Bank of America Corp DE Reduces Stake in Golar LNG Limited $GLNG

Key Points

• Bank of America reduced its Golar LNG stake by 37% in the first quarter, selling 264,748 shares and retaining 450,169 shares worth approximately $24.4 million. Institutional investors collectively own 92.21% of the company.
• Golar LNG reported quarterly EPS of $0.82 on revenue of $137.55 million, with a 31.27% net margin. Shares opened at $52.47, within a 12-month range of $35.02 to $57.79.
• The company declared a quarterly dividend of $0.25, equal to $1.00 annually and a 1.9% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $59.30, although ratings range from Strong Buy to Sell.

Bank of America Corp DE lowered its position in Golar LNG Limited (NASDAQ:GLNG - Free Report) by 37.0% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 450,169 shares of the shipping company's stock after selling 264,748 shares during the period. Bank of America Corp DE owned about 0.44% of Golar LNG worth $24,359,000 at the end of the most recent reporting period.

A number of other hedge funds also recently bought and sold shares of the company. Caitong International Asset Management Co. Ltd raised its position in Golar LNG by 278.2% in the third quarter. Caitong International Asset Management Co. Ltd now owns 658 shares of the shipping company's stock worth $27,000 after acquiring an additional 484 shares during the period. AdvisorNet Financial Inc raised its stake in Golar LNG by 108.5% in the first quarter. AdvisorNet Financial Inc now owns 515 shares of the shipping company's stock worth $28,000 after buying an additional 268 shares in the last quarter. Zions Bancorporation National Association UT purchased a new stake in Golar LNG during the fourth quarter worth $44,000. EverSource Wealth Advisors LLC boosted its position in Golar LNG by 94.0% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,356 shares of the shipping company's stock valued at $56,000 after acquiring an additional 657 shares in the last quarter. Finally, Brown Brothers Harriman & Co. bought a new stake in Golar LNG during the 4th quarter valued at $65,000. Hedge funds and other institutional investors own 92.21% of the company's stock.

Golar LNG Trading Down 0.0%

Shares of Golar LNG stock opened at $52.47 on Tuesday. The firm's 50 day simple moving average is $50.14 and its two-hundred day simple moving average is $49.96. The firm has a market capitalization of $5.32 billion, a price-to-earnings ratio of 32.79 and a beta of 0.05. Golar LNG Limited has a 12-month low of $35.02 and a 12-month high of $57.79. The company has a current ratio of 2.34, a quick ratio of 2.34 and a debt-to-equity ratio of 1.11.

Golar LNG (NASDAQ:GLNG - Get Free Report) last posted its quarterly earnings data on Thursday, March 26th. The shipping company reported $0.82 EPS for the quarter. The business had revenue of $137.55 million during the quarter. Golar LNG had a net margin of 31.27% and a return on equity of 8.91%. Analysts predict that Golar LNG Limited will post 0.77 EPS for the current year.

Golar LNG Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 2nd. Stockholders of record on Monday, August 24th will be issued a $0.25 dividend. The ex-dividend date of this dividend is Monday, August 24th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.9%. Golar LNG's dividend payout ratio is currently 62.50%.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Pareto Securities lowered Golar LNG from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 21st. BTIG Research raised their price objective on Golar LNG from $67.00 to $70.00 and gave the company a "buy" rating in a research report on Friday. The Goldman Sachs Group set a $66.00 target price on Golar LNG and gave the company a "conviction-buy" rating in a research note on Tuesday, July 7th. Weiss Ratings upgraded shares of Golar LNG from a "hold (c+)" rating to a "buy (b-)" rating in a report on Tuesday, June 23rd. Finally, Wall Street Zen lowered shares of Golar LNG from a "hold" rating to a "sell" rating in a research report on Saturday, June 27th. One analyst has rated the stock with a Strong Buy rating, four have given a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $59.30.

Golar LNG Profile

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.

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