Why Golar LNG Partners Stock Just Cratered 53%
Units (i.e. shares) of Golar LNG Partners (NASDAQ: GMLP) hit an iceberg today, falling 53.3% as of 11:30 a.m. EDT after the Bermuda-based liquefied natural gas tanker operator announced it will reduce its quarterly common unit distribution (a partnership's version of the dividends more commonly paid by stocks) by 95%.
Adding to investor pain, this morning, one analyst downgraded Golar LNG stock, and a second cut its price target on the units -- even as a third analyst demurred, reports TheFly.com.
Image source: Getty Images.
Source Fool.com
