Bank of America Corp DE Sells 452,154 Shares of Cheniere Energy, Inc. $LNG

Key Points

• Bank of America cut its Cheniere Energy stake by 17.5% in the second quarter, selling 452,154 shares while retaining 2.13 million shares valued at approximately $509.7 million. Institutional investors collectively own 87.26% of the company.
• Cheniere reported quarterly revenue of $5.73 billion, up 23.5% year over year and above estimates, but earnings of $3.02 per share narrowly missed the $3.11 consensus forecast.
• Analysts remain broadly bullish, with the stock carrying a “Moderate Buy” consensus rating and an average price target of $305.65, compared with a reported share price of $270.39. Cheniere also pays a quarterly dividend of $0.555 per share.

Bank of America Corp DE trimmed its position in shares of Cheniere Energy, Inc. (NYSE:LNG - Free Report) by 17.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 2,132,339 shares of the energy company's stock after selling 452,154 shares during the quarter. Bank of America Corp DE owned 1.03% of Cheniere Energy worth $509,650,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. First Horizon Corp increased its position in shares of Cheniere Energy by 7.7% during the first quarter. First Horizon Corp now owns 517 shares of the energy company's stock valued at $147,000 after acquiring an additional 37 shares during the last quarter. Signal Advisors Wealth LLC raised its holdings in shares of Cheniere Energy by 2.9% in the 1st quarter. Signal Advisors Wealth LLC now owns 1,497 shares of the energy company's stock worth $425,000 after purchasing an additional 42 shares during the period. Independence Bank of Kentucky lifted its stake in Cheniere Energy by 6.8% in the first quarter. Independence Bank of Kentucky now owns 725 shares of the energy company's stock valued at $206,000 after purchasing an additional 46 shares during the last quarter. Optiver Holding B.V. lifted its stake in Cheniere Energy by 54.5% in the first quarter. Optiver Holding B.V. now owns 136 shares of the energy company's stock valued at $39,000 after purchasing an additional 48 shares during the last quarter. Finally, AlTi Global Inc. grew its holdings in Cheniere Energy by 1.5% during the first quarter. AlTi Global Inc. now owns 3,318 shares of the energy company's stock valued at $942,000 after purchasing an additional 50 shares during the period. Hedge funds and other institutional investors own 87.26% of the company's stock.

Cheniere Energy Stock Performance

NYSE LNG opened at $270.39 on Wednesday. The company has a 50-day simple moving average of $270.60 and a two-hundred day simple moving average of $258.77. Cheniere Energy, Inc. has a 12-month low of $186.20 and a 12-month high of $300.89. The firm has a market cap of $55.84 billion and a price-to-earnings ratio of 20.13. The company has a quick ratio of 0.72, a current ratio of 0.87 and a debt-to-equity ratio of 1.97.

Cheniere Energy (NYSE:LNG - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The energy company reported $3.02 EPS for the quarter, missing the consensus estimate of $3.11 by ($0.09). Cheniere Energy had a return on equity of 29.80% and a net margin of 13.57%.The company had revenue of $5.73 billion during the quarter, compared to analysts' expectations of $4.92 billion. During the same quarter in the prior year, the firm posted $7.30 EPS. The firm's quarterly revenue was up 23.5% on a year-over-year basis. On average, equities analysts forecast that Cheniere Energy, Inc. will post 16.31 EPS for the current year.

Cheniere Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, August 18th. Stockholders of record on Monday, August 10th were paid a dividend of $0.555 per share. This represents a $2.22 dividend on an annualized basis and a dividend yield of 0.8%. The ex-dividend date of this dividend was Monday, August 10th. Cheniere Energy's dividend payout ratio is 16.53%.

Analysts Set New Price Targets

Several research firms have recently weighed in on LNG. Scotiabank lifted their target price on shares of Cheniere Energy from $290.00 to $312.00 and gave the stock an "outperform" rating in a research note on Thursday, September 10th. Royal Bank Of Canada boosted their price target on shares of Cheniere Energy from $300.00 to $319.00 and gave the stock an "outperform" rating in a research note on Monday, August 24th. Morgan Stanley reiterated an "overweight" rating and issued a $310.00 price objective on shares of Cheniere Energy in a report on Friday, August 7th. Wolfe Research reiterated an "outperform" rating and set a $300.00 price objective on shares of Cheniere Energy in a research report on Tuesday, June 2nd. Finally, Zacks Research downgraded Cheniere Energy from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, August 11th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and three have given a Hold rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $305.65.

Cheniere Energy Company Profile

Cheniere Energy, Inc is a Houston-based energy company focused on the production, liquefaction, transportation and export of liquefied natural gas (LNG). The company purchases natural gas and processes it at its liquefaction facilities before shipping LNG to customers in international markets. Cheniere also provides natural gas pipeline, storage and other services that support its LNG operations.

Cheniere operates the Sabine Pass LNG facility in Cameron Parish, Louisiana, and the Corpus Christi LNG facility in South Texas.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.