Wells Fargo & Co. Reaffirms “Buy” Rating for Golar LNG Ltd. (GLNG)
Golar LNG Ltd. (NASDAQ:GLNG)‘s stock had its “buy” rating reissued by analysts at Wells Fargo & Co. in a note issued to investors on Wednesday.
Several other equities research analysts have also issued reports on GLNG. Jefferies Group reiterated a “buy” rating on shares of Golar LNG in a research report on Monday, September 12th. Morgan Stanley began coverage on shares of Golar LNG in a research report on Tuesday, September 6th. They set a “buy” rating and a $30.00 target price for the company. Bank of America Corp. upgraded shares of Golar LNG from a “neutral” rating to a “buy” rating and set a $21.00 target price for the company in a research report on Monday, August 1st. DNB Markets upgraded shares of Golar LNG from a “hold” rating to a “buy” rating in a research report on Friday, July 1st. Finally, Clarkson Capital reiterated a “buy” rating on shares of Golar LNG in a research report on Friday, June 17th. Three research analysts have rated the stock with a sell rating, two have issued a hold rating and twelve have assigned a buy rating to the company’s stock. The company presently has an average rating of “Buy” and a consensus price target of $30.89.
Shares of Golar LNG (NASDAQ:GLNG) traded up 5.16% during trading on Wednesday, reaching $22.23. 980,444 shares of the company’s stock traded hands. Golar LNG has a 52-week low of $9.42 and a 52-week high of $34.69. The company’s 50-day moving average is $20.95 and its 200 day moving average is $18.50. The company’s market cap is $2.00 billion.
Golar LNG (NASDAQ:GLNG) last released its quarterly earnings data on Wednesday, August 31st. The company reported ($0.96) EPS for the quarter, missing analysts’ consensus estimates of ($0.47) by $0.49. Golar LNG had a negative net margin of 453.75% and a negative return on equity of 9.31%. Equities analysts forecast that Golar LNG will post ($2.02) EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Monday, October 3rd. Investors of record on Wednesday, September 14th were issued a $0.05 dividend. This represents a $0.20 annualized dividend and a yield of 0.95%. The ex-dividend date was Monday, September 12th.
A number of hedge funds have recently added to or reduced their stakes in the stock. Bank of Montreal Can acquired a new stake in shares of Golar LNG during the second quarter worth approximately $22,945,000. BlackRock Fund Advisors boosted its stake in shares of Golar LNG by 181.6% in the second quarter. BlackRock Fund Advisors now owns 2,071,378 shares of the company’s stock worth $32,106,000 after buying an additional 1,335,789 shares during the period. Cannell Peter B & Co Inc acquired a new stake in shares of Golar LNG during the first quarter worth approximately $13,197,000. Point72 Asset Management L.P. boosted its stake in shares of Golar LNG by 165.6% in the second quarter. Point72 Asset Management L.P. now owns 1,123,370 shares of the company’s stock worth $17,412,000 after buying an additional 700,429 shares during the period. Finally, Cannell Peter B & Co. Inc. boosted its stake in shares of Golar LNG by 88.3% in the second quarter. Cannell Peter B & Co. Inc. now owns 1,383,075 shares of the company’s stock worth $21,438,000 after buying an additional 648,675 shares during the period. Institutional investors and hedge funds own 88.14% of the company’s stock.
About Golar LNG
Golar LNG Limited (Golar) is the owner and operator of liquefied natural gas (LNG) carriers and floating storage regasification units (FSRUs). As of March 31, 2010, Golar had a fleet of 13 vessels, 10 LNG carriers, three FSRUs and a 50% interest in a further LNG carrier. On June 22, 2009, the Company formed a wholly owned subsidiary, Golar LNG Energy Limited (Golar Energy).
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