Zacks Investment Research lowered shares of Golar LNG Partners (NASDAQ:GMLP) from a hold rating to a sell rating in a research note published on Thursday, June 21st.
According to Zacks, “Golar LNG Partners LP is a limited partnership primarily focused on owning and operating floating storage and regasification units (or FSRUs) and LNG carriers under long-term charters. Golar LNG Partners LP is based in Hamilton, Bermuda. “
Several other research firms have also recently weighed in on GMLP. BidaskClub cut shares of Golar LNG Partners from a hold rating to a sell rating in a research report on Wednesday, February 21st. B. Riley initiated coverage on shares of Golar LNG Partners in a research note on Thursday, May 17th. They set a hold rating and a $23.00 target price on the stock. Seaport Global Securities reaffirmed a hold rating and issued a $21.00 price objective on shares of Golar LNG Partners in a research note on Tuesday, February 27th. Bank of America lowered their target price on shares of Golar LNG Partners from $26.00 to $24.00 and set a buy rating for the company in a report on Monday, March 5th. Finally, ValuEngine downgraded shares of Golar LNG Partners from a hold rating to a sell rating in a report on Friday, June 1st. Three investment analysts have rated the stock with a sell rating, three have given a hold rating and three have issued a buy rating to the stock. The company presently has a consensus rating of Hold and an average target price of $21.80.
Shares of Golar LNG Partners opened at $15.46 on Thursday, MarketBeat.com reports. The company has a market cap of $1.06 billion, a PE ratio of 8.22, a PEG ratio of 1.57 and a beta of 0.84. Golar LNG Partners has a 1-year low of $14.27 and a 1-year high of $23.46. The company has a quick ratio of 1.71, a current ratio of 1.73 and a debt-to-equity ratio of 1.93.
Golar LNG Partners (NASDAQ:GMLP) last released its quarterly earnings data on Thursday, May 31st. The shipping company reported $0.21 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.09 by $0.12. Golar LNG Partners had a net margin of 29.68% and a return on equity of 16.74%. The business had revenue of $74.21 million during the quarter, compared to analysts’ expectations of $77.64 million. research analysts forecast that Golar LNG Partners will post 1.22 earnings per share for the current year.
Golar LNG Partners announced that its Board of Directors has authorized a share buyback program on Monday, March 5th that allows the company to repurchase $25.00 million in shares. This repurchase authorization allows the shipping company to purchase shares of its stock through open market purchases. Stock repurchase programs are often an indication that the company’s board believes its stock is undervalued.
Institutional investors and hedge funds have recently made changes to their positions in the company. Koch Industries Inc. bought a new stake in shares of Golar LNG Partners in the 4th quarter worth approximately $239,000. BNP Paribas Arbitrage SA increased its stake in shares of Golar LNG Partners by 58.1% in the first quarter. BNP Paribas Arbitrage SA now owns 11,810 shares of the shipping company’s stock worth $202,000 after buying an additional 4,342 shares during the period. Wedbush Securities Inc. purchased a new position in shares of Golar LNG Partners in the first quarter worth $252,000. Raymond James Financial Services Advisors Inc. increased its stake in shares of Golar LNG Partners by 47.6% in the fourth quarter. Raymond James Financial Services Advisors Inc. now owns 19,541 shares of the shipping company’s stock worth $446,000 after buying an additional 6,300 shares during the period. Finally, Wasatch Advisors Inc. increased its position in Golar LNG Partners by 53.0% during the 1st quarter. Wasatch Advisors Inc. now owns 30,300 shares of the shipping company’s stock valued at $518,000 after purchasing an additional 10,500 shares during the period. Hedge funds and other institutional investors own 41.49% of the company’s stock.
Golar LNG Partners Company Profile
Golar LNG Partners LP owns and operates floating storage regasification units (FSRUs) and liquefied natural gas (LNG) carriers under long-term charters in Brazil, Indonesia, Jordan, Kuwait, and the United Arab Emirates. As of April 6, 2018, it had a fleet of six FSRUs and four LNG carriers. Golar GP LLC serves as the general partner of Golar LNG Partners LP.
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