Golar LNG Limited $GLNG Stake Decreased by Pinnacle Associates Ltd.

Key Points

• Pinnacle Associates trimmed its stake in Golar LNG by 3.7% in Q3, selling 39,630 shares and leaving it with 1,034,336 shares (~0.99% of the company) valued at about $41.8 million.
• Other institutions were active too—Tejara Capital increased its holding 44%, ARS and CenterBook significantly grew positions, and several firms opened new stakes, leaving 92.21% of GLNG held by institutional investors.
• Recent company and market highlights: Golar reported an EPS miss ($0.30 vs. $0.38) but revenue beat estimates, announced a $0.25 quarterly dividend (2.1% yield; DPR 156%), and carries a consensus analyst rating of Buy with an average target of $50.50.

Pinnacle Associates Ltd. cut its holdings in shares of Golar LNG Limited (NASDAQ:GLNG - Free Report) by 3.7% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,034,336 shares of the shipping company's stock after selling 39,630 shares during the period. Pinnacle Associates Ltd. owned approximately 0.99% of Golar LNG worth $41,797,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in GLNG. Tejara Capital Ltd boosted its position in Golar LNG by 44.0% during the 3rd quarter. Tejara Capital Ltd now owns 196,526 shares of the shipping company's stock worth $7,942,000 after acquiring an additional 60,093 shares during the period. Permanent Capital Management LP bought a new stake in shares of Golar LNG during the third quarter valued at about $2,114,000. ARS Investment Partners LLC lifted its holdings in Golar LNG by 14.7% in the third quarter. ARS Investment Partners LLC now owns 296,059 shares of the shipping company's stock worth $11,964,000 after purchasing an additional 38,040 shares during the period. King Luther Capital Management Corp acquired a new position in Golar LNG during the 3rd quarter valued at about $1,179,000. Finally, CenterBook Partners LP raised its position in shares of Golar LNG by 250.5% during the 2nd quarter. CenterBook Partners LP now owns 169,517 shares of the shipping company's stock worth $6,982,000 after buying an additional 121,154 shares in the last quarter. 92.21% of the stock is owned by institutional investors.

Golar LNG Price Performance

NASDAQ GLNG opened at $47.08 on Friday. The stock has a market capitalization of $4.92 billion, a P/E ratio of 73.56 and a beta of 0.18. The company has a debt-to-equity ratio of 1.19, a quick ratio of 1.32 and a current ratio of 2.55. The business's fifty day moving average is $41.58 and its two-hundred day moving average is $40.20. Golar LNG Limited has a 1 year low of $29.56 and a 1 year high of $47.48.

Golar LNG (NASDAQ:GLNG - Get Free Report) last issued its earnings results on Wednesday, February 25th. The shipping company reported $0.30 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.38 by ($0.08). Golar LNG had a return on equity of 6.24% and a net margin of 16.69%.The company had revenue of $132.81 million during the quarter, compared to analyst estimates of $123.29 million. On average, research analysts forecast that Golar LNG Limited will post 1.39 earnings per share for the current fiscal year.

Golar LNG Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 18th. Shareholders of record on Monday, March 9th will be issued a $0.25 dividend. This represents a $1.00 annualized dividend and a dividend yield of 2.1%. The ex-dividend date is Monday, March 9th. Golar LNG's dividend payout ratio (DPR) is presently 156.25%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. The Goldman Sachs Group set a $56.00 price objective on shares of Golar LNG in a report on Monday, February 2nd. BTIG Research upped their target price on Golar LNG from $50.00 to $53.00 and gave the stock a "buy" rating in a research report on Wednesday, February 25th. Wall Street Zen lowered Golar LNG from a "hold" rating to a "sell" rating in a research note on Saturday, February 28th. Zacks Research raised Golar LNG from a "strong sell" rating to a "hold" rating in a research note on Monday, January 5th. Finally, Weiss Ratings restated a "hold (c+)" rating on shares of Golar LNG in a report on Monday, December 29th. Three analysts have rated the stock with a Strong Buy rating, three have issued a Buy rating and three have assigned a Hold rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of "Buy" and an average target price of $50.50.

Golar LNG Company 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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