Excelerate Energy, Inc. (NYSE: EE) witnessed a significant surge in its stock price, soaring by 5.2% in Friday's intraday trading session. This impressive rally was fueled by the company's robust financial performance and operational excellence, as highlighted in its recent earnings report.
The energy company delivered record adjusted EBITDA of $348 million for 2024, surpassing the high end of its guidance range. Furthermore, Excelerate Energy achieved a remarkable 21% year-over-year increase in net income, reaching $153 million. These stellar financial results, coupled with a high fleet reliability of 99.9% and the completion of its 3000th LNG ship-to-ship cargo transfer, showcased the company's operational prowess.
Notably, Excelerate Energy's full-year 2024 results exceeded analyst expectations for both revenue and earnings per share, further bolstering investor confidence. The company's strong balance sheet, with $538 million in cash and cash equivalents, provides substantial financial flexibility to support its growth initiatives. In light of these positive developments, Barclays reiterated its Buy rating on Excelerate Energy stock and raised the price target to $32, reflecting the bullish sentiment surrounding the company's prospects.
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