Shares of Venture Global, Inc. (NYSE:VG – Get Free Report) shot up 4.2% during trading on Wednesday. The company traded as high as $13.52 and last traded at $13.4570. Approximately 2,445,344 shares traded hands during trading, a decline of 87% from the average daily volume of 18,286,629 shares. The stock had previously closed at $12.91.
Analyst Upgrades and Downgrades
A number of research analysts have weighed in on the stock. Wells Fargo & Company raised their price objective on shares of Venture Global from $14.00 to $15.00 and gave the company an “equal weight” rating in a research note on Wednesday, August 12th. US Capital Advisors set a $13.00 target price on shares of Venture Global in a research report on Friday, May 29th. Zacks Research upgraded shares of Venture Global from a “hold” rating to a “strong-buy” rating in a report on Thursday, September 10th. Mizuho lifted their price target on Venture Global from $13.00 to $15.00 and gave the company a “neutral” rating in a research note on Wednesday, July 22nd. Finally, Sanford C. Bernstein initiated coverage on Venture Global in a report on Tuesday, June 16th. They set a “market perform” rating and a $14.00 price objective for the company. One investment analyst has rated the stock with a Strong Buy rating, eight have given a Buy rating and seven have issued a Hold rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and a consensus target price of $16.13.
View Our Latest Analysis on VG
Venture Global Stock Performance
Venture Global (NYSE:VG – Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.51 EPS for the quarter, beating the consensus estimate of $0.50 by $0.01. Venture Global had a return on equity of 34.08% and a net margin of 21.24%.The business had revenue of $4.58 billion for the quarter. Equities research analysts anticipate that Venture Global, Inc. will post 1.69 earnings per share for the current fiscal year.
Venture Global Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Wednesday, September 30th. Stockholders of record on Tuesday, September 15th will be paid a dividend of $0.04 per share. This represents a $0.16 annualized dividend and a dividend yield of 1.2%. The ex-dividend date is Tuesday, September 15th. This is a positive change from Venture Global’s previous quarterly dividend of $0.0180. Venture Global’s dividend payout ratio is currently 12.60%.
Insider Buying and Selling
In related news, VP Fory Musser sold 259,413 shares of Venture Global stock in a transaction dated Thursday, August 20th. The stock was sold at an average price of $14.26, for a total value of $3,699,229.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Jimmy Staton sold 66,000 shares of the company’s stock in a transaction dated Thursday, August 13th. The shares were sold at an average price of $13.35, for a total transaction of $881,100.00. Following the sale, the director directly owned 1,083,000 shares in the company, valued at approximately $14,458,050. This trade represents a 5.74% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold a total of 2,493,553 shares of company stock worth $35,242,247 in the last quarter. 84.24% of the stock is currently owned by company insiders.
Institutional Trading of Venture Global
A number of institutional investors have recently modified their holdings of VG. Bank of America Corp DE lifted its position in Venture Global by 135.6% in the first quarter. Bank of America Corp DE now owns 4,174,444 shares of the company’s stock valued at $65,789,000 after purchasing an additional 2,402,771 shares during the last quarter. Rubric Capital Management LP bought a new position in shares of Venture Global in the first quarter worth approximately $23,640,000. Bank of New York Mellon Corp purchased a new position in shares of Venture Global in the second quarter worth $14,230,000. Renaissance Technologies LLC increased its stake in shares of Venture Global by 104.6% in the first quarter. Renaissance Technologies LLC now owns 2,046,840 shares of the company’s stock worth $32,258,000 after buying an additional 1,046,300 shares during the period. Finally, Catalyst Capital Advisors LLC raised its holdings in Venture Global by 53.1% during the 4th quarter. Catalyst Capital Advisors LLC now owns 2,871,398 shares of the company’s stock valued at $19,583,000 after buying an additional 995,725 shares during the last quarter.
Venture Global Company Profile
Venture Global, Inc is a liquefied natural gas (LNG) company that develops, constructs and operates LNG export facilities in the United States. The company sources natural gas from domestic markets, liquefies it at its coastal facilities and supplies LNG to customers in international markets.
Venture Global’s operating and development portfolio is concentrated along the U.S. Gulf Coast. Its Calcasieu Pass LNG facility in Louisiana has entered commercial operations, while its Plaquemines LNG project in Louisiana is being developed and brought into service.
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