Peak Asset Management LLC Cuts Position in Golar LNG Limited (NASDAQ:GLNG)

Peak Asset Management LLC trimmed its holdings in shares of Golar LNG Limited (NASDAQ:GLNG) by 1.7% in the 3rd quarter, according to its most recent disclosure with the SEC. The fund owned 60,436 shares of the shipping company’s stock after selling 1,071 shares during the period. Peak Asset Management LLC owned approximately 0.06% of Golar LNG worth $2,222,000 as of its most recent SEC filing.

A number of other hedge funds have also recently made changes to their positions in the stock. Banque Cantonale Vaudoise boosted its holdings in Golar LNG by 11.1% in the second quarter. Banque Cantonale Vaudoise now owns 4,185 shares of the shipping company’s stock worth $132,000 after acquiring an additional 417 shares in the last quarter. Beck Capital Management LLC raised its position in shares of Golar LNG by 0.7% in the 2nd quarter. Beck Capital Management LLC now owns 75,114 shares of the shipping company’s stock worth $2,355,000 after purchasing an additional 558 shares during the last quarter. Blue Trust Inc. grew its position in Golar LNG by 105.1% during the 3rd quarter. Blue Trust Inc. now owns 1,372 shares of the shipping company’s stock valued at $50,000 after purchasing an additional 703 shares during the last quarter. The Manufacturers Life Insurance Company grew its position in Golar LNG by 2.9% during the 2nd quarter. The Manufacturers Life Insurance Company now owns 35,580 shares of the shipping company’s stock valued at $1,115,000 after purchasing an additional 992 shares during the last quarter. Finally, O Brien Greene & Co. Inc increased its stake in Golar LNG by 1.7% during the 2nd quarter. O Brien Greene & Co. Inc now owns 60,000 shares of the shipping company’s stock valued at $1,881,000 after purchasing an additional 1,000 shares in the last quarter. 92.21% of the stock is owned by institutional investors.

Golar LNG Stock Performance

Shares of GLNG opened at $34.88 on Thursday. Golar LNG Limited has a one year low of $19.94 and a one year high of $39.40. The business has a fifty day moving average of $36.13 and a 200 day moving average of $32.37. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.28. The firm has a market capitalization of $3.65 billion, a P/E ratio of 26.03 and a beta of 0.58.

Golar LNG (NASDAQ:GLNG) last released its quarterly earnings results on Thursday, August 15th. The shipping company reported $0.42 EPS for the quarter, missing the consensus estimate of $0.44 by ($0.02). The business had revenue of $62.98 million for the quarter, compared to analysts’ expectations of $67.38 million. Golar LNG had a net margin of 50.89% and a return on equity of 9.20%. As a group, sell-side analysts anticipate that Golar LNG Limited will post 1.53 EPS for the current year.

Golar LNG Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 2nd. Stockholders of record on Monday, November 25th will be paid a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.87%. The ex-dividend date is Monday, November 25th. Golar LNG’s dividend payout ratio is presently 74.63%.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on GLNG. StockNews.com upgraded shares of Golar LNG to a “sell” rating in a report on Wednesday. B. Riley increased their target price on Golar LNG from $35.50 to $44.50 and gave the company a “buy” rating in a research note on Friday, July 19th. Deutsche Bank Aktiengesellschaft upped their price target on Golar LNG from $43.00 to $56.00 and gave the company a “buy” rating in a report on Friday, August 16th. Finally, Stifel Nicolaus reduced their price objective on Golar LNG from $55.00 to $53.00 and set a “buy” rating for the company in a report on Friday, August 16th. One analyst has rated the stock with a sell rating and four have given a buy rating to the company. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $49.63.

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.