WIT Partners Advisory Pte. Ltd. raised its stake in Golar LNG Limited (NASDAQ:GLNG – Free Report) by 605.3% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 36,888 shares of the shipping company’s stock after buying an additional 31,658 shares during the period. Golar LNG comprises 0.6% of WIT Partners Advisory Pte. Ltd.’s holdings, making the stock its 12th largest position. WIT Partners Advisory Pte. Ltd.’s holdings in Golar LNG were worth $1,996,000 as of its most recent filing with the Securities and Exchange Commission.
A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in GLNG. AdvisorNet Financial Inc grew its position in shares of Golar LNG by 108.5% during the 1st quarter. AdvisorNet Financial Inc now owns 515 shares of the shipping company’s stock worth $28,000 after buying an additional 268 shares during the period. Caitong International Asset Management Co. Ltd raised its position in shares of Golar LNG by 278.2% in the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 658 shares of the shipping company’s stock valued at $27,000 after acquiring an additional 484 shares during the period. Zions Bancorporation National Association UT bought a new position in Golar LNG during the 4th quarter worth approximately $44,000. EverSource Wealth Advisors LLC boosted its stake in Golar LNG by 94.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,356 shares of the shipping company’s stock worth $56,000 after acquiring an additional 657 shares during the last quarter. Finally, Brown Brothers Harriman & Co. acquired a new position in Golar LNG during the fourth quarter valued at approximately $65,000. Institutional investors own 92.21% of the company’s stock.
Wall Street Analysts Forecast Growth
GLNG has been the subject of several recent analyst reports. Wall Street Zen downgraded shares of Golar LNG from a “hold” rating to a “sell” rating in a research note on Saturday, June 27th. Weiss Ratings raised shares of Golar LNG from a “hold (c+)” rating to a “buy (b-)” rating in a research report on Tuesday, June 23rd. 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 report on Tuesday, July 7th. BTIG Research restated a “buy” rating and issued a $67.00 price objective on shares of Golar LNG in a research report on Wednesday, May 20th. Finally, Pareto Securities downgraded Golar LNG from a “strong-buy” rating to a “hold” rating in a research note on Thursday, May 21st. One equities research 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’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $58.70.
Golar LNG Price Performance
Shares of GLNG opened at $49.76 on Friday. The stock has a 50 day simple moving average of $51.64 and a 200 day simple moving average of $48.25. Golar LNG Limited has a 52-week low of $35.02 and a 52-week high of $57.79. The company has a debt-to-equity ratio of 1.14, a quick ratio of 2.57 and a current ratio of 2.57. The firm has a market capitalization of $5.04 billion, a PE ratio of 36.06 and a beta of 0.02.
Golar LNG (NASDAQ:GLNG – Get Free Report) last announced its earnings results on Thursday, March 26th. The shipping company reported $0.82 EPS for the quarter. Golar LNG had a net margin of 30.10% and a return on equity of 6.86%. The firm had revenue of $137.55 million for the quarter. Sell-side analysts predict that Golar LNG Limited will post 0.72 EPS for the current fiscal year.
Golar LNG Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 10th. Stockholders of record on Monday, June 1st were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, June 1st. This represents a $1.00 annualized dividend and a dividend yield of 2.0%. Golar LNG’s dividend payout ratio is currently 72.46%.
Golar LNG 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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