLC now owns 1,136,056 shares of the shipping company’s stock valued at $25,277,000 after acquiring an additional 295,073 shares in the last quarter. Institutional investors and hedge funds own 87.51% of the company’s stock.
Golar LNG Limited Company Profile
Golar LNG Limited is a midstream liquefied natural gas (LNG) company engaged primarily in the transportation, regasification, liquefaction and trading of LNG. The Company is engaged in the acquisition, ownership, operation and chartering of LNG carriers and Floating Storage Regasification Unit (FSRUs) through its subsidiaries and affiliates, and the development of LNG projects, such as floating LNGs (FLNGs).
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