Golar LNG (NASDAQ:GLNG – Free Report) had its price objective hoisted by BTIG Research from $67.00 to $70.00 in a research report released on Friday, MarketBeat.com reports. BTIG Research currently has a buy rating on the shipping company’s stock.
Other equities research analysts have also issued reports about the stock. The Goldman Sachs Group set a $66.00 price target on shares of Golar LNG and gave the company a “conviction-buy” rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded shares of Golar LNG from a “hold (c+)” rating to a “buy (b-)” rating in a research note on Tuesday, June 23rd. Pareto Securities downgraded shares of Golar LNG from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 21st. Wall Street Zen cut Golar LNG from a “hold” rating to a “sell” rating in a report on Saturday, June 27th. Finally, Deutsche Bank Aktiengesellschaft reissued a “buy” rating and set a $65.00 price target on shares of Golar LNG in a research report on Thursday, May 21st. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have given a Hold rating to the company. According to data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $59.30.
Golar LNG Trading Up 2.5%
Golar LNG (NASDAQ:GLNG – Get Free Report) last posted its quarterly earnings data on Thursday, March 26th. The shipping company reported $0.82 earnings per share (EPS) for the quarter. Golar LNG had a net margin of 31.27% and a return on equity of 8.92%. The company had revenue of $137.55 million for the quarter. As a group, analysts expect that Golar LNG will post 0.72 EPS for the current fiscal year.
Golar LNG Dividend Announcement
The business also recently declared a quarterly dividend, which will be paid on Wednesday, September 2nd. Investors of record on Monday, August 24th will be given a $0.25 dividend. The ex-dividend date is Monday, August 24th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.9%. Golar LNG’s dividend payout ratio (DPR) is presently 72.46%.
Hedge Funds Weigh In On Golar LNG
A number of institutional investors have recently modified their holdings of GLNG. Militia Capital Management LLC bought a new stake in Golar LNG during the 1st quarter worth $1,623,000. NewEdge Advisors LLC lifted its stake in shares of Golar LNG by 18,550.0% in the 1st quarter. NewEdge Advisors LLC now owns 9,325 shares of the shipping company’s stock valued at $505,000 after purchasing an additional 9,275 shares during the period. Arkadios Wealth Advisors bought a new position in shares of Golar LNG during the 1st quarter worth approximately $284,000. Amundi boosted its stake in Golar LNG by 75.7% during the first quarter. Amundi now owns 31,874 shares of the shipping company’s stock worth $1,725,000 after acquiring an additional 13,731 shares in the last quarter. Finally, EverSource Wealth Advisors LLC boosted its position in shares of 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 purchasing an additional 223 shares in the last quarter. Institutional investors and hedge funds own 92.21% of the company’s stock.
Key Stories Impacting Golar LNG
Here are the key news stories impacting Golar LNG this week:
- Positive Sentiment: Q2 earnings and EBITDA beat expectations: Golar reported adjusted EBITDA of $127.4 million, up 159% year over year, while net income attributable to shareholders rose 145% to $38.3 million. Earnings of $0.68 per share exceeded the $0.55 consensus estimate and more than doubled from $0.26 a year earlier. Golar LNG Q2 Earnings and Revenues Beat Estimates
- Positive Sentiment: Fourth FLNG project approved: Golar signed a roughly $2.45 billion engineering, procurement and construction contract for a 3.5 million-ton-per-year FLNG unit. The vessel is expected to be delivered by the end of 2029 and could expand the company’s long-term LNG production capacity, with management citing favorable delivery timing and improved payment terms. Golar LNG orders 4th FLNG unit for 2029 delivery
- Positive Sentiment: Analyst becomes more bullish: BTIG Research raised its price target from $67 to $70 and reaffirmed a “buy” rating, implying substantial upside from the current trading level.
- Positive Sentiment: Dividend maintained: Golar declared a quarterly cash dividend of $0.25 per share, payable September 2 to shareholders of record on August 24. The annualized yield is approximately 2%.
- Neutral Sentiment: Revenue growth was strong but slightly mixed against estimates: Quarterly operating revenue increased 72% year over year to $130.5 million. However, one report placed revenue modestly below the $131.3 million analyst consensus, making the earnings beat the more important positive catalyst.
- Negative Sentiment: Significant capital commitment: The new FLNG project will require approximately $2.45 billion, and Golar’s share of contractual debt was $2.68 billion, up 31% year over year. Investors may therefore monitor financing, construction execution and leverage risks as the expansion advances.
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.
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