Golar LNG Limited $GLNG Shares Bought by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management LLC increased its stake in Golar LNG Limited by 133.4%, owning 258,674 shares valued at nearly $9.83 million as of their latest filing.
• Golar LNG reported a quarterly earnings miss with an EPS of $0.26, falling short of the $0.29 estimate, and had revenues of $75.67 million against an expected $79.37 million.
• The company declared a $0.25 quarterly dividend with a yield of 2.5%, although its payout ratio is currently significantly negative at -1,428.57%.

HITE Hedge Asset Management LLC grew its stake in Golar LNG Limited (NASDAQ:GLNG - Free Report) by 133.4% in the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 258,674 shares of the shipping company's stock after buying an additional 147,824 shares during the period. HITE Hedge Asset Management LLC owned 0.25% of Golar LNG worth $9,827,000 at the end of the most recent reporting period.

A number of other hedge funds have also recently modified their holdings of GLNG. Hexagon Capital Partners LLC grew its holdings in shares of Golar LNG by 358.9% during the first quarter. Hexagon Capital Partners LLC now owns 647 shares of the shipping company's stock worth $25,000 after purchasing an additional 506 shares during the last quarter. Sterling Capital Management LLC grew its stake in Golar LNG by 906.4% during the 4th quarter. Sterling Capital Management LLC now owns 3,462 shares of the shipping company's stock worth $147,000 after buying an additional 3,118 shares during the last quarter. Numerai GP LLC purchased a new position in Golar LNG during the 4th quarter worth approximately $245,000. 111 Capital acquired a new position in Golar LNG during the fourth quarter worth approximately $248,000. Finally, Principal Financial Group Inc. lifted its stake in Golar LNG by 20.2% in the first quarter. Principal Financial Group Inc. now owns 6,561 shares of the shipping company's stock valued at $249,000 after buying an additional 1,103 shares during the last quarter. 92.21% of the stock is owned by hedge funds and other institutional investors.

Golar LNG Stock Performance

Shares of GLNG stock opened at $40.41 on Monday. The company has a current ratio of 0.85, a quick ratio of 0.85 and a debt-to-equity ratio of 0.38. Golar LNG Limited has a 12-month low of $29.56 and a 12-month high of $44.36. The company has a market cap of $4.22 billion, a price-to-earnings ratio of -577.20 and a beta of 0.56. The stock has a 50 day simple moving average of $41.14 and a 200-day simple moving average of $39.33.

Golar LNG (NASDAQ:GLNG - Get Free Report) last issued its earnings results on Thursday, August 14th. The shipping company reported $0.26 EPS for the quarter, missing the consensus estimate of $0.29 by ($0.03). Golar LNG had a positive return on equity of 6.25% and a negative net margin of 2.83%. The company had revenue of $75.67 million for the quarter, compared to analysts' expectations of $79.37 million. On average, equities analysts forecast that Golar LNG Limited will post 1.39 EPS for the current year.

Golar LNG Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Tuesday, August 26th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, August 26th. This represents a $1.00 annualized dividend and a yield of 2.5%. Golar LNG's payout ratio is currently -1,428.57%.

Wall Street Analysts Forecast Growth

A number of equities analysts have recently issued reports on GLNG shares. BTIG Research restated a "buy" rating on shares of Golar LNG in a research report on Wednesday, May 28th. DNB Markets raised shares of Golar LNG from a "hold" rating to a "buy" rating and set a $48.00 price objective on the stock in a research report on Tuesday, April 22nd. Wall Street Zen upgraded shares of Golar LNG from a "sell" rating to a "hold" rating in a research note on Saturday. Finally, Dnb Nor Markets upgraded shares of Golar LNG from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, April 22nd. One analyst has rated the stock with a hold rating, three have assigned a buy rating and two have assigned a strong buy rating to the company's stock. Based on data from MarketBeat.com, the company currently has a consensus rating of "Buy" and an average target price of $51.50.

About Golar LNG

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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