Golar LNG Limited $GLNG Stock Holdings Boosted by Pinnacle Associates Ltd.

Pinnacle Associates Ltd. raised its stake in shares of Golar LNG Limited (NASDAQ:GLNG) by 2.2% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 915,619 shares of the shipping company’s stock after buying an additional 20,131 shares during the quarter. Pinnacle Associates Ltd. owned about 0.90% of Golar LNG worth $43,510,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the stock. AdvisorNet Financial Inc raised its position in shares of Golar LNG by 108.5% in the 1st quarter. AdvisorNet Financial Inc now owns 515 shares of the shipping company’s stock valued at $28,000 after acquiring an additional 268 shares during the period. Public Employees Retirement System of Ohio bought a new position in Golar LNG during the 2nd quarter worth approximately $33,000. GAMMA Investing LLC boosted its stake in Golar LNG by 38.7% during the 3rd quarter. GAMMA Investing LLC now owns 1,078 shares of the shipping company’s stock worth $51,000 after acquiring an additional 301 shares during the last quarter. EverSource Wealth Advisors LLC boosted its stake in Golar LNG by 17.0% during the 1st quarter. EverSource Wealth Advisors LLC now owns 1,532 shares of the shipping company’s stock worth $83,000 after acquiring an additional 223 shares during the last quarter. Finally, Leonteq Securities AG grew its holdings in Golar LNG by 253,100.0% during the first quarter. Leonteq Securities AG now owns 2,532 shares of the shipping company’s stock valued at $137,000 after purchasing an additional 2,531 shares during the period. 92.21% of the stock is currently owned by institutional investors and hedge funds.

Golar LNG Trading Down 0.2%

NASDAQ GLNG opened at $44.78 on Wednesday. Golar LNG Limited has a one year low of $35.02 and a one year high of $57.79. The company has a debt-to-equity ratio of 1.11, a current ratio of 2.34 and a quick ratio of 2.34. The firm has a market cap of $4.54 billion, a P/E ratio of 23.60 and a beta of 0.13. The stock’s 50-day moving average is $50.20 and its 200-day moving average is $51.24.

Golar LNG Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Wednesday, September 2nd. Investors of record on Monday, August 24th were paid a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend was Monday, August 24th. Golar LNG’s dividend payout ratio is presently 62.50%.

Analyst Upgrades and Downgrades

Several brokerages have commented on GLNG. 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 research note on Tuesday, July 7th. Pareto Securities raised shares of Golar LNG from a “hold” rating to a “buy” rating in a report on Monday, August 24th. Wall Street Zen cut shares of Golar LNG from a “hold” rating to a “sell” rating in a research report on Saturday, June 27th. Weiss Ratings upgraded shares of Golar LNG from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Thursday, October 8th. Finally, BTIG Research raised their price objective on Golar LNG from $70.00 to $75.00 and gave the stock a “buy” rating in a research note on Thursday, September 24th. One equities research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $68.67.

Golar LNG Company Profile

Golar LNG Limited is a Bermuda-based company focused on liquefied natural gas (LNG) infrastructure and maritime services. The company specializes in floating liquefied natural gas (FLNG) facilities, which are converted vessels designed to process natural gas offshore, remove impurities, and liquefy it for transportation by LNG carriers.

Golar owns and operates FLNG vessels and provides related project development, engineering, operations, and maintenance services. Its Hilli Episeyo FLNG facility is deployed offshore Cameroon, where it processes natural gas from the Kribi field for export.