Clearline Capital LP Cuts Stock Holdings in Golar LNG Limited $GLNG

Key Points

• Clearline Capital LP has reduced its stake in Golar LNG Limited by 40.8% in Q1, now holding approximately 0.9% of the company, valued at around $14.2 million.
• Golar LNG reported $0.26 earnings per share for the last quarter, which missed the consensus estimate by $0.03, alongside revenues of $75.67 million against expectations of $79.37 million.
• The company announced a quarterly dividend of $0.25 per share, with a resulting annualized yield of 2.3%, despite a significant negative payout ratio of -1,428.57%.

Clearline Capital LP decreased its position in shares of Golar LNG Limited (NASDAQ:GLNG - Free Report) by 40.8% in the 1st quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 374,071 shares of the shipping company's stock after selling 257,326 shares during the quarter. Golar LNG comprises approximately 0.9% of Clearline Capital LP's investment portfolio, making the stock its 27th largest position. Clearline Capital LP owned approximately 0.36% of Golar LNG worth $14,211,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in the company. Two Seas Capital LP bought a new position in Golar LNG during the 1st quarter worth approximately $19,601,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. raised its holdings in Golar LNG by 4.6% during the 1st quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 58,915 shares of the shipping company's stock worth $2,238,000 after purchasing an additional 2,572 shares during the last quarter. Encompass Capital Advisors LLC raised its holdings in Golar LNG by 73.8% during the 1st quarter. Encompass Capital Advisors LLC now owns 2,276,083 shares of the shipping company's stock worth $86,468,000 after purchasing an additional 966,692 shares during the last quarter. Boothbay Fund Management LLC increased its stake in shares of Golar LNG by 945.6% in the 1st quarter. Boothbay Fund Management LLC now owns 181,524 shares of the shipping company's stock valued at $6,896,000 after acquiring an additional 164,163 shares in the last quarter. Finally, AYAL Capital Advisors Ltd increased its stake in shares of Golar LNG by 3.8% in the 1st quarter. AYAL Capital Advisors Ltd now owns 232,541 shares of the shipping company's stock valued at $8,834,000 after acquiring an additional 8,441 shares in the last quarter. Institutional investors own 92.21% of the company's stock.

Golar LNG Stock Up 0.0%

GLNG stock traded up $0.01 during midday trading on Friday, reaching $40.67. 1,225,429 shares of the company's stock traded hands, compared to its average volume of 1,304,838. The company has a market cap of $4.25 billion, a price-to-earnings ratio of -580.92 and a beta of 0.42. The firm's fifty day moving average price is $41.68 and its 200-day moving average price is $39.66. The company has a quick ratio of 0.85, a current ratio of 1.47 and a debt-to-equity ratio of 0.63. Golar LNG Limited has a 52 week low of $29.56 and a 52 week high of $45.98.

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

Golar LNG Announces Dividend

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

Wall Street Analyst Weigh In

Several research firms have recently weighed in on GLNG. Zacks Research lowered shares of Golar LNG from a "hold" rating to a "strong sell" rating in a research note on Thursday, August 14th. B. Riley reiterated a "neutral" rating and issued a $44.50 price objective on shares of Golar LNG in a research note on Monday, August 25th. BTIG Research reiterated a "buy" rating on shares of Golar LNG in a research note on Wednesday, May 28th. Finally, Wall Street Zen upgraded shares of Golar LNG from a "sell" rating to a "hold" rating in a research note on Sunday, September 7th. Two equities research analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating, one has given a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the company has an average rating of "Moderate Buy" and a consensus price target of $49.17.

Golar LNG 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.