Pinnacle Associates Ltd. Lowers Stake in Golar LNG Limited (NASDAQ:GLNG)

Pinnacle Associates Ltd. lessened its holdings in shares of Golar LNG Limited (NASDAQ:GLNG - Free Report) by 3.4% during the 3rd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 1,449,028 shares of the shipping company's stock after selling 51,600 shares during the quarter. Golar LNG makes up 0.8% of Pinnacle Associates Ltd.'s portfolio, making the stock its 24th largest holding. Pinnacle Associates Ltd. owned 1.39% of Golar LNG worth $53,266,000 as of its most recent SEC filing.

Other hedge funds have also recently modified their holdings of the company. Blue Trust Inc. increased its stake in Golar LNG by 105.1% in the 3rd quarter. Blue Trust Inc. now owns 1,372 shares of the shipping company's stock worth $50,000 after buying an additional 703 shares in the last quarter. Sound Income Strategies LLC purchased a new position in shares of Golar LNG in the third quarter worth $52,000. Lowe Wealth Advisors LLC bought a new position in shares of Golar LNG during the second quarter worth $45,000. CWM LLC increased its holdings in Golar LNG by 830.9% in the 3rd quarter. CWM LLC now owns 1,657 shares of the shipping company's stock valued at $61,000 after acquiring an additional 1,479 shares during the last quarter. Finally, EverSource Wealth Advisors LLC lifted its stake in Golar LNG by 206.2% in the 2nd quarter. EverSource Wealth Advisors LLC now owns 1,727 shares of the shipping company's stock worth $54,000 after purchasing an additional 1,163 shares in the last quarter. Institutional investors own 92.21% of the company's stock.

Golar LNG Trading Down 0.1 %

NASDAQ:GLNG traded down $0.02 during midday trading on Wednesday, hitting $36.68. 419,505 shares of the company traded hands, compared to its average volume of 1,183,891. The firm has a market capitalization of $3.84 billion, a P/E ratio of 35.18 and a beta of 0.58. The firm's fifty day moving average is $35.23 and its 200-day moving average is $31.50. Golar LNG Limited has a 12-month low of $19.94 and a 12-month high of $39.40. The company has a current ratio of 1.24, a quick ratio of 1.28 and a debt-to-equity ratio of 0.31.

Golar LNG (NASDAQ:GLNG - Get Free Report) last released its earnings results on Thursday, August 15th. The shipping company reported $0.42 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.44 by ($0.02). Golar LNG had a return on equity of 9.20% and a net margin of 50.89%. The firm had revenue of $62.98 million during the quarter, compared to the consensus estimate of $67.38 million. On average, sell-side analysts predict that Golar LNG Limited will post 1.53 EPS for the current year.

Golar LNG Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 3rd. Shareholders of record on Monday, August 26th were given a dividend of $0.25 per share. The ex-dividend date of this dividend was Monday, August 26th. This represents a $1.00 annualized dividend and a dividend yield of 2.73%. Golar LNG's dividend payout ratio (DPR) is presently 95.24%.

Wall Street Analyst Weigh In

GLNG has been the topic of several research reports. StockNews.com raised Golar LNG to a "sell" rating in a report on Tuesday, October 1st. Deutsche Bank Aktiengesellschaft increased their target price on Golar LNG from $43.00 to $56.00 and gave the company a "buy" rating in a research report on Friday, August 16th. B. Riley raised their target price on shares of Golar LNG from $35.50 to $44.50 and gave the company a "buy" rating in a report on Friday, July 19th. Finally, Stifel Nicolaus dropped their price objective on shares of Golar LNG from $55.00 to $53.00 and set a "buy" rating for the company in a research note on Friday, August 16th. One investment analyst has rated the stock with a sell rating and four have assigned a buy rating to the stock. According to MarketBeat.com, the stock has an average rating of "Moderate Buy" and a consensus target price of $49.63.

Golar LNG Company Profile

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.