Golar LNG (GLNG) Up 4.6% Since Last Earnings Report: Can It Continue?
It has been about a month since the last earnings report for Golar LNG (GLNG). Shares have added about 4.6% 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 Q3
GLNG’s reported mixed third-quarter 2023 results, wherein earnings beat the Zacks Consensus Estimate but revenues missed the same.
GLNG’s third-quarter 2023 earnings of 55 cents per share surpassed the Zacks Consensus Estimate of 50 cents. Earnings rose 25% year over year. The earnings beat might have impressed investors as the stock improved 3.1% following the release of third-quarter results on Nov 21.
Adjusted revenues of $66.6 million lagged the Zacks Consensus Estimate of $67.4 million. The top line dipped 3% year over year.
Revenues in the Floating Liquefied Natural Gas (FLNG) segment gained 2.7% year over year.
The FLNG unit contributed 83.8% to GLNG’s top line. The balance came from corporate and other sources. Adjusted EBITDA fell 12.3% year over year to $74.5 million in the quarter.
GLNG’s share of contractual debt at the end of the reported quarter increased 18% to $1.17 billion. Golar LNG’s net income was $92.5 million.
How Have Estimates Been Moving Since Then?
In the past month, investors have witnessed an upward trend in estimates revision.
The consensus estimate has shifted 5.26% due to these changes.
VGM Scores
At this time, Golar LNG has a subpar Growth Score of D, however its Momentum Score is doing a bit better with a C. Following the exact same course, the stock was allocated a grade of C on the value side, putting it in the middle 20% for this investment strategy.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been trending upward 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.
Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
Golar LNG Limited (GLNG) : Free Stock Analysis Report
