Pinnacle Associates Ltd. Lowers Position in Golar LNG Limited (GLNG)
Pinnacle Associates Ltd. reduced its stake in shares of Golar LNG Limited (NASDAQ:GLNG) by 3.3% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 420,435 shares of the shipping company’s stock after selling 14,410 shares during the period. Pinnacle Associates Ltd. owned approximately 0.43% of Golar LNG Limited worth $9,355,000 as of its most recent filing with the SEC.
A number of other institutional investors also recently modified their holdings of GLNG. Quantbot Technologies LP increased its position in shares of Golar LNG Limited by 18.0% in the first quarter. Quantbot Technologies LP now owns 3,644 shares of the shipping company’s stock valued at $101,000 after buying an additional 557 shares during the last quarter. Sei Investments Co. increased its position in shares of Golar LNG Limited by 19.3% in the second quarter. Sei Investments Co. now owns 6,511 shares of the shipping company’s stock valued at $145,000 after buying an additional 1,054 shares during the last quarter. Capital Management Associates NY bought a new position in shares of Golar LNG Limited during the second quarter valued at approximately $211,000. FNY Managed Accounts LLC bought a new position in shares of Golar LNG Limited during the first quarter valued at approximately $212,000. Finally, UBS Asset Management Americas Inc. bought a new position in shares of Golar LNG Limited during the fourth quarter valued at approximately $214,000. 87.51% of the stock is owned by institutional investors and hedge funds.
Golar LNG Limited (NASDAQ GLNG) opened at 21.45 on Friday. The firm’s market capitalization is $2.10 billion. The firm has a 50-day moving average of $22.07 and a 200 day moving average of $24.70. Golar LNG Limited has a 12 month low of $18.63 and a 12 month high of $29.18.
Golar LNG Limited (NASDAQ:GLNG) last announced its quarterly earnings data 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 business had revenue of $28.41 million during the quarter, compared to the consensus estimate of $17.03 million. Golar LNG Limited had a negative return on equity of 7.78% and a negative net margin of 179.35%. Equities research analysts forecast that Golar LNG Limited will post ($1.60) earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Wednesday, October 4th. Investors of record on Thursday, September 14th will be issued 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%.
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Several equities analysts recently commented on the stock. Citigroup Inc. reissued a “buy” rating and issued a $28.00 price objective (down previously from $29.00) on shares of Golar LNG Limited in a research note on Thursday, June 1st. ValuEngine downgraded shares of Golar LNG Limited from a “hold” rating to a “sell” rating in a research note on Friday. Stifel Nicolaus reissued a “buy” rating and issued a $36.00 price objective on shares of Golar LNG Limited in a research note on Monday, August 21st. Zacks Investment Research raised shares of Golar LNG Limited from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Finally, Morgan Stanley reissued an “overweight” rating and issued a $31.00 price objective (down previously from $32.00) on shares of Golar LNG Limited in a research note on Friday. Two analysts have rated the stock with a sell rating, three have issued a hold rating and nine have issued a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $34.00.
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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