Shares of Cool Company Ltd. (NYSE:CLCO) have received an average consensus rating of “Reduce” from four brokerages currently covering the company. According to MarketBeat Ratings, one analyst has assigned a sell rating while three others maintain a hold rating.
Recent evaluations have led to a series of downgrades for Cool Company. On September 26, 2023, Wall Street Zen adjusted its rating from hold to sell. Following this, Weiss Ratings reaffirmed a “hold (c-)” rating on October 8, 2023. On November 21, 2023, Zacks Research downgraded the stock from hold to a “strong sell” rating. Finally, B. Riley also lowered its rating from strong buy to hold on September 24, 2023.
Financial Performance and Institutional Investments
Cool Company recently reported its earnings for the third quarter on November 20, 2023. The company disclosed earnings per share (EPS) of $0.21, surpassing analysts’ expectations of $0.19 by $0.02. The firm noted a net margin of 17.45% and a return on equity of 7.94%. Revenue for the quarter reached $86.31 million, exceeding the consensus estimate of $84.71 million. Analysts project an average EPS of 1.68 for the current fiscal year.
In terms of institutional investment, Donald Smith & CO. Inc. has increased its stake in Cool Company by 3.9% during the second quarter. As reported to the Securities & Exchange Commission, the firm now holds 3,564,815 shares after acquiring an additional 132,704 shares during the period. This investment represents approximately 6.64% of Cool Company, valued at around $23.88 million. Currently, institutional investors own 20.66% of Cool’s stock.
Company Overview
Cool Company Ltd., founded in 1970 and based in London, United Kingdom, focuses on the acquisition, ownership, operation, and chartering of liquefied natural gas carriers (LNGCs). As of December 31, 2023, the company operates a fleet of eleven LNGCs, which includes seven modern tri-fuel diesel electric vessels, two modern two-stroke vessels, and two TFDE vessels. Additionally, Cool manages 17 LNGCs and floating storage and regasification units for third-party clients.
Investors are closely monitoring the company’s performance amidst these ratings and market conditions. The ongoing evaluations by analysts will likely influence future trading activity as stakeholders assess the potential trajectory of Cool Company’s stock in the coming months.
