Glng Stock Forecast: Will Glng Stock Price Smash $35?
GLNG stock price is trading below the important exponential moving averages reflecting the bearish trend in the price. The stock price is the bear’s grasp for a prolonged time.
As per the trading view performance data, the Glng Stock failed to meet the trader’s expectations. Over the year, the stock gave a negative return of 7.19% and year to date, it has declined by 8.21%. Looking at the past 6-month performance, the stock has dropped by 5.38% and continued the trend with a decline of 1.0% in 3 months. Within 1 month, a 5.42% fall is observed in Glng stock performance, indicating a rapid downfall in the stock price.
The current price of Glng stock is $21.10, a rise of 4.04% in the past 24 hours. Based on the trading view analyst price forecast, the stock has a maximum estimate of $35.50 and a minimum estimate of $28.00. The average price predicted for the particular stock is $31.61.
As per the analyst Glng stock forecast, the stock is supposed to showcase an outstanding performance in the upcoming year. However, it holds some risks and rewards that may influence Golar LNG’s position in the stock market.
According to Simply Wall Street, the stock price will upsurge by 48.2% and earnings are expected to grow 71.47% per year. Additionally, the Golar LNG stock is trading at 74.6% below the estimated value. Moreover, there are some risks related to dividend and profit margins. Its profit margin is 19.6%, which is lower than last year, and the dividend of 4.93% is not covered by cash flow or earnings.
Golar LNG Ltd. is a company that owns and runs liquefied natural gas carriers, floating storage, and regasification units. It was established on May 10, 2001, and has three main business segments including Vessel Operations, FLNG, and Power. The Vessel Operations segment manages and leases out vessels to customers on fixed contracts.
The FLNG segment offers a comprehensive upstream and midstream solution for converting gas resources to LNG. The Power segment provides LNG-based downstream solutions, by owning and operating FSRUs and related terminal and power generation facilities. Serving globally, the company is based in Hamilton, Bermuda.
Technical Analysis of GLNG Stock on the Daily Technical Chart
Source: Tradingview
Exponential Moving Average (EMA): The price is trading below the important EMA levels, indicating the price is bearish. If bulls want to get back in the game, then they have to support the price, taking it above the current EMA levels
Moving Average Convergence Divergence (MACD): The MACD indicator is showing a bearish pattern and moving in the negative territory.
Relative Strength Index (RSI): The RSI indicator is standing at 44.88, above the RSI-based Moving Average which is positioned at 42.42, indicating a bearish pattern.
In short, the EMA, MACD, and RSI indicators show a bearish pattern for the Glng stock price. To reach the upper level, the stock price needs buyers’ support. Based on the analyst’s price forecast, Glng stock holds the potential to reach $35.50 shortly.
Disclaimer
It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.
