Short Interest in Golar LNG Limited (GLNG) Declines By 23.6%
Golar LNG Limited (NASDAQ:GLNG) saw a significant decline in short interest in September. As of September 29th, there was short interest totalling 10,745,674 shares, a decline of 23.6% from the September 15th total of 14,063,778 shares. Based on an average trading volume of 1,224,499 shares, the short-interest ratio is presently 8.8 days. Approximately 11.3% of the shares of the stock are short sold.
GLNG has been the subject of several recent research reports. Stifel Nicolaus reissued a “buy” rating and issued a $36.00 price target on shares of Golar LNG Limited in a research note on Wednesday, July 5th. Citigroup Inc. lowered their price target on shares of Golar LNG Limited from $28.00 to $26.00 and set a “buy” rating for the company in a research note on Thursday, August 17th. Zacks Investment Research raised shares of Golar LNG Limited from a “sell” rating to a “hold” rating in a research note on Tuesday, August 1st. Cowen and Company reissued an “outperform” rating and issued a $45.00 price target on shares of Golar LNG Limited in a research note on Friday, June 23rd. Finally, Morgan Stanley reissued an “overweight” rating and issued a $31.00 price target (down from $32.00) on shares of Golar LNG Limited in a research note on Friday, September 1st. Two research analysts have rated the stock with a sell rating, two have given a hold rating and seven have issued a buy rating to the stock. The stock currently has a consensus rating of “Hold” and a consensus target price of $34.67.
Several hedge funds have recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd boosted its stake in shares of Golar LNG Limited by 72.1% during the 2nd quarter. Dynamic Technology Lab Private Ltd now owns 17,629 shares of the shipping company’s stock worth $392,000 after purchasing an additional 7,386 shares during the period. Verition Fund Management LLC bought a new stake in Golar LNG Limited during the 2nd quarter valued at about $639,000. Nomura Holdings Inc. bought a new stake in Golar LNG Limited during the 2nd quarter valued at about $4,456,000. The Manufacturers Life Insurance Company lifted its holdings in Golar LNG Limited by 23,320.4% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 71,198 shares of the shipping company’s stock valued at $1,583,000 after buying an additional 70,894 shares in the last quarter. Finally, Bluefin Trading LLC bought a new stake in Golar LNG Limited during the 2nd quarter valued at about $1,660,000. 87.91% of the stock is owned by hedge funds and other institutional investors.
Golar LNG Limited (NASDAQ:GLNG) opened at 22.55 on Friday. The stock’s 50 day moving average is $21.68 and its 200 day moving average is $23.60. Golar LNG Limited has a 52 week low of $19.94 and a 52 week high of $29.18. The company’s market capitalization is $2.21 billion.
Golar LNG Limited (NASDAQ:GLNG) last released its quarterly earnings results on Wednesday, August 30th. The shipping company reported ($0.51) EPS for the quarter, missing analysts’ consensus estimates of ($0.40) by ($0.11). Golar LNG Limited had a negative return on equity of 7.78% and a negative net margin of 179.35%. The firm had revenue of $28.41 million for the quarter, compared to analysts’ expectations of $17.03 million. On average, equities research analysts expect that Golar LNG Limited will post ($1.94) earnings per share for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, October 4th. Investors of record on Thursday, September 14th were paid a dividend of $0.05 per share. The ex-dividend date was Wednesday, September 13th. This represents a $0.20 dividend on an annualized basis and a dividend yield of 0.89%.
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About Golar LNG Limited
Golar LNG Limited is a midstream liquefied natural gas (LNG) company engaged primarily in the transportation, regasification, liquefaction and trading of LNG. The Company is engaged in the acquisition, ownership, operation and chartering of LNG carriers and Floating Storage Regasification Unit (FSRUs) through its subsidiaries and affiliates, and the development of LNG projects, such as floating LNGs (FLNGs).
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