Venture Global (NYSE:VG) Stock Price Down 8.3% Following Weak Earnings
Venture Global (NYSE:VG) shares fell 8.3% to $7.78 following disappointing earnings, missing EPS estimates of $0.22 with reported earnings of $0.16. Despite a revenue increase of 259.5% year-over-year to $3.33 billion, the stock's decline was notable. Analysts maintain a mixed outlook, with eight buy ratings and a consensus price target of $15.93. The company also announced a dividend of $0.017, reflecting a yield of 50%. Insider trading activity included the sale of 500,000 shares by an insider. Venture Global has a market cap of $18.59 billion and a P/E ratio of 12.27.
Venture Global, Inc. (NYSE:VG - Get Free Report)'s share price dropped 8.3% during trading on Tuesday following a dissappointing earnings announcement. The stock traded as low as $7.82 and last traded at $7.7830. Approximately 8,149,315 shares traded hands during mid-day trading, an increase of 6% from the average daily volume of 7,715,455 shares. The stock had previously closed at $8.49.
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The company reported $0.16 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.22 by ($0.06). Venture Global had a net margin of 18.89% and a return on equity of 22.45%. The business had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.23 billion. The firm's revenue for the quarter was up 259.5% compared to the same quarter last year.
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Venture Global Increases Dividend
The company also recently announced a half year 25 dividend, which was paid on Tuesday, September 30th. Shareholders of record on Friday, September 19th were issued a $0.017 dividend. This is a positive change from Venture Global's previous half year 25 dividend of $0.02. The ex-dividend date was Friday, September 19th. This represents a yield of 50.0%. Venture Global's payout ratio is currently 11.11%.
Wall Street Analyst Weigh In
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A number of research firms recently weighed in on VG. The Goldman Sachs Group reaffirmed a "buy" rating and set a $17.50 price target on shares of Venture Global in a report on Monday. UBS Group raised shares of Venture Global from a "neutral" rating to a "buy" rating and set a $18.00 price objective for the company in a research note on Monday, August 25th. Tudor Pickering raised Venture Global to a "hold" rating in a report on Tuesday, September 2nd. Scotiabank reduced their price objective on Venture Global from $16.00 to $13.00 and set a "sector perform" rating for the company in a research report on Friday, October 17th. Finally, Weiss Ratings reiterated a "sell (d)" rating on shares of Venture Global in a research note on Wednesday, October 8th. Eight research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Hold" and a consensus price target of $15.93.
Read Our Latest Stock Report on Venture Global
Insiders Place Their Bets
In related news, insider Thomas Earl sold 500,000 shares of the stock in a transaction on Monday, September 15th. The shares were sold at an average price of $13.69, for a total transaction of $6,845,000.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In the last three months, insiders sold 1,500,000 shares of company stock worth $20,561,011. Company insiders own 86.73% of the company's stock.
Hedge Funds Weigh In On Venture Global
A number of hedge funds have recently bought and sold shares of the company. MAI Capital Management bought a new position in shares of Venture Global in the third quarter valued at approximately $29,000. TD Asset Management Inc increased its stake in shares of Venture Global by 89.9% during the 3rd quarter. TD Asset Management Inc now owns 39,681 shares of the company's stock worth $563,000 after purchasing an additional 18,780 shares during the last quarter. American Financial Group Inc. raised its holdings in shares of Venture Global by 14.3% in the 3rd quarter. American Financial Group Inc. now owns 12,000 shares of the company's stock worth $170,000 after purchasing an additional 1,500 shares during the period. CenterBook Partners LP purchased a new position in Venture Global in the third quarter valued at approximately $2,837,000. Finally, Readystate Asset Management LP grew its holdings in Venture Global by 248.9% during the third quarter. Readystate Asset Management LP now owns 555,050 shares of the company's stock valued at $7,876,000 after purchasing an additional 395,949 shares during the period.
Venture Global Stock Performance
The company has a debt-to-equity ratio of 3.38, a current ratio of 1.39 and a quick ratio of 1.33. The company has a 50 day simple moving average of $11.59 and a 200-day simple moving average of $12.91. The stock has a market capitalization of $18.59 billion and a P/E ratio of 12.27.
About Venture Global
(Get Free Report)Venture Global has fundamentally reshaped the development and construction of liquefied natural gas production, establishing us as a rapidly growing company delivering critical LNG to the world. Our innovative and disruptive approach, which is both scalable and repeatable, allows us to bring LNG to a global market years faster and at a lower cost.
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