Why Venture Global Stock Plummeted Today
Venture Global (NYSE: VG) stock got hit with heavy sell-offs in Thursday's trading. The liquefied natural gas (LNG) company's share price fell 36% in Thursday trading.
Venture Global stock crashed on the heels of the company's recently published fourth-quarter report. In addition to shortfalls on sales and earnings for the period, the company's guidance also underwhelmed the market -- and investors are worried about costs surrounding a major new project.
Venture Global released its Q4 report before the market opened this morning, posting earnings per share of $0.33 on revenue of $1.52 billion. For comparison, the average analyst estimate had targeted earnings per share of $0.76 on sales of $1.92 billion. Venture's sales unexpectedly fell 6.7% year over year in the period, and sales and margin performance came in well below somewhat cautious expectations.
Source Fool.com
