PointState Capital LP Sells 1,342,480 Shares of Golar LNG Limited $GLNG

Key Points

• PointState Capital LP reduced its stake in Golar LNG Limited by 41.9%, selling 1,342,480 shares, leaving it with 1,858,075 shares which now accounts for 1.0% of its portfolio.
• Despite a positive return on equity of 6.36%, Golar LNG reported EPS of $0.26 for the quarter, missing estimates, and had revenues below expectations.
• Golar LNG declared a quarterly dividend of $0.25 per share, translating to a 2.3% yield, with its dividend payout ratio at an unusually high -1,428.57%.

PointState Capital LP decreased its stake in Golar LNG Limited (NASDAQ:GLNG - Free Report) by 41.9% during the 1st quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,858,075 shares of the shipping company's stock after selling 1,342,480 shares during the quarter. Golar LNG makes up about 1.0% of PointState Capital LP's investment portfolio, making the stock its 28th largest position. PointState Capital LP owned 1.78% of Golar LNG worth $70,588,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors have also bought and sold shares of the stock. Naria Inc. acquired a new position in Golar LNG in the fourth quarter worth $435,226,000. Millennium Management LLC increased its holdings in Golar LNG by 49.2% in the fourth quarter. Millennium Management LLC now owns 4,638,045 shares of the shipping company's stock valued at $196,282,000 after purchasing an additional 1,529,884 shares during the last quarter. Encompass Capital Advisors LLC acquired a new position in Golar LNG in the fourth quarter valued at about $55,413,000. Nuveen LLC acquired a new position in Golar LNG in the first quarter valued at about $33,975,000. Finally, Jefferies Financial Group Inc. acquired a new position in shares of Golar LNG during the fourth quarter worth about $24,394,000. Institutional investors and hedge funds own 92.21% of the company's stock.

Golar LNG Stock Down 1.6%

GLNG stock traded down $0.66 during mid-day trading on Thursday, reaching $41.04. 402,309 shares of the company traded hands, compared to its average volume of 1,527,841. Golar LNG Limited has a fifty-two week low of $29.56 and a fifty-two week high of $45.98. The firm's 50 day moving average price is $41.71 and its 200 day moving average price is $39.64. The stock has a market cap of $4.29 billion, a price-to-earnings ratio of -586.20 and a beta of 0.42. 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 (NASDAQ:GLNG - Get Free Report) last released its quarterly earnings results on Thursday, August 14th. The shipping company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.29 by ($0.03). Golar LNG had a positive return on equity of 6.36% and a negative net margin of 2.83%.The firm had revenue of $75.67 million during the quarter, compared to the consensus estimate of $79.37 million. As a group, equities research analysts predict that Golar LNG Limited will post 1.39 EPS for the current fiscal year.

Golar LNG Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Tuesday, September 2nd. Investors of record on Tuesday, August 26th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Tuesday, August 26th. This represents a $1.00 annualized dividend and a dividend yield of 2.4%. Golar LNG's dividend payout ratio (DPR) is -1,428.57%.

Analysts Set New Price Targets

GLNG has been the subject of several recent research reports. Zacks Research cut Golar LNG from a "hold" rating to a "strong sell" rating in a research report on Thursday, August 14th. BTIG Research reissued a "buy" rating on shares of Golar LNG in a research report on Wednesday, May 28th. Wall Street Zen raised Golar LNG from a "sell" rating to a "hold" rating in a research report on Sunday. Finally, B. Riley reissued a "neutral" rating and set a $44.50 price target on shares of Golar LNG in a research report on Monday, August 25th. Two 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.com, Golar LNG presently has an average rating of "Moderate Buy" and an average target price of $49.17.

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.