Rubric Capital Management LP recently announced the acquisition of new stake in Golar Lng (NASDAQ:GLNG). The institutional investor has increased its shareholding in the Energy company by 0.77% to 6.51 million shares with purchase of 50000.0 shares. This fresh investment now brings its stake to 6.21% valued currently at $149.59 million. In addition, Cobas Asset Management SGIIC SA raised its holdings by 1.29 million to 6.18 million shares. And BlackRock Fund Advisors has lifted its position by 1.14% or 50474.0 shares – to 4.48 million shares.
With over 0.5 million Golar Lng (GLNG) shares trading Friday and a closing price of $23.04 on the day, the dollar volume was approximately $11.43 million. The shares have shown a negative half year performance of -1.75% and its price on 01/12/24 gained nearly 1.10%. Currently, there are 107.23M common shares owned by the public and among those 97.81M shares have been available to trade.
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An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 13 analysts who have offered their price forecasts for GLNG have a consensus price objective of $30.68. The analysts have set the share’s price value over the next 12 months at a high of $35.50 and a low of $25.00. The average price target is 24.9% above its recent price level and an upside to the estimated low will see the stock gain 7.84% over that period. But an upside of 35.1% will see the stock hit the forecast high price target while median target price for the stock is $30.00.
The top 3 mutual fund holders in Golar Lng are Orbis SICAV – International Equit, American Funds Small Cap World Fu, and iShares Russell 2000 ETF. Orbis SICAV – International Equit owns 3.27 million shares of the company’s stock, all valued at over $75.14 million. The company sold -0.5 million shares recently to bring their total holdings to about 3.12% of the shares outstanding. iShares Russell 2000 ETF sold 7146.0 shares to bring its total holdings to over 2.7 million shares at a value of $62.01 million. iShares Russell 2000 ETF now owns shares totaling to 2.57% of the shares outstanding.
Shares of Golar Lng (NASDAQ: GLNG) opened at $23.01, up $0.22 from a prior closing price of $22.79. However, the script later moved the day high at 23.39, up 1.10%. The company’s stock has a 5-day price change of -0.22% and -2.70% over the past three months. GLNG shares are trading 0.22% year to date (YTD), with the 12-month market performance up to 6.18% higher. It has a 12-month low price of $19.62 and touched a high of $25.06 over the same period. GLNG has an average intraday trading volume of 940.64K shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.42%, 4.04%, and 3.16% respectively.
Institutional ownership of Golar Lng (NASDAQ: GLNG) shares accounts for 77.68% of the company’s 107.23M shares outstanding. Mutual fund holders own 32.82%, while other institutional holders and individual stakeholders account for 44.85% and — respectively.
It has a market capitalization of $2.41B and a beta (3y monthly) value of 0.60. Price movements for the stock have been influenced by the stock’s volatility, which stands at 2.25% over the week and 2.14% over the month.
Analysts forecast that Golar Lng (GLNG) will achieve an EPS of $0.47 for the current quarter, $0.36 for the next quarter and $1.92 for 2024. The lowest estimate earnings-per-share for the quarter is $0.32 while analysts give the company a high EPS estimate of $0.53. Comparatively, EPS for the current quarter was $0.64 a year ago. Earnings per share for the fiscal year are expected to increase by 52.41%, and -15.11% over the next financial year.
If you are looking to buy this stock, then you may note that the average analyst recommendation by 13 brokerage firm advisors rate Golar Lng (GLNG) as a “Strong Buy” at a consensus score of 1.31. Specifically, 11 Wall Street analysts polled rate the stock as a buy, while 2 of the 13 advise that investors “hold,” and 0 rated it as a “Sell.”
Looking at the support for the GLNG, a number of firms have released research notes about the stock. Citigroup stated their Neutral rating for the stock in a research note on September 25, 2023, with the firm’s price target at $27.
