Venture Global Inc. (VG) shares experienced a significant plummet of 5.27% during the Friday pre-market trading session. This decline follows the company's disappointing fourth-quarter earnings report and subsequent analyst target price cuts.
The company's Q4 revenue fell short of expectations, declining 7% year-over-year to $1.52 billion, missing the consensus estimate of $1.92 billion. Venture Global's LNG sales volumes also decreased, with a 13% drop in volumes sold and a more substantial 18% decline in Cragos volumes compared to the previous year.
In response to the weaker-than-expected results, several analysts lowered their price targets for Venture Global's stock. Scotiabank reduced its target from $17 to $15, maintaining a Sector Perform rating, while Deutsche Bank cut its target from $19 to $13.50 but reiterated a Buy rating. These target price revisions reflect analysts' concerns about the company's performance and future prospects.