Golar LNG (NASDAQ:GLNG) Hits New 52-Week High – Here’s Why

Golar LNG Limited (NASDAQ:GLNG)’s share price hit a new 52-week high during trading on Monday . The stock traded as high as $46.98 and last traded at $46.1950, with a volume of 639677 shares trading hands. The stock had previously closed at $44.46.

Analyst Upgrades and Downgrades

Several research analysts have commented on GLNG shares. BTIG Research lifted their price target on Golar LNG from $50.00 to $53.00 and gave the stock a “buy” rating in a research report on Wednesday, February 25th. Weiss Ratings reissued a “hold (c+)” rating on shares of Golar LNG in a research note on Monday, December 29th. Zacks Research upgraded Golar LNG from a “strong sell” rating to a “hold” rating in a research report on Monday, January 5th. Wall Street Zen cut shares of Golar LNG from a “hold” rating to a “sell” rating in a research note on Saturday. Finally, The Goldman Sachs Group set a $56.00 price objective on shares of Golar LNG in a research report on Monday, February 2nd. Three research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have given a Hold rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Buy” and an average target price of $50.50.

Golar LNG Stock Up 4.1%

The company has a current ratio of 2.55, a quick ratio of 1.32 and a debt-to-equity ratio of 1.19. The stock’s 50 day simple moving average is $40.69 and its 200 day simple moving average is $40.00. The stock has a market capitalization of $4.84 billion, a P/E ratio of 72.30 and a beta of 0.18.

Golar LNG (NASDAQ:GLNG) last issued its quarterly earnings results on Wednesday, February 25th. The shipping company reported $0.30 earnings per share for the quarter, missing analysts’ consensus estimates of $0.38 by ($0.08). Golar LNG had a net margin of 16.69% and a return on equity of 6.24%. The firm had revenue of $132.81 million during the quarter, compared to the consensus estimate of $123.29 million. As a group, research analysts predict that Golar LNG Limited will post 1.39 EPS for the current fiscal year.

Golar LNG Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Stockholders of record on Monday, March 9th will be paid a dividend of $0.25 per share. The ex-dividend date of this dividend is Monday, March 9th. This represents a $1.00 annualized dividend and a dividend yield of 2.2%. Golar LNG’s dividend payout ratio (DPR) is currently 156.25%.

Institutional Investors Weigh In On Golar LNG

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in GLNG. Tejara Capital Ltd grew its position in shares of Golar LNG by 44.0% during the 3rd quarter. Tejara Capital Ltd now owns 196,526 shares of the shipping company’s stock worth $7,942,000 after buying an additional 60,093 shares during the period. Permanent Capital Management LP acquired a new stake in shares of Golar LNG during the 3rd quarter worth about $2,114,000. ARS Investment Partners LLC lifted its holdings in shares of Golar LNG by 14.7% during the third quarter. ARS Investment Partners LLC now owns 296,059 shares of the shipping company’s stock worth $11,964,000 after buying an additional 38,040 shares in the last quarter. King Luther Capital Management Corp bought a new position in shares of Golar LNG during the third quarter worth approximately $1,179,000. Finally, Levin Capital Strategies L.P. lifted its position in shares of Golar LNG by 8.0% during the 2nd quarter. Levin Capital Strategies L.P. now owns 496,819 shares of the shipping company’s stock valued at $20,464,000 after acquiring an additional 36,770 shares during the period. Hedge funds and other institutional investors own 92.21% of the company’s stock.

Golar LNG Company 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.