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Upgrade Alert for Golar LNG (GLNG)

By David Diaz

Golar LNG (NASDAQ:GLNG) was upgraded from Neutral to Buy at BofA/Merrill today. The stock closed yesterday at $16.50 on volume of 2.8 million shares, above average daily volume of 2.1 million.

Golar LNG has overhead space with shares priced $16.50, or 67.8% below the average consensus analyst price target of $51.32. Golar LNG shares should first meet resistance at the 50-day moving average (MA) of $18.99 and find additional resistance at the 200-day MA of $25.15.

Over the past year, Golar LNG has traded in a range of $9.42 to $51.89 and closed yesterday at $16.50, 75% above that low. In the last five trading sessions, the 50-day moving average (MA) has remained constant while the 200-day MA has slid 2%.

Golar LNG Ltd is a shipping company. The Company owns and operates a fleet of LNG (liquid natural gas) tankers, and several of the vessels are under long term charter contracts. The Company has also entered in to an agreement to build additional LNG tankers. Golar transports around the world.

SmarTrend is tracking the current trend status for Golar LNG and will alert subscribers who have GLNG in their portfolio or watchlist when shares have changed trend direction.

Keywords: analyst upgrades/downgrades golar lng

Ticker(s): GLNG