Bank of America Corp DE Raises Stock Position in Venture Global, Inc. $VG

Key Points

• Bank of America increased its Venture Global stake by 135.6% in the first quarter, adding 2.4 million shares to own 4.17 million shares valued at approximately $65.8 million. Other institutional investors, including UBS, also significantly increased their positions.
• Venture Global reported quarterly earnings of $0.19 per share, beating estimates of $0.12, while revenue rose 58.9% year over year to $4.60 billion. The company also declared a quarterly dividend of $0.018 per share, equivalent to a 0.5% annual yield.
• Analysts maintain a generally favorable outlook, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $16.06 versus its reported price of $14.26. However, insiders sold 4.46 million shares worth about $58.7 million over the past three months.

Bank of America Corp DE boosted its stake in shares of Venture Global, Inc. (NYSE:VG - Free Report) by 135.6% in the first quarter, according to its most recent disclosure with the SEC. The firm owned 4,174,444 shares of the company's stock after acquiring an additional 2,402,771 shares during the period. Bank of America Corp DE owned about 0.17% of Venture Global worth $65,789,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of VG. UBS Group AG increased its position in shares of Venture Global by 520.8% during the fourth quarter. UBS Group AG now owns 6,279,598 shares of the company's stock worth $42,827,000 after purchasing an additional 5,268,053 shares in the last quarter. Y Intercept Hong Kong Ltd boosted its stake in Venture Global by 304.4% during the 1st quarter. Y Intercept Hong Kong Ltd now owns 149,214 shares of the company's stock worth $2,352,000 after purchasing an additional 112,318 shares during the last quarter. Bleakley Financial Group LLC purchased a new stake in shares of Venture Global during the first quarter worth $2,235,000. Clough Capital Partners L P acquired a new stake in shares of Venture Global in the first quarter valued at about $7,961,000. Finally, Catalyst Capital Advisors LLC raised its position in shares of Venture Global by 53.1% in the fourth 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 Price Performance

Venture Global stock opened at $14.26 on Tuesday. The company has a current ratio of 0.87, a quick ratio of 0.80 and a debt-to-equity ratio of 3.40. The company has a 50-day moving average price of $12.47 and a 200 day moving average price of $12.29. Venture Global, Inc. has a 12-month low of $5.72 and a 12-month high of $17.62. The stock has a market cap of $35.43 billion, a P/E ratio of 15.84, a PEG ratio of 0.59 and a beta of 0.22.

Venture Global (NYSE:VG - Get Free Report) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.19 earnings per share for the quarter, beating the consensus estimate of $0.12 by $0.07. The business had revenue of $4.60 billion during the quarter. Venture Global had a net margin of 16.94% and a return on equity of 26.90%. Venture Global's revenue for the quarter was up 58.9% on a year-over-year basis. Sell-side analysts anticipate that Venture Global, Inc. will post 1.51 earnings per share for the current year.

Venture Global Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Investors of record on Monday, June 15th were issued a $0.018 dividend. The ex-dividend date was Monday, June 15th. This represents a $0.07 dividend on an annualized basis and a yield of 0.5%. Venture Global's dividend payout ratio is currently 7.78%.

Insiders Place Their Bets

In related news, VP Fory Musser sold 2,000,000 shares of the stock in a transaction that occurred on Thursday, May 14th. The stock was sold at an average price of $13.09, for a total value of $26,180,000.00. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. Also, CFO Jonathan W. Thayer sold 111,111 shares of the firm's stock in a transaction on Monday, July 20th. The stock was sold at an average price of $14.21, for a total value of $1,578,887.31. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 4,459,399 shares of company stock valued at $58,670,384. Insiders own 84.24% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Royal Bank Of Canada boosted their price target on shares of Venture Global from $14.00 to $16.00 and gave the stock an "outperform" rating in a research report on Friday, April 17th. Raymond James Financial reiterated an "outperform" rating and issued a $16.00 price objective on shares of Venture Global in a report on Wednesday, May 20th. Citigroup raised shares of Venture Global from a "neutral" rating to a "buy" rating and raised their target price for the stock from $12.00 to $17.00 in a research note on Wednesday, May 13th. US Capital Advisors set a $13.00 price target on Venture Global in a research report on Friday, May 29th. Finally, Sanford C. Bernstein assumed coverage on Venture Global in a research report on Tuesday, June 16th. They issued a "market perform" rating and a $14.00 price target for the company. One equities research analyst has rated the stock with a Strong Buy rating, nine have assigned a Buy rating and eight have issued a Hold rating to the company. According to MarketBeat.com, Venture Global has an average rating of "Moderate Buy" and an average price target of $16.06.

About Venture Global

Venture Global NYSE: VG is a Houston-based energy company that develops, constructs and operates large-scale liquefied natural gas (LNG) export facilities in the United States. The company focuses on converting domestically produced natural gas into LNG for shipment to international markets, positioning itself as a supplier of pipeline-quality gas in vessel-ready form for global customers.

Venture Global's core activities include site development, engineering and construction of liquefaction and export terminals, commissioning and ongoing operations of those facilities, and commercial marketing of LNG under both long-term and short-term contracts.

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