Loews Corp Purchases 8,425 Shares of Golar LNG Limited (GLNG)
Loews Corp raised its position in Golar LNG Limited (NASDAQ:GLNG) by 80.7% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 18,863 shares of the shipping company’s stock after purchasing an additional 8,425 shares during the period. Loews Corp’s holdings in Golar LNG Limited were worth $420,000 at the end of the most recent reporting period.
Other large investors have also recently added to or reduced their stakes in the company. Comerica Bank lifted its holdings in Golar LNG Limited by 1.1% in the 1st quarter. Comerica Bank now owns 9,250 shares of the shipping company’s stock valued at $239,000 after purchasing an additional 105 shares in the last quarter. Legal & General Group Plc lifted its holdings in Golar LNG Limited by 2.1% in the 1st quarter. Legal & General Group Plc now owns 88,452 shares of the shipping company’s stock valued at $2,471,000 after purchasing an additional 1,859 shares in the last quarter. Bank of America Corp DE lifted its holdings in Golar LNG Limited by 38.9% in the 1st quarter. Bank of America Corp DE now owns 843,820 shares of the shipping company’s stock valued at $23,568,000 after purchasing an additional 236,435 shares in the last quarter. Capital Management Associates NY purchased a new position in Golar LNG Limited in the 2nd quarter valued at about $211,000. Finally, Kennedy Capital Management Inc. purchased a new position in Golar LNG Limited in the 1st quarter valued at about $6,911,000. Institutional investors own 87.51% of the company’s stock.
A number of research analysts have issued reports on the stock. Stifel Nicolaus restated a “buy” rating and issued a $36.00 target price on shares of Golar LNG Limited in a report on Monday, August 21st. Cowen and Company restated an “outperform” rating and issued a $45.00 target price on shares of Golar LNG Limited in a report on Friday, June 23rd. Zacks Investment Research lowered shares of Golar LNG Limited from a “hold” rating to a “sell” rating in a report on Wednesday, July 12th. Citigroup Inc. reduced their target price on shares of Golar LNG Limited from $28.00 to $26.00 and set a “buy” rating on the stock in a report on Thursday, August 17th. Finally, BidaskClub lowered shares of Golar LNG Limited from a “sell” rating to a “strong sell” rating in a report on Saturday, June 10th. Two investment analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the stock. Golar LNG Limited has an average rating of “Hold” and a consensus price target of $34.00.
Shares of Golar LNG Limited (NASDAQ:GLNG) traded down 0.09% on Friday, hitting $21.05. 582,087 shares of the stock traded hands. Golar LNG Limited has a one year low of $19.85 and a one year high of $29.18. The company’s 50 day moving average is $21.47 and its 200 day moving average is $24.36. The stock’s market cap is $2.06 billion.
Golar LNG Limited (NASDAQ:GLNG) last issued its quarterly earnings results on Wednesday, August 30th. The shipping company reported ($0.51) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.11). The company had revenue of $28.41 million during the quarter, compared to analysts’ expectations of $17.03 million. Golar LNG Limited had a negative return on equity of 7.78% and a negative net margin of 179.35%. On average, equities analysts forecast that Golar LNG Limited will post ($1.87) EPS for the current year.
The firm also recently disclosed a quarterly dividend, which will be paid on Wednesday, October 4th. Shareholders of record on Thursday, September 14th will be given a dividend of $0.05 per share. The ex-dividend date is Wednesday, September 13th. This represents a $0.20 dividend on an annualized basis and a yield of 0.95%.
About Golar LNG Limited
Golar LNG Limited is a midstream liquefied natural gas (LNG) company engaged primarily in the transportation, regasification, liquefaction and trading of LNG. The Company is engaged in the acquisition, ownership, operation and chartering of LNG carriers and Floating Storage Regasification Unit (FSRUs) through its subsidiaries and affiliates, and the development of LNG projects, such as floating LNGs (FLNGs).
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