Pinnacle Associates Ltd. Has $41.80 Million Position in Golar LNG Limited $GLNG

Pinnacle Associates Ltd. lowered its holdings in Golar LNG Limited (NASDAQ:GLNG) by 3.7% in the third quarter, Holdings Channel.com reports. The firm owned 1,034,336 shares of the shipping company’s stock after selling 39,630 shares during the period. Pinnacle Associates Ltd.’s holdings in Golar LNG were worth $41,797,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of the business. Smartleaf Asset Management LLC grew its holdings in shares of Golar LNG by 281.9% during the third quarter. Smartleaf Asset Management LLC now owns 909 shares of the shipping company’s stock valued at $37,000 after buying an additional 671 shares in the last quarter. Allworth Financial LP increased its holdings in shares of Golar LNG by 43.5% in the 2nd quarter. Allworth Financial LP now owns 990 shares of the shipping company’s stock valued at $41,000 after purchasing an additional 300 shares during the period. Crossingbridge Advisors LLC purchased a new stake in shares of Golar LNG in the second quarter worth approximately $41,000. Penserra Capital Management LLC purchased a new stake in shares of Golar LNG in the second quarter worth approximately $50,000. Finally, EverSource Wealth Advisors LLC boosted its holdings in shares of Golar LNG by 94.0% during the second quarter. EverSource Wealth Advisors LLC now owns 1,356 shares of the shipping company’s stock worth $56,000 after purchasing an additional 657 shares during the period. Institutional investors and hedge funds own 92.21% of the company’s stock.

Golar LNG Stock Up 1.8%

GLNG stock opened at $47.08 on Friday. The firm has a market cap of $4.92 billion, a PE ratio of 73.56 and a beta of 0.18. Golar LNG Limited has a 1 year low of $29.56 and a 1 year high of $47.48. The company has a fifty day simple moving average of $41.58 and a 200 day simple moving average of $40.20. The company has a current ratio of 2.55, a quick ratio of 1.32 and a debt-to-equity ratio of 1.19.

Golar LNG (NASDAQ:GLNG) last posted its earnings results on Wednesday, February 25th. The shipping company reported $0.30 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.08). Golar LNG had a return on equity of 6.24% and a net margin of 16.69%.The business had revenue of $132.81 million for the quarter, compared to analyst estimates of $123.29 million. Sell-side analysts anticipate that Golar LNG Limited will post 1.39 EPS for the current fiscal year.

Golar LNG Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, March 18th. Investors of record on Monday, March 9th will be paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Monday, March 9th. Golar LNG’s dividend payout ratio (DPR) is presently 156.25%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Golar LNG in a research report on Monday, December 29th. Zacks Research raised shares of Golar LNG from a “strong sell” rating to a “hold” rating in a research note on Monday, January 5th. BTIG Research boosted their price target on shares of Golar LNG from $50.00 to $53.00 and gave the company a “buy” rating in a report on Wednesday, February 25th. Wall Street Zen lowered Golar LNG from a “hold” rating to a “sell” rating in a report on Saturday, February 28th. Finally, The Goldman Sachs Group set a $56.00 target price on Golar LNG in a research note on Monday, February 2nd. Three research analysts have rated the stock with a Strong Buy rating, three have given a Buy rating and three have issued a Hold rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Buy” and a consensus target price of $50.50.

About Golar LNG

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.