Zacks Investment Research Downgrades Cheniere Energy Inc. (LNG) to Sell
Cheniere Energy Inc. (NYSEMKT:LNG) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued to investors on Wednesday.
According to Zacks, “Cheniere Energy, Inc. is a Houston-based energy company primarily engaged in liquefied natural gas related businesses. The company owns and operates the Sabine Pass liquefied natural gas terminal in Louisiana through its 57.9% ownership interest in and management agreements with Cheniere Energy Partners, L.P. (Ticker: CQP), which is a publicly traded partnership that the company created in 2007. The Sabine Pass LNG terminal is located on the Sabine Pass deep water shipping channel less than four miles from the Gulf Coast. “
Several other research firms have also weighed in on LNG. Goldman Sachs Group Inc. restated a “buy” rating on shares of Cheniere Energy in a report on Wednesday, July 20th. JPMorgan Chase & Co. restated a “buy” rating and set a $54.00 target price on shares of Cheniere Energy in a report on Wednesday, July 6th. Howard Weil upgraded Cheniere Energy from a “sector perform” rating to a “sector outperform” rating and set a $52.00 target price on the stock in a report on Tuesday, June 14th. Wolfe Research initiated coverage on Cheniere Energy in a report on Wednesday, June 22nd. They set an “outperform” rating on the stock. Finally, Barclays PLC cut their target price on Cheniere Energy from $64.00 to $53.00 and set an “overweight” rating on the stock in a report on Tuesday, September 6th. One equities research analyst has rated the stock with a sell rating, one has assigned a hold rating and nine have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and an average target price of $54.67.
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Cheniere Energy (NYSEMKT:LNG) opened at 42.00 on Wednesday. Cheniere Energy has a 1-year low of $22.80 and a 1-year high of $51.96. The firm’s market capitalization is $9.59 billion. The company has a 50-day moving average price of $43.41 and a 200 day moving average price of $38.68.
Cheniere Energy (NYSEMKT:LNG) last announced its quarterly earnings data on Tuesday, August 9th. The company reported ($0.61) earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.46) by $0.15. The company earned $176.80 million during the quarter, compared to analyst estimates of $64.08 million. The firm’s revenue for the quarter was up 160.0% compared to the same quarter last year. Equities analysts anticipate that Cheniere Energy will post ($1.97) earnings per share for the current year.
In other news, Director Nuno Brandolini sold 8,999 shares of Cheniere Energy stock in a transaction that occurred on Friday, August 19th. The shares were sold at an average price of $45.34, for a total value of $408,014.66. Following the completion of the transaction, the director now owns 249,602 shares in the company, valued at $11,316,954.68. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Jack A. Fusco bought 35,063 shares of the business’s stock in a transaction dated Monday, September 19th. The stock was purchased at an average price of $42.78 per share, with a total value of $1,499,995.14. Following the purchase, the insider now directly owns 340,824 shares of the company’s stock, valued at approximately $14,580,450.72. The disclosure for this purchase can be found here.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. AXA boosted its position in Cheniere Energy by 1.6% in the second quarter. AXA now owns 4,314 shares of the company’s stock valued at $162,000 after buying an additional 68 shares during the period. Comerica Bank boosted its position in Cheniere Energy by 0.6% in the second quarter. Comerica Bank now owns 15,558 shares of the company’s stock valued at $656,000 after buying an additional 99 shares during the period. Mariner Wealth Advisors LLC boosted its position in Cheniere Energy by 1.3% in the first quarter. Mariner Wealth Advisors LLC now owns 8,233 shares of the company’s stock valued at $279,000 after buying an additional 103 shares during the period. CIBC Asset Management Inc boosted its position in Cheniere Energy by 1.0% in the second quarter. CIBC Asset Management Inc now owns 10,902 shares of the company’s stock valued at $409,000 after buying an additional 112 shares during the period. Finally, First Allied Advisory Services Inc. boosted its position in Cheniere Energy by 0.7% in the second quarter. First Allied Advisory Services Inc. now owns 18,336 shares of the company’s stock valued at $680,000 after buying an additional 135 shares during the period.
About Cheniere Energy
Cheniere Energy, Inc is an energy company primarily engaged in liquefied natural gas (LNG) related businesses. The Company operates through two segments: LNG terminal business and LNG and natural gas marketing business The Company owns and operates the Sabine Pass LNG terminal in Louisiana through its ownership interest in and management agreements with Cheniere Energy Partners, L.P.
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