Golar LNG (NASDAQ:GLNG) Issues Earnings Results, Misses Estimates By $0.03 EPS

Key Points

• Golar LNG reported an earnings per share (EPS) of $0.26 for the quarter, missing analyst expectations of $0.29 by $0.03.
• The company announced a quarterly dividend of $0.25, with an annualized yield of 2.5%, scheduled to be paid on September 2nd.
• Institutional investors hold a significant majority of Golar LNG's stock, owning approximately 92.21% of the company.

Golar LNG (NASDAQ:GLNG - Get Free Report) released its quarterly earnings data on Thursday. The shipping company reported $0.26 EPS for the quarter, missing analysts' consensus estimates of $0.29 by ($0.03), Zacks reports. Golar LNG had a negative net margin of 2.83% and a positive return on equity of 6.25%. The business had revenue of $75.67 million during the quarter, compared to analyst estimates of $79.37 million.

Golar LNG Stock Performance

NASDAQ:GLNG traded up $0.03 during mid-day trading on Friday, reaching $40.41. The stock had a trading volume of 1,109,125 shares, compared to its average volume of 1,040,651. 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 capitalization of $4.22 billion, a price-to-earnings ratio of -577.20 and a beta of 0.56. Golar LNG has a twelve month low of $29.56 and a twelve month high of $44.36. The business has a 50 day simple moving average of $41.14 and a 200 day simple moving average of $39.34.

Golar LNG Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 2nd. Investors of record on Saturday, January 1st will be given a $0.25 dividend. The ex-dividend date is Tuesday, August 26th. This represents a $1.00 dividend on an annualized basis and a yield of 2.5%. Golar LNG's dividend payout ratio (DPR) is presently 3,333.33%.

Institutional Investors Weigh In On Golar LNG

A number of hedge funds have recently added to or reduced their stakes in GLNG. Lazard Asset Management LLC lifted its position in shares of Golar LNG by 8.1% during the 2nd quarter. Lazard Asset Management LLC now owns 64,030 shares of the shipping company's stock valued at $2,637,000 after acquiring an additional 4,805 shares during the period. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. increased its stake in shares of 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 in the last quarter. The Manufacturers Life Insurance Company grew its stake in Golar LNG by 1.8% in the 2nd quarter. The Manufacturers Life Insurance Company now owns 33,728 shares of the shipping company's stock worth $1,389,000 after acquiring an additional 606 shares during the period. Jump Financial LLC purchased a new stake in Golar LNG in the 2nd quarter worth approximately $803,000. Finally, Amundi grew its stake in Golar LNG by 29.6% in the 1st quarter. Amundi now owns 19,586 shares of the shipping company's stock worth $744,000 after acquiring an additional 4,468 shares during the period. Institutional investors and hedge funds own 92.21% of the company's stock.

Analyst Ratings Changes

A number of research analysts have commented on the company. DNB Markets upgraded Golar LNG from a "hold" rating to a "buy" rating and set a $48.00 price target on the stock in a research note on Tuesday, April 22nd. Dnb Nor Markets raised Golar LNG from a "hold" rating to a "strong-buy" rating in a report on Tuesday, April 22nd. BTIG Research reissued a "buy" rating on shares of Golar LNG in a report on Wednesday, May 28th. Finally, Wall Street Zen raised Golar LNG from a "sell" rating to a "hold" rating in a report on Saturday. One analyst has rated the stock with a hold rating, four have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of "Buy" and a consensus target price of $53.00.

About Golar LNG

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.

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