Nasdaq-listed Golar saw its stock climb from $41.44 to a high of $43.65 per share yesterday and the upward movement continued today with the shares changing hands at $44.37 right now.
It follows a research report from Wells Fargo Securities that suggested its FLNG project with Perenco had found a gas buyer in the shape of Gazprom.
Analyst Mike Webber explained: “While Golar has made several meaningful strides towards establishing a dominant position within the FLNG space, the sector has yet to see a firm gas buyer from a floating asset, outside of Shell's Prelude, which is hardly apples-to-apples.
“It's within that context that we think Golar's potential announcement (finalised governmental approval of the project's toll, mid-stream convention, and offtake - all potentially by the end of Q3) is such a big deal.”
Webber notes that Golar shares have been sucked into the broader energy sector sell off of late.
“Make no mistake - Golar remains the one Marine GP (general partner) with enough company-specific catalysts to de-couple from the trade, becoming a floating (and perhaps more aggressive) version of Cheniere in our view,” he said.
