Balyasny Asset Management Raises Exposure To Golar LNG Limited (USA) (GLNG)

Balyasny Asset Management, managed by Dmitry Balyasny, has revealed a massive increase to its stake in Golar LNG Limited (USA) (NASDAQ:GLNG). In a new filing with the U.S. Securities and Exchange Commission, Balyasny disclosed owning a 5.12% passive stake, containing around 4.70 million shares of the company’s common stock. The new position represents a massive increase from 72,500 shares the fund reported in its 13F filing.

Dmitry Balyasny

Golar LNG Limited (USA) (NASDAQ:GLNG) is engaged in business of liquefied natural gas (LNG). The company owns and operates LNG carriers and floating storage regasification units (FSRUs), and has a market cap of $5.4 billion. The company recently conducted a registered offering of 12.65 million shares of its common stock, par value $1.00 per share, which included 1.65 million common shares purchased pursuant to the underwriters’ option to purchase additional common shares, according to a press release.

For the first quarter of 2014, Golar LNG posted net income of $13.0 million, and EBITDA of $33.1 million. It reported operating revenue of $21.0 million, up from $18.0 million in the fourth quarter of 2013. The company’s board of directors confirmed that the company is on target to complete and obtain funding for its maiden FLNG vessel within the second quarter of 2014. Also, Golar LNG in March completed the sale of its interest in the company which owns and operates the Igloo to Golar Partners for $310 million.

Shares of Golar LNG traded down by 2.74% on Wednesday, hitting $58.88. The stock has a 52 week high of $60.75 and a 52 week low of $30.51. Aside from Balyasny, Barry Rosenstein’s Jana Partners disclosed ownership of 3.23 million shares of the company, and Michael Thompson’s BHR Capital revealed owning 2.20 million shares as of the end of the first quarter of 2014.

Balyasny Asset Management, a $2 billion multi-strategy hedge fund firm, was founded by Dmitry Balyasny in 2001. In April, the fund disclosed raising stake in Boardwalk Pipeline Partners LP (NYSE:BWP) from 167,500 to 13.80 million shares, representing about 5.7% of the company’s common stock.

Disclosure: none

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