Levin Capital Strategies L.P. Sells 316,810 Shares of Golar LNG Limited $GLNG

Key Points

• Levin Capital Strategies cut its Golar LNG position by 61% in the first quarter, selling 316,810 shares and leaving it with 202,278 shares valued at about $10.95 million.
• Institutional ownership remains high at 92.21%, and several other funds also adjusted their stakes in the LNG shipping company during recent quarters.
• Analyst sentiment is mixed but generally positive: Golar LNG has a Moderate Buy consensus with an average price target of $58.70, while the stock recently traded at $49.73.

Levin Capital Strategies L.P. lessened its holdings in shares of Golar LNG Limited (NASDAQ:GLNG - Free Report) by 61.0% during the first quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 202,278 shares of the shipping company's stock after selling 316,810 shares during the period. Levin Capital Strategies L.P. owned 0.20% of Golar LNG worth $10,945,000 as of its most recent filing with the SEC.

Several other institutional investors also recently modified their holdings of GLNG. AdvisorNet Financial Inc raised its position in Golar LNG by 108.5% during the 1st quarter. AdvisorNet Financial Inc now owns 515 shares of the shipping company's stock worth $28,000 after purchasing an additional 268 shares during the last quarter. State of Alaska Department of Revenue grew its position in shares of Golar LNG by 6.4% in the 4th quarter. State of Alaska Department of Revenue now owns 4,540 shares of the shipping company's stock valued at $168,000 after buying an additional 274 shares during the last quarter. Franklin Resources Inc. grew its position in shares of Golar LNG by 2.2% in the 4th quarter. Franklin Resources Inc. now owns 16,707 shares of the shipping company's stock valued at $622,000 after buying an additional 359 shares during the last quarter. State of Wyoming increased its stake in shares of Golar LNG by 12.7% in the fourth quarter. State of Wyoming now owns 3,878 shares of the shipping company's stock valued at $144,000 after buying an additional 436 shares during the period. Finally, Legal & General Group Plc increased its stake in shares of Golar LNG by 2.8% in the second quarter. Legal & General Group Plc now owns 17,100 shares of the shipping company's stock valued at $704,000 after buying an additional 459 shares during the period. Institutional investors own 92.21% of the company's stock.

Analyst Ratings Changes

A number of equities analysts recently commented on GLNG shares. Weiss Ratings raised Golar LNG from a "hold (c+)" rating to a "buy (b-)" rating in a research note on Tuesday, June 23rd. Pareto Securities downgraded shares of Golar LNG from a "strong-buy" rating to a "hold" rating in a research report on Thursday, May 21st. The Goldman Sachs Group set a $66.00 price objective on shares of Golar LNG and gave the stock a "conviction-buy" rating in a research report on Tuesday, July 7th. Wall Street Zen downgraded shares of Golar LNG from a "hold" rating to a "sell" rating in a research note on Saturday, June 27th. Finally, BTIG Research restated a "buy" rating and issued a $67.00 target price on shares of Golar LNG in a report on Wednesday, May 20th. One research analyst has rated the stock with a Strong Buy rating, four have assigned a Buy rating and three have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average target price of $58.70.

Golar LNG Stock Performance

Shares of GLNG stock opened at $49.73 on Thursday. The firm has a 50 day moving average of $51.09 and a 200-day moving average of $48.60. The company has a market cap of $5.04 billion, a price-to-earnings ratio of 36.04 and a beta of 0.02. The company has a quick ratio of 2.57, a current ratio of 2.57 and a debt-to-equity ratio of 1.14. Golar LNG Limited has a 52 week low of $35.02 and a 52 week high of $57.79.

Golar LNG (NASDAQ:GLNG - Get Free Report) last released its earnings results on Thursday, March 26th. The shipping company reported $0.82 earnings per share (EPS) for the quarter. The company had revenue of $137.55 million for the quarter. Golar LNG had a net margin of 30.10% and a return on equity of 6.86%. On average, equities analysts forecast that Golar LNG Limited will post 0.72 earnings per share for the current year.

Golar LNG Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Wednesday, June 10th. Shareholders of record on Monday, June 1st were paid a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 2.0%. The ex-dividend date of this dividend was Monday, June 1st. Golar LNG's payout ratio is 72.46%.

About Golar LNG

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.