Stifel Adjusts Price Target on Golar LNG to $55 From $53, Keeps Buy Rating

(17:21 GMT) Golar LNG Price Target Raised to $55.00/Share From $53.00 by Stifel

Marine liquefied natural gas infrastructure operator Golar LNG said Tuesday it purchased Seatrium and Black & Veatch's minority stakes in the FLNG Hilli for $90.2 million.

The amount comprises $59.9 million in equity and $30.3 million in pro-rata share in the existing FLNG Hilli debt facility.

The deal includes 5.45% common units, 10.9% Series A shares and 10.9% Series B shares, and represents about 8% of the full FLNG capacity. Golar's increased ownership will be effective Jan. 1, 2025.

Energy stocks were advancing premarket Tuesday with the Energy Select Sector SPDR Fund 0.4% higher recently.

The United States Oil Fund was up 1% and the United States Natural Gas Fund was 1% higher.

Front-month US West Texas Intermediate crude oil was 1.4% higher at $70.24 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil gained 1.2% to $73.29 per barrel, and natural gas futures were up 2.6% at $3.43 per 1 million British Thermal Units.

Golar LNG said it acquired all outstanding minority interests in the FLNG Hilli from Seatrium and Black & Veatch for a total of $90.2 million, taking full ownership of the liquefied natural gas vessel. Golar LNG shares fell past 3% premarket.

Comstock shares were over 3% higher after the company said its Comstock IP Holdings unit has executed a technology cooperation agreement with Emerging Fuels Technology of Oklahoma. The deal will lead to a master license agreement, where Comstock and Emerging Fuels Technology will integrate the latter's gas-to-liquids process into Comstock's renewable fuel solutions.

The broad market exchange-traded fund SPDR S&P 500 ETF Trust was up 0.1% and the actively traded Invesco QQQ Trust advanced 0.2% in Tuesday's premarket activity, as traders tread cautiously ahead of a day shortened by an early market close.

US stock futures were mixed, with S&P 500 Index futures advancing 0.1%, Dow Jones Industrial Average futures slipping 0.03%, and Nasdaq futures gaining 0.21% before the start of regular trading.

The Richmond Fed Manufacturing Index for December will be released at 10 am ET.

The November Money Supply report is slated to be released at 1 pm ET.

In premarket action, bitcoin was up by 1.2% and the cryptocurrency fund ProShares Bitcoin Strategy ETF was 1.2% higher.

Power Play:

Health Care

The Health Care Select Sector SPDR Fund advanced 0.1%. The Vanguard Health Care Index Fund was flat while the iShares US Healthcare ETF was inactive. The iShares Biotechnology ETF was inactive.

NeueHealth stock was up more than 62% premarket after the company said late Monday that it agreed to be acquired and taken private by an affiliate of New Enterprise Associates for an enterprise value of about $1.3 billion.

Winners and Losers:

Industrial

Industrial Select Sector SPDR Fund was flat while the Vanguard Industrials Index Fund and the iShares US Industrials ETF (IYJ) were inactive.

FREYR Battery stock was up 5% before the opening bell after the company said it closed the acquisition of Trina Solar's 5 GW solar module manufacturing facility in Wilmer, Texas.

Consumer

The Consumer Staples Select Sector SPDR Fund was flat, while the Vanguard Consumer Staples Fund was inactive. The iShares US Consumer Staples ETF was inactive, and the Consumer Discretionary Select Sector SPDR Fund lost 0.1%. The VanEck Retail ETF was inactive, while the SPDR S&P Retail ETF was flat.

MINISO Group Holding shares were up 3.9% pre-bell after the company said it has recently opened its largest store in Spain, a 1,100-square-meter Madrid retail venue that is also the site of the company's first MINISO Land store in Europe.

Financial

Financial Select Sector SPDR Fund advanced 0.04%. Direxion Daily Financial Bull 3X Shares was flat, while its bearish counterpart Direxion Daily Financial Bear 3X Shares was also flat.

HIVE Digital Technologies shares were up 2.7% pre-bell Tuesday after the company said it had made a $30 million investment to acquire and deploy an additional cluster of NVIDIA H100 GPUs and receive the newest NVIDIA H200 GPUs.

Technology

Technology Select Sector SPDR Fund , the iShares US Technology ETF , and the iShares Expanded Tech Sector ETF were flat. Among semiconductor ETFs, SPDR S&P Semiconductor ETF was inactive, while the iShares Semiconductor ETF rose by 0.6%.

GDS Holdings shares were down 0.1% in recent Tuesday premarket activity after Bloomberg reported that the company is exploring an initial public offering for a real estate investment trust consisting of its data center assets in China.

Energy

The iShares US Energy ETF was inactive, while the Energy Select Sector SPDR Fund was up by 0.2%.

Golar LNG stock was down 3.2% before Tuesday's opening bell after the company said it acquired all outstanding minority interests in the FLNG Hilli from Seatrium and Black & Veatch for a total of $90.2 million, taking full ownership of the liquefied natural gas vessel.

Commodities

Front-month US West Texas Intermediate crude oil advanced 0.5% to $69.56 per barrel on the New York Mercantile Exchange. Natural gas gained 2.4% at $3.74 per 1 million British Thermal Units. United States Oil Fund was up 0.4%, while the United States Natural Gas Fund rose by 1.9%.

Gold futures for February gained marginally by 0.02% at $2,628.70 an ounce on the Comex, while silver futures retreated 0.2% to $30.12 an ounce. SPDR Gold Shares were flat, while the iShares Silver Trust was 0.4% lower.