Golar LNG Ltd. (GLNG) PT Raised to $75 at BTIG

BTIG analyst Gregory Lewis raised the price target on Golar LNG Ltd. (NASDAQ: GLNG) to $75.00 (from $70.00) while maintaining a Buy rating.

The analyst comments "While GLNG officially announced a strategic review to maximize shareholder value in May, we believe securing employment for its 4th FLNG unit could be a key catalyst in closing the bid-ask spread between a potential sale. The company currently has ~$16.5B in fixed EBITDA backlog across its three contracted FLNG units (average remaining contract duration of ~20 years) which we value at $60-$65/share. And while increasing concerns around global LNG supply should make GLNG's projects in Argentina (two FLNG units) and West Africa (one FLNG unit) more valuable, we believe securing a 4th FLNG contract (thinking first production in 2030) should increase the embedded value of GLNG to $80-$90/share (contract terms matter). Management has noted it is in dialogue with potential customers, and while projects in Asia and South America are progressing we believe potential African projects moving forward could see GLNG contract its 4th FLNG unit for work in Africa."

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