Golar LNG Limited (USA) (GLNG) Signs MOU With Schlumberger For Gas Reserve Development

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Shares of Golar LNG Limited (USA) (NASDAQ:GLNG) are trading significantly higher in early morning trading today after the company announced that they have signed a Memorandum of Understanding to develop gas reserves with Schlumberger.

“Under the Memorandum, Golar and Schlumberger have agreed to jointly market gas monetization solutions to owners, investors and governments. Golar will contribute the Floating LNG assets and technology while Schlumberger, via its special project management division, will provide upstream development knowledge, resources and capital. The intention of this integrated offer is to gain access to a wide range of uneconomic gas reserves by delivering low-cost LNG production solutions,” states the press release.

This joint venture will speed up the time required to bring the gas reserves into production and the first projects will be announced by the companies sometime before the end of March according to Golar LNG Limited (NASDAQ:GLNG). Shares of Golar LNG Limited (NASDAQ:GLNG) had been down over 50% since the end of November, but this news seems to be bringing investors back into the stock.

The stock is currently trading higher by 35.68% or $4.26 following the positive news, hitting $16.2 per share at the time of us publishing this article. About 1.30 million shares traded hands. GLNG has declined 76.52% since June 17, 2015 and is downtrending. It has underperformed the S&P500 by 67.65%.

From a total of 5 analysts covering Golar LNG Limited (NASDAQ:GLNG) stock, 2 rate it a “Buy”, 0 a “Sell”, and 3 a “Hold”. This means that 40% of the ratings are positive. The highest target price is $55 while the lowest target price is $31. The mean of all analyst targets is $46 which is 183.95% above today’s ($16.2) stock price. Golar LNG Limited was the topic of 7 analyst reports since August 18, 2015 according to the firm StockzIntelligence Inc. Bank of America downgraded shares on December 2 to a “Neutral” rating. Stifel Nicolaus upgraded GLNG stock in a recent report from August 28 to a “Buy” rating.

Golar LNG Limited is the owner and operator of liquefied natural gas (LNG) carriers and floating storage regasification units (FSRUs). The company has a market cap of $1.51 billion. As of March 31, 2010, Golar had a fleet of 13 vessels, 10 LNG carriers, three FSRUs and a 50% interest in a further LNG carrier. It currently has negative earnings. On June 22, 2009, the Company formed a wholly owned subsidiary, Golar LNG Energy Limited (Golar Energy).

#focuskw=’Golar LNG Limited (USA) (NASDAQ:GLNG)’##metadesc=’Shares of Golar LNG Limited (USA) (NASDAQ:GLNG) are trading significantly higher in early morning trading today after the company announced that they have signed a Memorandum of Understanding to develop gas reserves with Schlumberger. “Under the Memorandum, Golar and Schlumberger have agreed to jointly market gas monetization solutions to owners, investors and governments. Golar will contribute the Floating LNG assets and technology while Schlumberger, via its special project management division, will provide upstream development knowledge, resources and capital. The intention of this integrated offer is to gain access to a wide range of uneconomic gas reserves by delivering low-cost LNG production solutions,” states the press release.This joint venture will speed up the time required to bring the gas reserves into production and the first projects will be announced by the companies sometime before the end of March according to Golar LNG Limited (NASDAQ:GLNG). Shares of Golar LNG Limited (NASDAQ:GLNG) had been down over 50% since the end of November, but this news seems to be bringing investors back into the stock.’##metarobot=’index’##newskw=’Zafgen Inc positive news,Zafgen Inc – (NASDAQ:ZFGN),NASDAQ:ZFGN Analyst rating analysis,Stock Analysis,Outlook and potential,ZFGN Price change and trend,ZFGN stock update’##sitemap=’include’##skipsocial##stockticker=’NASDAQ:GLNG’#

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