Yahoo Finance Why Is Golar LNG (GLNG) Up 21% Since Last Earnings Report?
A month has gone by since the last earnings report for Golar LNG (GLNG). Shares have added about 21% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Golar LNG due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts.
Earnings Beat at Golar LNG in Q1
GLNG’s first-quarter 2024 earnings of 45 cents surpassed the Zacks Consensus Estimate by a penny but declined year over year. Revenues of $63.2 million lagged the Zacks Consensus Estimate of $72.3 million but declined year over year.
Adjusted EBITDA of $63.58 million declined 24% year over year.
GLNG exited the first quarter of 2024 with cash and cash equivalents of $548 million compared with $679.22 million at the end of the prior quarter.
GLNG’s share of contractual debt at the end of the reported quarter increased 5% to $1.21 billion.
GLNG repurchased 0.7 million shares at an average price of $20.87 per share during first-quarter 2024. As of Mar 31, 2024, 104 million shares were issued and outstanding. Of the $150.0 million approved share buyback scheme, $74.1 million remains available.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed a downward trend in estimates review.
VGM Scores
At this time, Golar LNG has a poor Growth Score of F, however its Momentum Score is doing a lot better with a B. However, the stock was allocated a grade of F on the value side, putting it in the lowest quintile for this investment strategy.
Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions looks promising. Notably, Golar LNG has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
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Golar LNG Limited (GLNG) : Free Stock Analysis Report
