NEW YORK (TheStreet) -- Shares of Golar LNG Limited (USA) (GLNG) are up 4.85% to $57.98 on Wednesday morning after the company announced the pricing of its offering of 11 million shares of common stock at $54 per share.
The company, which owns and operates liquefied natural (LNG) gas carriers and floating storage regasification units, granted underwriters a 30-day option to purchase up to an additional 1,650,000 common shares.
Proceeds from the public offering will go towards fully funding initial milestone payments under a conditional agreement with Keppel Shipyard Limited (KPELY) regarding the conversion of an LNG carrier into a floating liquefaction natural gas vessel, Golar said.
Must Read: Warren Buffett's 25 Favorite Stocks
Separately, TheStreet Ratings team rates GOLAR LNG LTD as a Buy with a ratings score of B-. TheStreet Ratings Team has this to say about their recommendation:
"We rate GOLAR LNG LTD (GLNG) a BUY. This is driven by a few notable strengths, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its largely solid financial position with reasonable debt levels by most measures and solid stock price performance. We feel these strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."