Golar LNG (GLNG) Shares Rally on Management Reshuffling
Shares of Golar LNG Limited GLNG have gained 5.9% after the shipping company announced changes in its top brass on May 13.
The company has been on the lookout for a new CEO, ever since Iain Ross put in his papers on Apr 12 and found an eligible successor in Karl Fredrik Staubo. It appointed Staubo at its helm at the board meeting.
Notably, Staubo has been serving as the CEO of Golar LNG Partners LP since May 2020 and later doubled up as the CFO of Golar LNG last September onward. Golar LNG Partners LP was recently sold to New Fortress Energy.
Apart from Staubo’s elevation to the top spot, the shipping company also named Eduardo Maranhao as its CFO in place of Staubo at the meeting. Notably, Maranhao has been associated with Golar LNG since 2015 in various capacities.
Shares of Golar LNG have displayed an uptrend over the past year, driven by tailwinds like its cost-cutting efforts. Notably, the stock has gained 69.1% in a year’s time, outperforming its industry’s 25.6% increase.
Management will be hoping that the stock’s impressive run on the bourses will gain a further stimulus owing to the new appointments.
Zacks Rank & Stocks to Consider
Golar LNG currently carries a Zacks Rank #3 (Hold). Some better-ranked stocks in the broader Zacks Transportation sector are Landstar System, Inc. LSTR,Triton International Limited TRTN and Herc Holdings Inc. HRI. While Herc Holdings sports a Zacks Rank #1 (Strong Buy), Triton and Landstar carry a Zacks Rank #2 (Buy), presently. You can see the complete list of today’s Zacks #1 Rank stocks here.
Long-term (three to five years) expected earnings per share growth rate for Landstar, Triton and Herc Holdings is projected at 12%, 10% and 42.9%, respectively.
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