Nuveen Asset Management LLC cut its position in shares of Golar LNG Limited (NASDAQ:GLNG) by 54.4% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 405,507 shares of the shipping company’s stock after selling 484,087 shares during the quarter. Nuveen Asset Management LLC owned 0.40% of Golar LNG worth $3,150,000 at the end of the most recent quarter.
Other hedge funds have also recently added to or reduced their stakes in the company. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main boosted its holdings in Golar LNG by 33.3% during the fourth quarter. DZ BANK AG Deutsche Zentral Genossenschafts Bank Frankfurt am Main now owns 8,000 shares of the shipping company’s stock valued at $109,000 after purchasing an additional 2,000 shares in the last quarter. BNP Paribas Arbitrage SA boosted its holdings in shares of Golar LNG by 21.8% in the 1st quarter. BNP Paribas Arbitrage SA now owns 29,836 shares of the shipping company’s stock worth $235,000 after acquiring an additional 5,340 shares in the last quarter. Assenagon Asset Management S.A. acquired a new position in shares of Golar LNG in the 1st quarter worth approximately $3,885,000. BlackRock Inc. boosted its holdings in shares of Golar LNG by 5.7% in the 1st quarter. BlackRock Inc. now owns 5,013,850 shares of the shipping company’s stock worth $39,510,000 after acquiring an additional 268,910 shares in the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Golar LNG in the 4th quarter worth approximately $223,000. 61.43% of the stock is currently owned by institutional investors and hedge funds.
Several research analysts have recently commented on GLNG shares. B. Riley reduced their target price on Golar LNG from $21.00 to $13.00 and set a “buy” rating on the stock in a report on Wednesday, April 8th. BidaskClub cut shares of Golar LNG from a “sell” rating to a “strong sell” rating in a research report on Saturday, March 14th. Cowen dropped their price objective on shares of Golar LNG from $15.00 to $11.00 and set an “outperform” rating for the company in a research report on Friday, May 29th. DNB Markets cut shares of Golar LNG from a “buy” rating to a “hold” rating and set a $19.00 price objective for the company. in a research report on Monday, March 9th. Finally, Zacks Investment Research cut shares of Golar LNG from a “buy” rating to a “hold” rating and set a $9.00 price objective for the company. in a research report on Wednesday, June 3rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company. The stock currently has a consensus rating of “Buy” and an average target price of $16.55.
Shares of Golar LNG stock opened at $7.38 on Wednesday. Golar LNG Limited has a 52 week low of $4.54 and a 52 week high of $18.99. The company has a current ratio of 0.18, a quick ratio of 0.18 and a debt-to-equity ratio of 0.82. The firm has a fifty day moving average of $7.45 and a two-hundred day moving average of $9.46.
Golar LNG (NASDAQ:GLNG) last announced its quarterly earnings results on Thursday, May 28th. The shipping company reported ($0.25) earnings per share (EPS) for the quarter, missing the consensus estimate of ($0.02) by ($0.23). Golar LNG had a negative net margin of 60.05% and a negative return on equity of 3.77%. The firm had revenue of $117.73 million during the quarter, compared to analyst estimates of $108.58 million. Sell-side analysts predict that Golar LNG Limited will post -0.03 earnings per share for the current year.
Golar LNG Profile
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.
Further Reading: Understanding dividend yield and dividend payout ratio
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