HITE Hedge Asset Management LLC Trims Position in Golar LNG Limited (NASDAQ:GLNG)

HITE Hedge Asset Management LLC lessened its holdings in Golar LNG Limited (NASDAQ:GLNG) by 17.7% during the 3rd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 238,195 shares of the shipping company’s stock after selling 51,072 shares during the quarter. HITE Hedge Asset Management LLC’s holdings in Golar LNG were worth $8,756,000 at the end of the most recent quarter.

A number of other hedge funds have also recently added to or reduced their stakes in GLNG. Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in shares of Golar LNG by 467.9% during the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 2,237,000 shares of the shipping company’s stock worth $82,232,000 after acquiring an additional 1,843,100 shares during the period. American Century Companies Inc. boosted its holdings in Golar LNG by 53.7% during the 2nd quarter. American Century Companies Inc. now owns 1,732,655 shares of the shipping company’s stock worth $54,319,000 after acquiring an additional 605,499 shares during the last quarter. Pinnacle Associates Ltd. raised its stake in Golar LNG by 4.4% in the 2nd quarter. Pinnacle Associates Ltd. now owns 1,500,628 shares of the shipping company’s stock valued at $47,045,000 after acquiring an additional 63,180 shares during the period. Vanguard Group Inc. boosted its stake in Golar LNG by 74.4% in the first quarter. Vanguard Group Inc. now owns 1,015,644 shares of the shipping company’s stock worth $24,436,000 after buying an additional 433,299 shares in the last quarter. Finally, Clearline Capital LP bought a new position in shares of Golar LNG during the third quarter valued at approximately $36,865,000. Institutional investors and hedge funds own 92.21% of the company’s stock.

Golar LNG Price Performance

GLNG opened at $39.65 on Tuesday. The company has a debt-to-equity ratio of 0.31, a current ratio of 1.24 and a quick ratio of 1.28. Golar LNG Limited has a 1 year low of $19.94 and a 1 year high of $41.54. The firm has a market capitalization of $4.14 billion, a PE ratio of 283.23 and a beta of 0.60. The business’s 50-day moving average is $37.43 and its two-hundred day moving average is $33.49.

Golar LNG Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, December 2nd. Investors of record on Monday, November 25th were paid a $0.25 dividend. The ex-dividend date was Monday, November 25th. This represents a $1.00 annualized dividend and a yield of 2.52%. Golar LNG’s payout ratio is currently 714.34%.

Wall Street Analyst Weigh In

A number of research firms recently issued reports on GLNG. StockNews.com upgraded Golar LNG to a “sell” rating in a report on Wednesday, November 13th. Deutsche Bank Aktiengesellschaft lifted their target price on Golar LNG from $43.00 to $56.00 and gave the stock a “buy” rating in a research report on Friday, August 16th. Stifel Nicolaus lowered their price target on shares of Golar LNG from $55.00 to $53.00 and set a “buy” rating on the stock in a report on Friday, August 16th. Finally, Fearnley Fonds lowered shares of Golar LNG from a “strong-buy” rating to a “hold” rating in a report on Wednesday, November 13th. One investment analyst has rated the stock with a sell rating, one has issued a hold rating and four have given a buy rating to the stock. According to MarketBeat, the stock presently 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.