Golar LNG (GLNG) Cameroon FLNG Approval Viewed as Positive at Wells Fargo
Get Alerts GLNG Hot Sheet
Rating Summary:
14 Buy, 6 Hold, 0 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Join SI Premium – FREE
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Bank of America (BAC) PT Raised to $44 at Wells Fargo
- GLJ Research Upgrades Cleveland-Cliffs (CLF) to Buy
- Cantor Fitzgerald Downgrades Caledonia Mining Corporation (CMCL) to Hold
Create E-mail Alert Related Categories
Analyst Comments, Hot CommentsRelated Entities
Wells FargoSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!