Golar LNG (GLNG) Price Target Raised to $44.00
Golar LNG (NASDAQ:GLNG) had its target price boosted by Cowen from $41.00 to $44.00 in a research report issued on Tuesday, Marketbeat.com reports. The brokerage presently has an “outperform” rating on the shipping company’s stock. Cowen’s price target points to a potential upside of 58.96% from the company’s previous close.
The analysts wrote, “We are updating our forward estimates based on management’s recent guidance for 7(a) loan originations in 2018 and that factor’s impact on our expectations for timing/size of a secondary offering, as well as modest adjustments to cost of capital from the recent securitization. We are maintaining our rating of NEWT shares at Outperform and raising our target price to $20/share (previously $19) based on what we expect to be a well-covered dividend in 2017 ($1.64/share) and expectations of dividend growth in 2018 (current projection of $1.76/share, though management guidance is only $1.69/share). Risk/reward: We believe the primary risk is a reduction in the gross premium paid for the SBA 7(a) guaranteed loans – though this premium has been very stable over the last 5 years. We believe the downside risk in NEWT shares is (28)%, with upside price return potential of +35%. See page 2 for our risk/reward analysis.””
GLNG has been the subject of a number of other research reports. ValuEngine lowered Golar LNG from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. Stifel Nicolaus reaffirmed a “buy” rating and issued a $36.00 price target on shares of Golar LNG in a research note on Monday, August 21st. Zacks Investment Research downgraded Golar LNG from a “hold” rating to a “sell” rating in a report on Tuesday, October 31st. Morgan Stanley reiterated an “overweight” rating and issued a $31.00 price objective (down previously from $32.00) on shares of Golar LNG in a report on Friday, September 1st. Finally, Citigroup reduced their price target on Golar LNG from $28.00 to $26.00 and set a “buy” rating for the company in a report on Thursday, August 17th. One investment analyst has rated the stock with a sell rating, two have issued a hold rating, six have issued a buy rating and one has given a strong buy rating to the company’s stock. The company presently has an average rating of “Buy” and an average target price of $34.40.
Shares of Golar LNG (NASDAQ GLNG) traded up $1.18 during mid-day trading on Tuesday, reaching $27.68. The company had a trading volume of 4,249,178 shares, compared to its average volume of 1,215,004. Golar LNG has a 12 month low of $19.32 and a 12 month high of $29.18. The company has a quick ratio of 0.41, a current ratio of 0.41 and a debt-to-equity ratio of 0.77.
Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Vanguard Group Inc. boosted its position in Golar LNG by 3.0% in the second quarter. Vanguard Group Inc. now owns 219,487 shares of the shipping company’s stock worth $4,884,000 after purchasing an additional 6,307 shares during the last quarter. The Manufacturers Life Insurance Company boosted its position in Golar LNG by 23,320.4% in the second quarter. The Manufacturers Life Insurance Company now owns 71,198 shares of the shipping company’s stock worth $1,583,000 after purchasing an additional 70,894 shares during the last quarter. State Street Corp boosted its position in Golar LNG by 6.2% in the second quarter. State Street Corp now owns 1,734,953 shares of the shipping company’s stock worth $38,608,000 after purchasing an additional 101,007 shares during the last quarter. Capital Management Associates NY boosted its position in Golar LNG by 100.0% in the third quarter. Capital Management Associates NY now owns 19,000 shares of the shipping company’s stock worth $430,000 after purchasing an additional 9,500 shares during the last quarter. Finally, Verition Fund Management LLC purchased a new position in Golar LNG in the second quarter worth about $639,000. Institutional investors own 82.85% of the company’s stock.
Golar LNG Company Profile
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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