B.Riley FBR analyst Liam Burke maintained a Hold rating on Golar LNG Partners (GMLP) today and set a price target of $17. The company’s shares opened today at $14.30, close to its 52-week low of $12.71.
Burke noted:
“We continue to rate GMLP neutral and maintain our $17 price target. Golar MLP is benefiting from a strong underlying market in both liquefied natural gas (LNG) processing and transport through a combination of long-term charters as well as a very strong spot market. With continued global consumption of liquefied natural gas (LNG) and tight supply of available carriers to support higher LNG production, Golar MLP , in our opinion, will continue to generate stable distributable cash flows. With a strong sponsor relationship, there is a steady pipeline of additional drop-down assets which provides a source of incremental distributable cash flow growth. Based on its current valuation, we believe GMLP units are fairly valued.”
According to TipRanks.com, Burke is a 1-star analyst with an average return of -1.5% and a 43.9% success rate. Burke covers the Industrial Goods sector, focusing on stocks such as Standex International Corp, Carlisle Companies Inc, and Nordson Corp.
Golar LNG Partners has an analyst consensus of Hold, with a price target consensus of $15.50.
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Based on Golar LNG Partners’ latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $28.44 million. In comparison, last year the company had a net profit of $26.54 million.
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Golar LNG Partners LP engages in the logistics solutions. Its activities include owning, trading, and operation of floating storage and regasification units (FSRU) and liquefied natural gas ( LNG) marine transportation. The company was founded on September 24, 2007 and is headquartered in Hamilton, Bermuda.
