Bank of New York Mellon Corp Takes Position in Venture Global, Inc. $VG

Key Points

• Bank of New York Mellon acquired 1.28 million Venture Global shares worth approximately $14.2 million, representing about 0.05% of the company. Several other institutions also increased their positions.
• Venture Global exceeded quarterly earnings expectations with EPS of $0.51 versus the $0.50 consensus and revenue of $4.58 billion. The company also doubled its quarterly dividend to $0.04 per share, implying a 1.1% yield.
• Analysts maintain a consensus “Moderate Buy” rating with a $16.07 price target, while insiders sold about 2.34 million shares worth $32.4 million during the last quarter.

Bank of New York Mellon Corp purchased a new stake in Venture Global, Inc. (NYSE:VG - Free Report) in the second quarter, according to the company in its most recent filing with the SEC. The firm purchased 1,278,504 shares of the company's stock, valued at approximately $14,230,000. Bank of New York Mellon Corp owned approximately 0.05% of Venture Global as of its most recent SEC filing.

A number of other hedge funds also recently added to or reduced their stakes in the stock. Kestra Private Wealth Services LLC increased its position in shares of Venture Global by 8.8% in the first quarter. Kestra Private Wealth Services LLC now owns 12,429 shares of the company's stock valued at $196,000 after buying an additional 1,004 shares in the last quarter. Federation des caisses Desjardins du Quebec lifted its stake in shares of Venture Global by 11.0% during the 4th quarter. Federation des caisses Desjardins du Quebec now owns 12,254 shares of the company's stock worth $84,000 after purchasing an additional 1,215 shares during the period. CWM LLC boosted its stake in Venture Global by 24.1% in the 4th quarter. CWM LLC now owns 7,014 shares of the company's stock worth $48,000 after buying an additional 1,363 shares during the last quarter. Wells Fargo & Company MN increased its position in Venture Global by 1.5% during the fourth quarter. Wells Fargo & Company MN now owns 93,615 shares of the company's stock worth $638,000 after purchasing an additional 1,407 shares during the last quarter. Finally, Northwestern Mutual Wealth Management Co. acquired a new position in Venture Global in the second quarter valued at $26,000.

Venture Global Price Performance

VG stock opened at $15.09 on Wednesday. The company has a current ratio of 1.19, a quick ratio of 1.11 and a debt-to-equity ratio of 3.44. Venture Global, Inc. has a one year low of $5.72 and a one year high of $17.62. The firm has a market capitalization of $37.73 billion, a PE ratio of 11.88, a P/E/G ratio of 0.60 and a beta of 0.26. The firm has a 50-day moving average of $13.12 and a two-hundred day moving average of $12.81.

Venture Global (NYSE:VG - Get Free Report) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.50 by $0.01. The firm had revenue of $4.58 billion during the quarter. Venture Global had a return on equity of 34.08% and a net margin of 21.24%. On average, analysts forecast that Venture Global, Inc. will post 1.63 earnings per share for the current year.

Venture Global Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Wednesday, September 30th. Investors of record on Tuesday, September 15th will be paid a $0.04 dividend. This represents a $0.16 dividend on an annualized basis and a dividend yield of 1.1%. The ex-dividend date of this dividend is Tuesday, September 15th. This is a positive change from Venture Global's previous quarterly dividend of $0.02. Venture Global's dividend payout ratio (DPR) is 5.51%.

Wall Street Analyst Weigh In

Several analysts have issued reports on the stock. US Capital Advisors set a $13.00 price objective on shares of Venture Global in a research report on Friday, May 29th. Sanford C. Bernstein began coverage on shares of Venture Global in a research note on Tuesday, June 16th. They set a "market perform" rating and a $14.00 price objective on the stock. JPMorgan Chase & Co. raised shares of Venture Global from a "neutral" rating to an "overweight" rating and raised their price objective for the stock from $16.00 to $17.00 in a report on Thursday, June 4th. Zacks Research downgraded shares of Venture Global from a "strong-buy" rating to a "hold" rating in a research report on Wednesday, August 12th. Finally, Scotiabank upped their target price on shares of Venture Global from $13.00 to $15.00 and gave the company a "sector perform" rating in a research note on Wednesday, May 13th. Eight analysts have rated the stock with a Buy rating and eight have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and a consensus price target of $16.07.

Insider Transactions at Venture Global

In other Venture Global news, Director Sari Beth Granat sold 200,000 shares of the business's stock in a transaction on Thursday, August 13th. The shares were sold at an average price of $13.49, for a total transaction of $2,698,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, CAO Sarah Blake sold 1,000,000 shares of the company's stock in a transaction dated Friday, August 14th. The shares were sold at an average price of $14.02, for a total transaction of $14,020,000.00. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders sold 2,340,893 shares of company stock worth $32,404,567. 84.24% of the stock is currently owned by company insiders.

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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