Venture Global (NYSE:VG) Stock Price Down 5.4% – Here’s What Happened

Venture Global, Inc. (NYSE:VG) dropped 5.4% during mid-day trading on Thursday . The stock traded as low as $10.62 and last traded at $10.63. Approximately 3,239,727 shares traded hands during trading, a decline of 63% from the average daily volume of 8,698,186 shares. The stock had previously closed at $11.24.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on VG. Citigroup decreased their price objective on shares of Venture Global from $18.00 to $11.00 and set a “neutral” rating for the company in a research report on Tuesday, March 11th. Bank of America assumed coverage on Venture Global in a research note on Tuesday, February 18th. They issued a “buy” rating and a $23.00 price objective on the stock. JPMorgan Chase & Co. reduced their target price on Venture Global from $25.00 to $16.00 and set an “overweight” rating for the company in a research note on Friday, March 7th. Scotiabank dropped their price target on Venture Global from $17.00 to $15.00 and set a “sector perform” rating on the stock in a research note on Friday, March 7th. Finally, The Goldman Sachs Group set a $20.00 price objective on shares of Venture Global and gave the company a “buy” rating in a report on Friday, March 7th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $17.55.

Venture Global Trading Down 6.9 %

Venture Global (NYSE:VG) last issued its quarterly earnings results on Thursday, March 6th. The company reported $0.33 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.30 by $0.03. The business had revenue of $1.52 billion during the quarter. As a group, equities research analysts expect that Venture Global, Inc. will post 0.52 earnings per share for the current fiscal year.

Venture Global Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, March 31st. Stockholders of record on Monday, March 10th will be issued a $0.0165 dividend. The ex-dividend date of this dividend is Monday, March 10th. This represents a $0.07 dividend on an annualized basis and a dividend yield of 0.67%.

Insider Buying and Selling at Venture Global

In other news, insider Michael Sabel acquired 234,500 shares of the stock in a transaction dated Friday, March 14th. The stock was bought at an average price of $10.53 per share, with a total value of $2,469,285.00. Following the completion of the purchase, the insider now directly owns 1,185,885 shares of the company’s stock, valued at $12,487,369.05. This represents a 24.65 % increase in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Robert B. Pender bought 250,000 shares of the business’s stock in a transaction that occurred on Monday, March 10th. The shares were acquired at an average price of $9.37 per share, for a total transaction of $2,342,500.00. Following the completion of the transaction, the insider now owns 250,000 shares in the company, valued at $2,342,500. This trade represents a ∞ increase in their ownership of the stock. The disclosure for this purchase can be found here. Insiders have purchased 803,000 shares of company stock worth $8,108,260 over the last quarter. Corporate insiders own 4.72% of the company’s stock.

About Venture Global

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.