smaller Larger By Dimitra DeFotis
http://blogs.barrons.com/stockstowatchtoday/2012/03/12/shortsellers-down-on-golar-lng-and-its-limited-partner/?mod=yahoobarrons
An independent research outfit called Pandora’s Box Research recommended selling Golar LNG ( GLNG), a Bermuda-based shipping company engaged in the transport, re-gasification and liquefaction of natural gas, and a related entity, Golar LNG Partners (GMLP), which is a limited partnership that owns and leases floating storage, re-gasification and LNG carriers.
Pandora’s Box researchers, who are not named, have short positions in the stocks, according to its online report, in PDF format. The call got a lot of chatter after Muddy Waters Research, well known for its own short calls on Chinese smallcaps, mentioned it on Twitter.
Golar LNG, which has a number of affiliated shipping companies and management based in Norway, has a market cap of $3.1 billion and pays a nearly 3.3% yield; its shares fell 3.63% Monday, or $1.50, to $39.77.
Golar LNG Partners, pays a 4.54% yield; its shares fell 1%, or 39 cents, to $37.89. It fetched $22.50 in its April 2011 IPO.
In its summary of the sell recommendation, Pandora’s Box is critical of GLNG’s dividends as being based on one-time items, saying the “real” yield is 1.9% after accounting for vessel depreciation. It also says that GLNG has shifted vessels between companies at inflated prices, and the valuations on both names don’t support their current prices.
Shipping analyst Erik Nikolai Stavseth, with Arctic Securities in Oslo, Norway, has a Buy rating on Golar LNG, and says it is the leader in LNG ship owners, and is well positioned with new ships. Its capital spending is being funded in part by fresh convertible offerings.
Investors had shorted about 5% of Golar LNG shares outstanding at the end of February, and about 1.25% of Golar LNG Partners’. Not big short positions, in other words.
Muddy Waters is the outfit that crushed a handful of small, Chinese companies listed through reverse mergers in the United States. Its independent researchers dug up accounting exaggerations and fraud and issued short calls, while holding short short positions in the subject companies.
Carson Block, director of research at Muddy Waters, tells Barrons.com in an email that “we don’t have an opinion” on either Golar entity. But he said the report, also referenced on a site pushing democratized, online original research, represents an “interesting direction in the world of independent, open-distribution research.”
Do married people live longer than single ones or does it only seem longer?
Recent GLNG News
- Final Investment Decision for MK II 3.5mtpa FLNG • GlobeNewswire Inc. • 09/17/2024 10:39:08 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/05/2024 08:18:49 PM
- Golar announces pricing of USD 300 million unsecured bond issue • GlobeNewswire Inc. • 09/05/2024 08:01:15 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 09/03/2024 10:05:06 AM
- Golar LNG Limited – Fixed income investor meetings • GlobeNewswire Inc. • 09/02/2024 05:20:04 AM
- London Shipping Summit-Industry Leaders Presenting At 16th Annual Capital Link Shipping & Marine Services Forum • GlobeNewswire Inc. • 08/28/2024 12:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/16/2024 05:09:48 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/15/2024 11:51:03 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/15/2024 11:49:14 AM
- Key information relating to the cash dividend to be paid by Golar LNG Limited (Ticker: GLNG) • GlobeNewswire Inc. • 08/15/2024 10:55:04 AM
- Interim results for the period ended June 30, 2024 • GlobeNewswire Inc. • 08/15/2024 10:48:44 AM
- U.S. Futures Rise on Easing Inflation, Oil Prices Rise • IH Market News • 08/15/2024 10:09:48 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/13/2024 08:58:10 PM
- Golar LNG Limited: 2024 AGM Results Notification • GlobeNewswire Inc. • 08/13/2024 08:33:46 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 08/05/2024 11:37:17 AM
- Golar and bp enter into commercial reset arrangements for FLNG Gimi • GlobeNewswire Inc. • 08/05/2024 10:25:37 AM
- Form SC 13G/A - Statement of Beneficial Ownership by Certain Investors: [Amend] • Edgar (US Regulatory) • 07/11/2024 11:37:39 AM
- Golar LNG signs agreement for 20-year FLNG deployment in Argentina • GlobeNewswire Inc. • 07/05/2024 11:08:23 AM
- Golar LNG Limited – Q2 2024 results presentation • GlobeNewswire Inc. • 07/01/2024 07:24:38 PM
- 2024 Annual General Meeting • GlobeNewswire Inc. • 07/01/2024 07:11:03 PM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 06/17/2024 11:17:57 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 06/10/2024 12:18:15 PM
- 2024 Annual General Meeting • GlobeNewswire Inc. • 06/10/2024 11:36:07 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/28/2024 11:52:43 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 05/28/2024 11:39:46 AM
FEATURED Element79 Gold Corp. Appoints Kevin Arias as Advisor to the Board of Directors, Strengthening Strategic Leadership • Sep 18, 2024 10:29 AM
Mawson Finland Limited Further Expands the Known Mineralized Zones at Rajapalot: Palokas step-out drills 7 metres @ 9.1 g/t gold & 706 ppm cobalt • MFL • Sep 17, 2024 9:02 AM
PickleJar Announces Integration With OptCulture to Deliver Holistic Fan Experiences at Venue Point of Sale • PKLE • Sep 17, 2024 8:00 AM
North Bay Resources Announces Mt. Vernon Gold Mine Bulk Sample, Sierra County, California • NBRI • Sep 11, 2024 9:15 AM
One World Products Issues Shareholder Update Letter • OWPC • Sep 11, 2024 7:27 AM
Kona Gold Beverage Inc. Reports $1.225 Million in Revenue and $133,000 Net Profit for the Quarter • KGKG • Sep 10, 2024 1:30 PM