State of New Jersey Common Pension Fund D boosted its stake in shares of Golar LNG Partners LP (NASDAQ:GMLP) by 126.3% during the first quarter, Holdings Channel reports. The institutional investor owned 154,800 shares of the shipping company’s stock after purchasing an additional 86,400 shares during the quarter. State of New Jersey Common Pension Fund D’s holdings in Golar LNG Partners were worth $2,649,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in GMLP. SeaCrest Wealth Management LLC acquired a new position in Golar LNG Partners during the fourth quarter worth $107,000. M&T Bank Corp acquired a new position in Golar LNG Partners during the fourth quarter worth $927,000. California Public Employees Retirement System boosted its stake in 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 worth $3,530,000 after buying an additional 2,679 shares during the last quarter. Cetera Advisors LLC acquired a new position in Golar LNG Partners during the fourth quarter worth $201,000. Finally, First Trust Advisors LP boosted its stake in 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 worth $10,585,000 after buying an additional 65,759 shares during the last quarter. 42.13% of the stock is currently owned by institutional investors.
Get Golar LNG Partners alerts:Shares of Golar LNG Partners stock opened at $20.69 on Thursday. Golar LNG Partners LP has a 52 week low of $16.78 and a 52 week high of $23.46. The firm has a market capitalization of $1.44 billion, a PE ratio of 11.01, a price-to-earnings-growth ratio of 2.21 and a beta of 0.89. The company has a current ratio of 1.73, a quick ratio of 1.71 and a debt-to-equity ratio of 1.93.
Golar LNG Partners (NASDAQ:GMLP) last announced its quarterly earnings results on Wednesday, February 28th. The shipping company reported $0.37 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.27 by $0.10. Golar LNG Partners had a return on equity of 17.99% and a net margin of 29.85%. The business had revenue of $90.11 million for the quarter, compared to analyst estimates of $87.09 million. equities analysts forecast that Golar LNG Partners LP will post 1.16 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Monday, May 14th. Stockholders of record on Monday, May 7th were paid a $0.5775 dividend. This represents a $2.31 annualized dividend and a dividend yield of 11.16%. The ex-dividend date was Friday, May 4th. Golar LNG Partners’s dividend payout ratio (DPR) is presently 122.87%.
Golar LNG Partners announced that its board has initiated a stock buyback plan on Monday, March 5th that permits the company to repurchase $25.00 million in outstanding shares. This repurchase authorization permits the shipping company to reacquire shares of its stock through open market purchases. Stock repurchase plans are often a sign that the company’s management believes its shares are undervalued.
A number of equities analysts have weighed in on GMLP shares. Seaport Global Securities reissued a “hold” rating and set a $21.00 price objective on shares of Golar LNG Partners in a research note on Tuesday, February 27th. BidaskClub raised Golar LNG Partners from a “sell” rating to a “hold” rating in a research note on Wednesday, May 2nd. B. Riley began coverage on Golar LNG Partners in a research note on Thursday, May 17th. They issued a “hold” rating and a $23.00 price target on the stock. Zacks Investment Research lowered Golar LNG Partners from a “hold” rating to a “sell” rating in a research note on Thursday, March 1st. Finally, ValuEngine lowered Golar LNG Partners from a “buy” rating to a “hold” rating in a research note on Friday, February 2nd. Six research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. Golar LNG Partners presently has a consensus rating of “Hold” and an average price target of $23.50.
Golar LNG Partners Company Profile
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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