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Golar LNG (GLNG) Cameroon FLNG Approval Viewed as Positive at Wells Fargo

September 30, 2015 1:54 PM EDT
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Price: $24.06 +1.13%

Rating Summary:
    14 Buy, 6 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Wells Fargo maintained an Outperform rating on Golar LNG Ltd. (NASDAQ: GLNG). Earlier Golar announced that its Cameroon floating liquefied natural gas project reached a major milestone with the final approval by all parties of the Gas Convention for the project. This final investment decision commits the project to a targeted start date for commissioning of second quarter, 2017.

Analyst Michael Webber said be believes the project is worth $10-$15 per share and takes Golar's NAV closer to $40 per share. A third train could potentially add another $5 per share. Webber also thinks today's announcement makes a strong case for continued growth in the FLNG space.

Speaking more broadly, the analyst said, "We do not believe that Golar's progress precludes a bear thesis on LNG, rather, that it represents the exception/low-cost reaction to otherwise pervasive pressure."

For an analyst ratings summary and ratings history on Golar LNG Ltd. click here. For more ratings news on Golar LNG Ltd. click here.

Shares of Golar LNG Ltd. closed at $26.41 yesterday.



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