Pinnacle Associates Ltd. Lowers Position in Golar LNG Limited $GLNG

Pinnacle Associates Ltd. lowered its holdings in Golar LNG Limited (NASDAQ:GLNG) by 3.2% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 1,001,465 shares of the shipping company’s stock after selling 32,871 shares during the period. Pinnacle Associates Ltd. owned approximately 0.96% of Golar LNG worth $37,265,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also bought and sold shares of the stock. State of Alaska Department of Revenue raised its position in Golar LNG by 6.4% during the fourth quarter. State of Alaska Department of Revenue now owns 4,540 shares of the shipping company’s stock valued at $168,000 after purchasing an additional 274 shares in the last quarter. Legal & General Group Plc raised its holdings in shares of Golar LNG by 2.8% during the 2nd quarter. Legal & General Group Plc now owns 17,100 shares of the shipping company’s stock valued at $704,000 after buying an additional 459 shares in the last quarter. Amplify Investments LLC raised its holdings in shares of Golar LNG by 21.4% during the 4th quarter. Amplify Investments LLC now owns 2,686 shares of the shipping company’s stock valued at $105,000 after buying an additional 474 shares in the last quarter. Caitong International Asset Management Co. Ltd raised its holdings in shares of Golar LNG by 278.2% during the 3rd quarter. Caitong International Asset Management Co. Ltd now owns 658 shares of the shipping company’s stock valued at $27,000 after buying an additional 484 shares in the last quarter. Finally, The Manufacturers Life Insurance Company raised its holdings in shares of Golar LNG by 1.8% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,728 shares of the shipping company’s stock valued at $1,389,000 after buying an additional 606 shares in the last quarter. Hedge funds and other institutional investors own 92.21% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts recently weighed in on the company. Wall Street Zen cut Golar LNG from a “hold” rating to a “sell” rating in a report on Saturday, April 25th. The Goldman Sachs Group set a $56.00 price objective on shares of Golar LNG in a research note on Monday, February 2nd. Finally, BTIG Research upped their price objective on shares of Golar LNG from $50.00 to $53.00 and gave the company a “buy” rating in a research note on Wednesday, February 25th. One investment analyst has rated the stock with a Strong Buy rating, two have issued a Buy rating and three have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $51.13.

Golar LNG Trading Down 1.2%

Shares of GLNG opened at $56.68 on Thursday. Golar LNG Limited has a twelve month low of $35.02 and a twelve month high of $57.79. The stock has a market capitalization of $5.74 billion, a P/E ratio of 88.56 and a beta of 0.06. The company has a quick ratio of 2.55, a current ratio of 2.55 and a debt-to-equity ratio of 1.19. The firm has a fifty day simple moving average of $52.06 and a two-hundred day simple moving average of $43.99.

Golar LNG (NASDAQ:GLNG) last announced its quarterly earnings results on Saturday, February 14th. The shipping company reported $0.09 earnings per share (EPS) for the quarter. Golar LNG had a return on equity of 6.24% and a net margin of 16.69%.The company had revenue of $132.81 million for the quarter. On average, research analysts anticipate that Golar LNG Limited will post 0.58 EPS for the current year.

Golar LNG Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 18th. Investors of record on Monday, March 9th were paid a $0.25 dividend. The ex-dividend date of this dividend was Monday, March 9th. This represents a $1.00 dividend on an annualized basis and a yield of 1.8%. Golar LNG’s dividend payout ratio (DPR) is presently 156.25%.

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.