Golar LNG Limited (NASDAQ:GLNG) Sees Large Drop in Short Interest

Golar LNG Limited (NASDAQ:GLNG) was the target of a significant drop in short interest in March. As of March 15th, there was short interest totalling 3,890,000 shares, a drop of 16.7% from the February 28th total of 4,670,000 shares. Approximately 4.4% of the company’s stock are short sold. Based on an average daily volume of 1,490,000 shares, the short-interest ratio is presently 2.6 days.

Golar LNG Price Performance

Shares of NASDAQ GLNG traded down $0.24 during mid-day trading on Tuesday, hitting $37.75. The company had a trading volume of 246,835 shares, compared to its average volume of 1,296,921. Golar LNG has a 12 month low of $23.74 and a 12 month high of $44.36. The stock has a market cap of $3.94 billion, a price-to-earnings ratio of 269.59 and a beta of 0.78. The firm’s 50 day simple moving average is $38.55 and its two-hundred day simple moving average is $38.79.

Golar LNG Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Tuesday, March 18th. Shareholders of record on Tuesday, March 11th were paid a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 2.65%. The ex-dividend date of this dividend was Tuesday, March 11th. Golar LNG’s payout ratio is 208.33%.

Hedge Funds Weigh In On Golar LNG

Several institutional investors have recently modified their holdings of GLNG. Naria Inc. bought a new position in Golar LNG in the 4th quarter worth about $435,226,000. Millennium Management LLC raised its holdings in shares of Golar LNG by 49.2% during the fourth quarter. Millennium Management LLC now owns 4,638,045 shares of the shipping company’s stock valued at $196,282,000 after buying an additional 1,529,884 shares during the last quarter. Encompass Capital Advisors LLC acquired a new position in shares of Golar LNG during the fourth quarter worth approximately $55,413,000. Clearline Capital LP bought a new position in Golar LNG in the 3rd quarter worth approximately $36,865,000. Finally, Jefferies Financial Group Inc. acquired a new stake in Golar LNG in the 4th quarter valued at approximately $24,394,000. Institutional investors own 92.21% of the company’s stock.

Analysts Set New Price Targets

GLNG has been the topic of several research reports. Fearnley Fonds upgraded Golar LNG from a “hold” rating to a “strong-buy” rating in a research note on Wednesday, March 19th. StockNews.com raised Golar LNG to a “sell” rating in a research report on Thursday, March 20th. Stifel Nicolaus lifted their price objective on shares of Golar LNG from $53.00 to $55.00 and gave the stock a “buy” rating in a report on Tuesday, December 24th. Finally, DNB Markets cut shares of Golar LNG from a “buy” rating to a “hold” rating in a report on Wednesday, February 19th. One investment analyst has rated the stock with a sell rating, one has assigned a hold rating, four have issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Golar LNG has an average rating of “Moderate Buy” and a consensus target price of $50.13.

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.