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.”
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Recent GLNG News
- Golar LNG Limited – Q1 2024 results presentation • GlobeNewswire Inc. • 04/25/2024 06:41:48 PM
- Golar LNG Limited - Announcement of filing of Form 20-F Annual Report • GlobeNewswire Inc. • 03/28/2024 09:47:27 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/29/2024 11:35:15 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 02/29/2024 11:28:44 AM
- Key information relating to the cash dividend to be paid by Golar LNG Limited • GlobeNewswire Inc. • 02/29/2024 10:50:30 AM
- Golar LNG Limited preliminary fourth quarter and financial year 2023 results • GlobeNewswire Inc. • 02/29/2024 10:45:33 AM
- Form SC 13G - Statement of acquisition of beneficial ownership by individuals • Edgar (US Regulatory) • 02/08/2024 06:01:32 PM
- Golar LNG Limited – Q4 2023 results presentation • GlobeNewswire Inc. • 02/05/2024 09:58:42 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 01/10/2024 10:13:20 PM
- FLNG Gimi arrives at GTA field offshore Mauritania/Senegal • GlobeNewswire Inc. • 01/10/2024 09:02:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 12/07/2023 03:07:00 PM
- Update on re-sale of unsecured bonds held in treasury and share buyback • GlobeNewswire Inc. • 12/07/2023 02:37:23 PM
- Live Webinar on the LNG Shipping Sector with Senior Executives from Publicly Listed Companies: Tuesday, December 12, 2023, at 10 a.m. ET • GlobeNewswire Inc. • 12/04/2023 04:09:15 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/21/2023 04:59:03 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/21/2023 12:29:08 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/21/2023 12:16:18 PM
- Key information relating to the cash dividend to be paid by Golar LNG Limited • GlobeNewswire Inc. • 11/21/2023 11:35:15 AM
- Interim results for the period ended September 30, 2023 • GlobeNewswire Inc. • 11/21/2023 11:31:39 AM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 11/20/2023 11:10:05 AM
- FLNG Gimi delivered from Seatrium Shipyard and sailing for GTA • GlobeNewswire Inc. • 11/19/2023 10:12:32 PM
- Pioneer to Provide e-Boost Solution to Launch MACAW Energies' Low Carbon LNG to EV Charging in Texas • PR Newswire (US) • 11/17/2023 01:00:00 PM
- Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16] • Edgar (US Regulatory) • 10/16/2023 11:23:38 AM
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