Baker Avenue Asset Management LP Has $2.26 Million Stake in Golar LNG Limited (GLNG)
Baker Avenue Asset Management LP grew its stake in shares of Golar LNG Limited (NASDAQ:GLNG) by 125.3% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 101,620 shares of the shipping company’s stock after buying an additional 56,515 shares during the period. Baker Avenue Asset Management LP owned 0.10% of Golar LNG Limited worth $2,261,000 at the end of the most recent reporting period.
Several other hedge funds also recently bought and sold shares of GLNG. HITE Hedge Asset Management LLC lifted its position in shares of Golar LNG Limited by 79.3% during the 2nd quarter. HITE Hedge Asset Management LLC now owns 1,567,493 shares of the shipping company’s stock valued at $34,877,000 after buying an additional 693,185 shares in the last quarter. Precocity Capital LP purchased a new position in shares of Golar LNG Limited during the 1st quarter valued at about $6,983,000. Kennedy Capital Management Inc. purchased a new position in shares of Golar LNG Limited during the 1st quarter valued at about $6,911,000. Bank of America Corp DE lifted its position in shares of Golar LNG Limited by 38.9% during 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 buying an additional 236,435 shares in the last quarter. Finally, MARSHALL WACE ASIA Ltd purchased a new position in shares of Golar LNG Limited during the 1st quarter valued at about $6,488,000. 87.36% of the stock is currently owned by hedge funds and other institutional investors.
Shares of Golar LNG Limited (GLNG) traded up 1.22% during mid-day trading on Friday, reaching $21.60. The company had a trading volume of 888,554 shares. The company’s market capitalization is $2.12 billion. Golar LNG Limited has a 52 week low of $19.85 and a 52 week high of $29.18. The stock has a 50 day moving average of $21.24 and a 200-day moving average of $24.18.
Golar LNG Limited (NASDAQ:GLNG) last issued its quarterly earnings results on Wednesday, August 30th. The shipping company reported ($0.51) earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.11). The business had revenue of $28.41 million for 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, analysts expect that Golar LNG Limited will post ($1.90) earnings per share for the current fiscal year.
The firm also recently declared 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 0.93%.
Several brokerages recently issued reports on GLNG. Morgan Stanley reissued an “overweight” rating and set a $31.00 target price (down previously from $32.00) on shares of Golar LNG Limited in a research note on Friday, September 1st. Cowen and Company reissued an “outperform” rating and set a $45.00 target price on shares of Golar LNG Limited in a research note on Thursday, August 31st. Citigroup Inc. reissued a “buy” rating and set a $28.00 target price (down previously from $29.00) on shares of Golar LNG Limited in a research note on Thursday, June 1st. ValuEngine downgraded Golar LNG Limited from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. Finally, Stifel Nicolaus reissued a “buy” rating and set a $36.00 target price on shares of Golar LNG Limited in a research note on Wednesday, July 5th. Two equities research analysts have rated the stock with a sell rating, three have assigned a hold rating and eight have given a buy rating to the company. Golar LNG Limited presently has an average rating of “Hold” and an average target price of $34.00.
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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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