Zacks Investment Research upgraded shares of Cheniere Energy (NYSEAMERICAN:LNG) from a hold rating to a buy rating in a research report sent to investors on Thursday morning. The firm currently has $70.00 price target on the energy company’s stock.
According to Zacks, “Following the comprehensive Q1 beat, we are upgrading our investment thesis on Cheniere Energy to a 'Buy'. The natural gas exporter beat expectations on robust production volumes and strong pricing. Cheniere Energy – with its first-mover advantage in exporting liquefied natural gas from the U.S. – is primed for significant revenue and earnings growth. The company is the only LNG exporter of the U.S. and plans to turn the natural gas glut into export revolution, currently exporting to over 20 countries. Further, Cheniere Energy's long-term contracts protect its future income, while offering excellent cash flow visibility. The company's gas supply deals with Poland, Lithuania, South Korea, China and India is likely to boost its revenue growth trajectory in the coming years. Consequently, we think Cheniere Energy offers substantial upside potential from the current price levels.”
Several other research firms have also recently commented on LNG. Morgan Stanley increased their target price on Cheniere Energy from $60.00 to $63.00 and gave the company an equal weight rating in a research note on Monday, May 7th. Bank of America raised their price objective on Cheniere Energy from $63.00 to $69.00 and gave the stock a buy rating in a research note on Tuesday, May 8th. Stifel Nicolaus raised their price objective on Cheniere Energy from $65.00 to $75.00 and gave the stock a buy rating in a research note on Monday, May 7th. Scotiabank restated a buy rating and set a $65.00 price objective on shares of Cheniere Energy in a research note on Monday, January 29th. Finally, Guggenheim restated a buy rating on shares of Cheniere Energy in a research note on Friday, February 16th. One analyst has rated the stock with a sell rating, three have assigned a hold rating and eleven have issued a buy rating to the company’s stock. The company presently has a consensus rating of Buy and a consensus price target of $62.91.
Cheniere Energy (NYSEAMERICAN:LNG) last released its earnings results on Thursday, May 3rd. The energy company reported $1.50 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.39 by $1.11. The business had revenue of $2.24 billion for the quarter, compared to analysts’ expectations of $1.78 billion. The business’s quarterly revenue was up 85.1% compared to the same quarter last year. During the same quarter last year, the company posted $0.23 earnings per share.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Brookfield Asset Management Inc. increased its position in Cheniere Energy by 75.5% in the first quarter. Brookfield Asset Management Inc. now owns 947,800 shares of the energy company’s stock worth $50,660,000 after buying an additional 407,700 shares during the period. Tuttle Tactical Management acquired a new stake in Cheniere Energy in the first quarter worth $1,701,000. Millennium Management LLC increased its position in Cheniere Energy by 137.8% in the first quarter. Millennium Management LLC now owns 1,976,978 shares of the energy company’s stock worth $105,669,000 after buying an additional 1,145,445 shares during the period. PointState Capital LP increased its position in Cheniere Energy by 24.9% in the first quarter. PointState Capital LP now owns 6,846,793 shares of the energy company’s stock worth $365,961,000 after buying an additional 1,365,475 shares during the period. Finally, Hilltop Holdings Inc. increased its position in Cheniere Energy by 62.0% in the first quarter. Hilltop Holdings Inc. now owns 11,095 shares of the energy company’s stock worth $593,000 after buying an additional 4,245 shares during the period.
About Cheniere Energy
Cheniere Energy, Inc, an energy company, engages in the liquefied natural gas (LNG) related businesses in the United States. The company operates in two segments, LNG Terminal Business, and LNG and Natural Gas Marketing. It owns and operates Sabine Pass LNG terminal in Cameron Parish, Louisiana; and Corpus Christi LNG terminal near Corpus Christi, Texas.
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