Excelerate Energy, Inc. (NYSE: EE) witnessed a significant surge in its stock price, soaring 6.43% on November 8, 2024, following the release of its impressive third-quarter 2024 earnings results.
The company's strong financial performance was a key catalyst driving the stock's upward movement. Excelerate Energy reported an adjusted EBITDA of $92 million for Q3 2024, reflecting a 4% increase from the previous quarter. This growth was attributed to lower operating costs and higher gas sales margins. Additionally, the company raised its full-year 2024 adjusted EBITDA guidance to a range of $335 million to $345 million, instilling confidence in investors.
Another noteworthy development was Excelerate Energy's decision to increase its quarterly dividend to 6 cents per share, more than doubling the previous amount. This move signaled the company's strong cash generation capabilities and commitment to shareholder returns.
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