Fortitude Advisory Group L.L.C. Raises Stock Position in Golar LNG Limited $GLNG

Key Points

• Fortitude Advisory Group L.L.C. increased its stake in Golar LNG Limited by 213.3%, owning 22,756 shares valued at approximately $937,000 after acquiring an additional 15,493 shares in Q2.
• Golar LNG reported a quarterly revenue of $75.67 million but missed expectations, with earnings per share at $0.26, falling short of the $0.29 consensus estimate.
• The company announced a quarterly dividend of $0.25, yielding 2.5%, despite a negative payout ratio of -1,428.57%.

Fortitude Advisory Group L.L.C. lifted its stake in shares of Golar LNG Limited (NASDAQ:GLNG - Free Report) by 213.3% during the second quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 22,756 shares of the shipping company's stock after acquiring an additional 15,493 shares during the quarter. Fortitude Advisory Group L.L.C.'s holdings in Golar LNG were worth $937,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Quantbot Technologies LP increased its position in shares of Golar LNG by 577.8% during the first quarter. Quantbot Technologies LP now owns 181,123 shares of the shipping company's stock worth $6,881,000 after acquiring an additional 154,402 shares during the period. Exchange Traded Concepts LLC boosted its stake in shares of Golar LNG by 256.7% during the first quarter. Exchange Traded Concepts LLC now owns 9,050 shares of the shipping company's stock valued at $344,000 after purchasing an additional 6,513 shares in the last quarter. Intech Investment Management LLC boosted its stake in shares of Golar LNG by 19.7% during the first quarter. Intech Investment Management LLC now owns 57,455 shares of the shipping company's stock valued at $2,183,000 after purchasing an additional 9,456 shares in the last quarter. Principal Financial Group Inc. boosted its stake in shares of Golar LNG by 20.2% during the first quarter. Principal Financial Group Inc. now owns 6,561 shares of the shipping company's stock valued at $249,000 after purchasing an additional 1,103 shares in the last quarter. Finally, Farther Finance Advisors LLC boosted its stake in shares of Golar LNG by 8,554.0% during the first quarter. Farther Finance Advisors LLC now owns 8,654 shares of the shipping company's stock valued at $321,000 after purchasing an additional 8,554 shares in the last quarter. 92.21% of the stock is owned by hedge funds and other institutional investors.

Golar LNG Stock Performance

NASDAQ:GLNG opened at $39.30 on Friday. The company has a debt-to-equity ratio of 0.63, a current ratio of 1.47 and a quick ratio of 0.85. The firm has a market capitalization of $4.11 billion, a price-to-earnings ratio of -561.35 and a beta of 0.22. The company's 50-day moving average is $41.47 and its two-hundred day moving average is $40.22. Golar LNG Limited has a 1-year low of $29.56 and a 1-year high of $45.98.

Golar LNG (NASDAQ:GLNG - Get Free Report) last posted its earnings results on Thursday, August 14th. The shipping company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.03). The firm had revenue of $75.67 million during the quarter, compared to analyst estimates of $79.37 million. Golar LNG had a negative net margin of 2.83% and a positive return on equity of 6.36%. Analysts forecast that Golar LNG Limited will post 1.39 EPS for the current year.

Golar LNG Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 2nd. Shareholders of record on Tuesday, August 26th were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.5%. The ex-dividend date was Tuesday, August 26th. Golar LNG's payout ratio is presently -1,428.57%.

Analyst Upgrades and Downgrades

A number of research firms have recently issued reports on GLNG. B. Riley reiterated a "neutral" rating and set a $44.50 price objective on shares of Golar LNG in a research note on Monday, August 25th. The Goldman Sachs Group began coverage on shares of Golar LNG in a research note on Monday, September 29th. They set a "buy" rating and a $54.00 price objective on the stock. Wall Street Zen upgraded shares of Golar LNG from a "sell" rating to a "hold" rating in a research note on Sunday, September 7th. Zacks Research upgraded shares of Golar LNG from a "strong sell" rating to a "hold" rating in a research note on Friday, September 12th. Finally, Weiss Ratings restated a "hold (c-)" rating on shares of Golar LNG in a research note on Saturday, September 27th. Three equities research analysts have rated the stock with a Strong Buy rating, three have assigned a Buy rating and three have assigned a Hold rating to the company's stock. According to MarketBeat, Golar LNG currently has a consensus rating of "Buy" and a consensus price target of $50.38.

Golar LNG Company Profile

Golar LNG Limited designs, converts, owns, and operates marine infrastructure for the liquefaction of natural gas. The company operates through three segments: FLNG, Corporate and Other, and Shipping. It engages in the regasification, storage, and offloading of liquefied natural gas (LNG); operation of floating liquefaction natural gas (FLNG) vessels or projects; transportation of LNG carriers; and vessel management activities.

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