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Golar LNG Ltd (NASDAQ:GLNG) stock has reached a new 52-week high, touching the $39.5 mark, as investors rally behind the company's promising performance and strategic moves in the liquefied natural gas (LNG) sector. This peak represents a significant milestone for the company, reflecting a robust 1-year change with an impressive 71.8% increase. The surge to a 52-week high underscores the market's confidence in Golar LNG's growth trajectory and its potential to capitalize on the increasing global demand for cleaner energy sources.
In other recent news, Golar LNG reported strong results for Q3 2024, with adjusted EBITDA of $59 million and total revenues of $65 million. The company has also ordered a third Floating Liquefied Natural Gas (OTC:LNGLF) (FLNG (OL:FLNG)), a Mark II unit, expected to increase capacity by 70% upon delivery in Q4 2027. The new FLNG, the first of its kind available for global charter, is targeted for contract finalization in 2025.
Golar LNG's existing FLNGs, Hilli and Gimi, have demonstrated robust performance. Hilli is set for a new 20-year charter in Argentina, while Gimi is on track for commercial operations in Q2 2025. Despite these positive developments, the company reported a net loss of $35 million due to non-cash adjustments.
Future expectations include a significant increase in EBITDA generation, with a projection of a $1 billion run rate by 2028. The company also aims to finalize a contract for the Mark II FLNG by 2025 and double its EBITDA backlog from $11 billion to over $20 billion. These are among the recent developments for Golar LNG.
InvestingPro Insights
Golar LNG's recent surge to a 52-week high is further supported by real-time data and expert analysis from InvestingPro. The company's market capitalization stands at $3.85 billion, reflecting its substantial presence in the LNG sector. InvestingPro Tips highlight that Golar LNG has delivered a strong return over the last year, aligning with the article's mention of a 71.8% increase. Additionally, the company is trading near its 52-week high, with the current price at 93.71% of this peak.
Investors should note that Golar LNG operates with a moderate level of debt and its liquid assets exceed short-term obligations, indicating financial stability. The company's profitability over the last twelve months and analysts' expectations of continued profitability this year further support the positive market sentiment.
For those seeking a deeper understanding of Golar LNG's financial health and market position, InvestingPro offers 13 additional tips, providing a comprehensive analysis for informed investment decisions.
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