B. Riley began coverage on shares of Golar LNG Partners (NASDAQ:GMLP) in a research note issued to investors on Thursday morning, MarketBeat Ratings reports. The firm issued a hold rating and a $23.00 price objective on the shipping company’s stock.
Several other research analysts have also issued reports on GMLP. BidaskClub lowered Golar LNG Partners from a hold rating to a sell rating in a research report on Saturday, January 20th. ValuEngine lowered Golar LNG Partners from a buy rating to a hold rating in a research report on Friday, February 2nd. Zacks Investment Research upgraded Golar LNG Partners from a sell rating to a hold rating in a research report on Monday, February 5th. Seaport Global Securities restated a hold rating and set a $21.00 target price on shares of Golar LNG Partners in a research report on Tuesday, February 27th. Finally, Bank of America dropped their target price on Golar LNG Partners from $26.00 to $24.00 and set a buy rating for the company in a research report on Monday, March 5th. Six equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. Golar LNG Partners currently has an average rating of Hold and an average target price of $23.50.
Shares of Golar LNG Partners opened at $20.51 on Thursday, MarketBeat Ratings reports. Golar LNG Partners has a 1 year low of $16.78 and a 1 year high of $23.46. The company has a market cap of $1.43 billion, a price-to-earnings ratio of 10.91, a price-to-earnings-growth ratio of 2.20 and a beta of 0.89. 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 announced that its board has authorized a stock buyback plan on Monday, March 5th that authorizes the company to buyback $25.00 million in shares. This buyback authorization authorizes the shipping company to buy shares of its stock through open market purchases. Shares buyback plans are typically a sign that the company’s board believes its stock is undervalued.
The business also recently declared a quarterly dividend, which was paid on Monday, May 14th. Stockholders of record on Monday, May 7th were paid a dividend of $0.5775 per share. This represents a $2.31 annualized dividend and a dividend yield of 11.26%. The ex-dividend date was Friday, May 4th. Golar LNG Partners’s dividend payout ratio is presently 122.87%.
Several institutional investors have recently bought and sold shares of GMLP. SeaCrest Wealth Management LLC bought a new stake in shares of Golar LNG Partners during the fourth quarter valued at approximately $107,000. M&T Bank Corp bought a new stake in shares of Golar LNG Partners during the fourth quarter valued at approximately $927,000. California Public Employees Retirement System raised its stake in shares of Golar LNG Partners by 1.8% during the fourth quarter. California Public Employees Retirement System now owns 154,810 shares of the shipping company’s stock valued at $3,530,000 after acquiring an additional 2,679 shares in the last quarter. Cetera Advisors LLC bought a new stake in shares of Golar LNG Partners during the fourth quarter valued at approximately $201,000. Finally, First Trust Advisors LP raised its stake in shares of Golar LNG Partners by 16.5% during the fourth quarter. First Trust Advisors LP now owns 464,238 shares of the shipping company’s stock valued at $10,585,000 after acquiring an additional 65,759 shares in the last quarter. 44.12% of the stock is owned by hedge funds and other institutional investors.
About Golar LNG Partners
Golar LNG Partners LP owns and operates floating storage regasification units (FSRUs), liquefied natural gas (LNG) carriers, and floating liquefied natural gas vessel industries under long-term charters in Brazil, the United Arab Emirates, Indonesia, Jordan, and Kuwait. The company also engages in the leasing of its fleets.
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