Harvey Capital Management Inc. Sells 56,379 Shares of Golar LNG Limited (NASDAQ:GLNG)

Harvey Capital Management Inc. cut its stake in shares of Golar LNG Limited (NASDAQ:GLNG - Free Report) by 26.6% in the first quarter, according to the company in its most recent disclosure with the SEC. The firm owned 155,571 shares of the shipping company's stock after selling 56,379 shares during the quarter. Golar LNG makes up 1.5% of Harvey Capital Management Inc.'s portfolio, making the stock its 21st largest holding. Harvey Capital Management Inc. owned about 0.15% of Golar LNG worth $5,910,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors also recently made changes to their positions in the stock. Hexagon Capital Partners LLC raised its holdings in shares of Golar LNG by 358.9% in the first quarter. Hexagon Capital Partners LLC now owns 647 shares of the shipping company's stock valued at $25,000 after buying an additional 506 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich acquired a new stake in Golar LNG in the fourth quarter worth about $107,000. Sterling Capital Management LLC raised its position in shares of Golar LNG by 906.4% in the 4th quarter. Sterling Capital Management LLC now owns 3,462 shares of the shipping company's stock valued at $147,000 after acquiring an additional 3,118 shares during the period. Magnetar Financial LLC acquired a new position in shares of Golar LNG in the 4th quarter valued at $207,000. Finally, Rossby Financial LCC acquired a new position in shares of Golar LNG in the 4th quarter valued at approximately $233,000. 92.21% of the stock is owned by institutional investors.

Golar LNG Stock Performance

GLNG traded down $1.24 during trading hours on Wednesday, reaching $40.66. The company's stock had a trading volume of 1,349,670 shares, compared to its average volume of 1,468,047. Golar LNG Limited has a 52 week low of $29.29 and a 52 week high of $44.36. The company's 50-day moving average is $40.71 and its 200-day moving average is $39.53. The company has a debt-to-equity ratio of 0.38, a quick ratio of 0.85 and a current ratio of 0.85. The firm has a market cap of $4.25 billion, a PE ratio of 1,355.79 and a beta of 0.56.

Golar LNG (NASDAQ:GLNG - Get Free Report) last posted its quarterly earnings results on Tuesday, May 27th. The shipping company reported $0.38 earnings per share for the quarter, beating analysts' consensus estimates of $0.29 by $0.09. Golar LNG had a return on equity of 6.82% and a net margin of 1.04%. The business had revenue of $63.00 million for the quarter, compared to analysts' expectations of $64.90 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 was paid on Tuesday, June 10th. Shareholders of record on Tuesday, June 3rd were given a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a yield of 2.46%. The ex-dividend date of this dividend was Tuesday, June 3rd. Golar LNG's payout ratio is 3,333.33%.

Wall Street Analysts Forecast Growth

A number of research firms have weighed in on GLNG. Dnb Nor Markets raised Golar LNG from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, April 22nd. Fearnley Fonds upgraded Golar LNG from a "hold" rating to a "strong-buy" rating in a research note on Wednesday, March 19th. DNB Markets upgraded Golar LNG from a "hold" rating to a "buy" rating and set a $48.00 price objective on the stock in a research note on Tuesday, April 22nd. BTIG Research reiterated a "buy" rating on shares of Golar LNG in a research note on Wednesday, May 28th. Finally, Wall Street Zen upgraded Golar LNG from a "sell" rating to a "hold" rating in a research note on Friday, June 27th. One research analyst has rated the stock with a hold rating, five have given 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 a consensus target price of $50.88.

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.