Golar LNG Ltd (NASDAQ:GLNG) stock has reached a new 52-week high, touching $44.09 amidst a robust trading session. According to InvestingPro data, the company, currently valued at $4.58 billion, offers a 2.36% dividend yield and maintains healthy liquidity with a current ratio of 1.55. This milestone reflects a significant uptrend for the company, which has seen an impressive 1-year change of 88.21%. Investors have shown increased confidence in GLNG’s market position and growth prospects, propelling the stock to this new high. The company’s performance over the past year indicates strong operational success and a favorable response from the market, marking a period of substantial gains for shareholders. Analysts maintain a bullish outlook on GLNG, with price targets ranging from $41 to $56. InvestingPro subscribers have access to 13 additional key insights and a comprehensive Pro Research Report that provides deep-dive analysis of GLNG’s financial health and growth prospects.
In other recent news, Golar LNG Ltd has made significant strides in its operations. The company recently reported strong Q3 2024 results, with an adjusted EBITDA of $59 million on total revenues of $65 million. However, a net loss of $35 million was reported due to non-cash adjustments. Golar LNG also announced a strategic acquisition of the remaining approximately 8% stake in the Hilli floating liquefied natural gas (FLNG (OL:FLNG)) unit from Seatrium and Black and Veatch, a transaction valued at $90.2 million.
Stifel, an investment firm, maintained a Buy rating on Golar LNG and increased the price target to $55 from $53. Stifel views the acquisition positively, stating that it simplifies Golar LNG’s balance sheet and is expected to improve cash flows. The company also announced a new order for a third Floating Liquefied Natural Gas (OTC:LNGLF) (FLNG) unit, a Mark II, which is expected to increase Golar’s capacity by 70% upon its delivery in Q4 2027.
These developments are part of Golar LNG’s broader strategy to consolidate ownership and control over its assets. The firm aims to finalize a contract for the Mark II FLNG by 2025 and expects to double its EBITDA backlog to over $20 billion. Plans to refinance Gimi’s debt and optimize capital structure for growth are also in progress. These recent developments indicate Golar LNG’s strategic focus on expanding its portfolio and maintaining a strong position in the global LNG market.
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