The Manufacturers Life Insurance Company increased its stake in shares of Golar LNG Limited (NASDAQ:GLNG) by 23,320.4% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 71,198 shares of the shipping company’s stock after acquiring an additional 70,894 shares during the quarter. The Manufacturers Life Insurance Company owned approximately 0.07% of Golar LNG Limited worth $1,583,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds have also modified their holdings of the company. HITE Hedge Asset Management LLC raised its stake in shares of Golar LNG Limited by 79.3% in the second quarter. HITE Hedge Asset Management LLC now owns 1,567,493 shares of the shipping company’s stock worth $34,877,000 after purchasing an additional 693,185 shares during the last quarter. Balyasny Asset Management LLC grew its holdings in shares of Golar LNG Limited by 35.1% in the second quarter. Balyasny Asset Management LLC now owns 1,136,056 shares of the shipping company’s stock worth $25,277,000 after acquiring an additional 295,073 shares during the period. Boston Private Wealth LLC bought a new stake in shares of Golar LNG Limited in the second quarter worth $4,461,000. Capital Fund Management S.A. bought a new stake in shares of Golar LNG Limited in the second quarter worth $4,083,000. Finally, Blackstart Capital LP grew its holdings in shares of Golar LNG Limited by 139.7% in the second quarter. Blackstart Capital LP now owns 196,719 shares of the shipping company’s stock worth $4,414,000 after acquiring an additional 114,662 shares during the period. Hedge funds and other institutional investors own 89.64% of the company’s stock.
A number of research firms have recently weighed in on GLNG. Zacks Investment Research upgraded Golar LNG Limited from a “sell” rating to a “hold” rating in a research report on Tuesday, August 1st. Cowen and Company reaffirmed an “outperform” rating and set a $45.00 target price on shares of Golar LNG Limited in a research note on Thursday, August 31st. ValuEngine cut Golar LNG Limited from a “hold” rating to a “sell” rating in a research note on Friday, September 1st. Morgan Stanley reissued an “overweight” rating and issued a $31.00 price objective (down previously from $32.00) on shares of Golar LNG Limited in a research note on Friday, September 1st. Finally, Citigroup Inc. dropped their target price on Golar LNG Limited from $28.00 to $26.00 and set a “buy” rating on the stock in a research report on Thursday, August 17th. Three investment analysts have rated the stock with a sell rating, one has issued a hold rating and eight have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $34.67.
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Shares of Golar LNG Limited (GLNG) traded up $0.72 during mid-day trading on Thursday, reaching $24.47. The company had a trading volume of 1,090,000 shares, compared to its average volume of 1,186,842. Golar LNG Limited has a one year low of $19.32 and a one year high of $29.18. The company has a quick ratio of 0.51, a current ratio of 0.51 and a debt-to-equity ratio of 0.83.
Golar LNG Limited (NASDAQ:GLNG) last released its quarterly earnings data on Wednesday, August 30th. The shipping company reported ($0.51) earnings per share for the quarter, missing the Zacks’ consensus estimate of ($0.40) by ($0.11). Golar LNG Limited had a negative net margin of 179.35% and a negative return on equity of 7.78%. The company had revenue of $28.41 million for the quarter, compared to analysts’ expectations of $17.03 million. analysts forecast that Golar LNG Limited will post -1.73 EPS for the current fiscal year.
Golar LNG Limited 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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