The stock of Golar LNG Limited (NASDAQ:GLNG) is now priced at $10.35 and the shares are 1 points up or 10.7% higher compared to its previous closing price of $9.35. The stock had 2.058 million contracts set over the past session. GLNG shares’ daily volume is compared to its average trading volume at 1.082 million shares. However, it has a float of 82.39 million and although its performance was 5.29% over the week, it’s one to watch. Analysts have given the GLNG stock a yearly average price target of $15.38 per share. It means the stock’s upside potential is 48.6% with the GLNG share price recently placing at $9.12 to $10.525. However, some brokerage firms have priced the stock below the average, including one that has called $9.7.
The shorts are running away from the Golar LNG Limited stock, with the latest data on short interest released on August 14, 2020, showing that short interest numbers in the GLNG shares have declined. Short interest in the stock represents just 9.59% of its float, but the volume has dropped by -693927. The volume of shorted shares dropped to 7.901 million from 8.595 million shares over the last two weeks. The average intraday trading volume has been 960559 shares, which means that days to cover moved to roughly 8.225468.
In the last trading session, Golar LNG Limited (NASDAQ:GLNG) raised by $0.52 over the week and gained $2.81 on its 20-day. The stock’s high in the recent session is lower when compared to its 52-week high of $15.86. The stock recorded its established 52-week high on 10/24/19.
Since 04/07/20, the stock has traded to a low of $4.54 at 127.97%, an encouraging piece of data likely to interest most investors out to exploit the stock’s recent surge. The stock has a beta allocation of 0.72. Being above 1 means that the stock’s volatility is higher than the market and traders are keenly watching it.
Looking at current readings, Golar LNG Limited’s two-week RSI is 63.07. This suggests that the stock is neutral at the moment and that GLNG shares’ price movement remains stable. The stochastic readings are equally revealing at 35.24% meaning the GLNG share price is currently in neutral territory.
The technical chart shows that the GLNG stock will likely settle at between $10.88 and $11.4 per share. However, if the stock dips below $9.47, then its market would become much weaker. Any downside could see the stock price sliding to levels as low as $8.59.
Currently, the stock is trading in the red of MACD, with a reading of -0.14. Investors always pay attention to any move above or below the zero-line, mainly because the indicator points to the position of the stock’s short-term average relative to its long-term measure. A MACD -a reading above the zero line means that the short-term is above the long-term average. This scenario implies that there is an upward momentum. The opposite is true when the MACD falls below the zero-line.
Analysts at Cowen though dropped target price of GLNG stock from $15 to $11 but maintained Outperform recommendation in their May 29 review. DNB Markets analysts downgraded their recommendation of the stock from Buy to Hold while keeping its target price at $19 in a flash note released to investors on March 09. Goldman seeing the improvements upgraded the stock from Sell to Neutral on February 05, placing it at $12.5.
The average rating for the GLNG equity is 1.73 and is currently gathering a bullish momentum. Of 15 analysts tracking Golar LNG Limited polled by Reuters, 2 rated GLNG as a hold. The remaining 13 analysts were split evenly. However, the split wasn’t equal as a majority (13) rated it as a buy or strong buy. 0 analyst advised investors against buying the stock or to sell if they own any of the stock.
Elsewhere, the GLNG stock price is 31.46X ahead of its 12-month Consensus earnings per share estimates. The stocks P/S ratio currently stands below the group’s average of 40.1. Golar LNG Limited has its P/E ratio at 0.8, which means that the stock is currently trading at a discount relative to the 1.4 industry average.
Zacks Consensus Estimate forecasts that the current-quarter revenues for Golar LNG Limited (NASDAQ:GLNG) will decrease by about -99.91%, which will see them reach $91.09 million. The company’s full-year revenues are, however, expected to diminish by about -4.42%, down from $449 million to $429 million. GLNG’s expected adjusted earnings should drop almost -65.79% to end up at -$0.13 per share, while for the fiscal year, analysts project the company’s earnings to drop by about -117.14% to record $0.18/share.