HITE Hedge Asset Management LLC Invests $6.59 Million in Golar LNG Limited $GLNG

HITE Hedge Asset Management LLC bought a new stake in Golar LNG Limited (NASDAQ:GLNG) during the fourth quarter, HoldingsChannel reports. The firm bought 176,977 shares of the shipping company’s stock, valued at approximately $6,585,000.

Other institutional investors and hedge funds have also bought and sold shares of the company. King Luther Capital Management Corp bought a new stake in Golar LNG during the third quarter worth about $1,179,000. Huber Capital Management LLC raised its holdings in Golar LNG by 12.4% during the third quarter. Huber Capital Management LLC now owns 923,718 shares of the shipping company’s stock worth $37,327,000 after acquiring an additional 102,200 shares in the last quarter. Danske Bank A S bought a new stake in Golar LNG during the third quarter worth about $56,574,000. Cinctive Capital Management LP bought a new stake in Golar LNG during the third quarter worth about $4,658,000. Finally, Militia Capital Partners LP bought a new stake in Golar LNG during the third quarter worth about $1,754,000. Institutional investors own 92.21% of the company’s stock.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. BTIG Research reiterated a “buy” rating and set a $67.00 target price on shares of Golar LNG in a report on Wednesday, May 20th. Weiss Ratings upgraded Golar LNG from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, June 1st. Deutsche Bank Aktiengesellschaft reiterated a “buy” rating and set a $65.00 target price on shares of Golar LNG in a report on Thursday, May 21st. Pareto Securities lowered Golar LNG from a “strong-buy” rating to a “hold” rating in a report on Thursday, May 21st. Finally, Wall Street Zen upgraded Golar LNG from a “sell” rating to a “hold” rating in a report on Saturday, May 23rd. One research analyst has rated the stock with a Strong Buy rating, three have given a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Golar LNG currently has a consensus rating of “Moderate Buy” and a consensus price target of $56.70.

Golar LNG Price Performance

Shares of NASDAQ GLNG opened at $51.17 on Friday. The business’s 50 day moving average price is $53.38 and its two-hundred day moving average price is $46.01. The company has a market cap of $5.18 billion, a PE ratio of 37.08 and a beta of 0.02. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 1.14. Golar LNG Limited has a twelve month low of $35.02 and a twelve month high of $57.79.

Golar LNG (NASDAQ:GLNG) last announced its quarterly earnings results on Thursday, March 26th. The shipping company reported $0.82 earnings per share for the quarter. The firm had revenue of $137.55 million for the quarter. Golar LNG had a return on equity of 6.86% and a net margin of 30.10%. On average, analysts predict that Golar LNG Limited will post 0.72 EPS for the current year.

Golar LNG Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Monday, June 1st were given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date of this dividend was Monday, June 1st. Golar LNG’s payout ratio is 72.46%.

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.