Venture Global (VG) has sharply outperformed peers and major indices in recent months, driven by improved execution and stronger project momentum, UBS Securities said in a note Thursday.
"Based on the recent stock price appreciation we have witnessed, we see limited upside on our Price Target of $18 per share," the firm said.
UBS highlighted that Venture Global has started full mobilization and site work at its third LNG export project, CP2 LNG, after receiving final federal approvals. The company also received clearance from the Federal Energy Regulatory Commission to introduce gas into the 12th liquefaction block at its Plaquemines LNG facility in Louisiana.
Additionally, Venture Global is withdrawing its application for the Delta liquified natural gas project to focus on expanding Plaquemines, a decision UBS called the right strategic move.
The brokerage downgraded the stock to neutral from buy following a 100% gain since April, noting that the improved execution is now reflected in a higher valuation. The firm raised its price target to $18 from $14.
Shares of Venture Global were down nearly 3% in recent trading.
Price: 16.28, Change: -0.48, Percent Change: -2.86
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