Pinnacle Associates Ltd. Cuts Holdings in Golar LNG Limited (GLNG)
Pinnacle Associates Ltd. lowered its position in Golar LNG Limited (NASDAQ:GLNG) by 3.7% in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 440,702 shares of the shipping company’s stock after selling 16,970 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Golar LNG were worth $12,983,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other institutional investors and hedge funds have also recently modified their holdings of GLNG. Victory Capital Management Inc. purchased a new stake in Golar LNG in the second quarter worth approximately $36,412,000. Millennium Management LLC lifted its position in Golar LNG by 157.2% in the first quarter. Millennium Management LLC now owns 993,627 shares of the shipping company’s stock valued at $27,186,000 after purchasing an additional 607,338 shares during the last quarter. Perella Weinberg Partners Capital Management LP lifted its position in Golar LNG by 76.1% in the second quarter. Perella Weinberg Partners Capital Management LP now owns 1,403,022 shares of the shipping company’s stock valued at $41,333,000 after purchasing an additional 606,504 shares during the last quarter. Zweig DiMenna Associates LLC bought a new stake in Golar LNG in the first quarter valued at approximately $8,796,000. Finally, Cobalt Capital Management Inc. lifted its position in Golar LNG by 122.0% in the first quarter. Cobalt Capital Management Inc. now owns 428,475 shares of the shipping company’s stock valued at $11,723,000 after purchasing an additional 235,439 shares during the last quarter. 79.31% of the stock is owned by institutional investors and hedge funds.
Shares of Golar LNG stock opened at $23.65 on Friday. The company has a quick ratio of 0.28, a current ratio of 0.28 and a debt-to-equity ratio of 0.62. The company has a market cap of $2.54 billion, a P/E ratio of -16.09 and a beta of 0.52. Golar LNG Limited has a 52 week low of $19.32 and a 52 week high of $35.54.
Several analysts have weighed in on the company. BidaskClub downgraded Golar LNG from a “sell” rating to a “strong sell” rating in a research report on Saturday. Zacks Investment Research downgraded Golar LNG from a “hold” rating to a “sell” rating in a research report on Tuesday, August 14th. BTIG Research assumed coverage on Golar LNG in a research report on Wednesday, July 18th. They issued a “buy” rating and a $35.00 price objective for the company. Bank of America downgraded Golar LNG from a “buy” rating to a “neutral” rating and lowered their price objective for the company from $31.00 to $30.00 in a research report on Thursday, July 12th. Finally, Morgan Stanley set a $31.00 price objective on Golar LNG and gave the company a “buy” rating in a research report on Friday, June 1st. Two analysts have rated the stock with a sell rating, one has assigned a hold rating and eight have given a buy rating to the company. The company currently has an average rating of “Buy” and an average price target of $36.86.
About Golar LNG
Golar LNG Limited, a midstream liquefied natural gas (LNG) company, engages in the transportation, regasification, and liquefaction of LNG. It operates through three segments: Vessel operations, Floating Liquefaction Natural Gas Vessel (FLNG), and Power. The company engages in the acquisition, ownership, operation, and chartering of LNG carriers and floating storage regasification units (FSRUs); and the development of LNG projects.
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