Excelerate Energy (NYSE:EE) Shares Down 6.8% – Here’s What Happened

Excelerate Energy, Inc. (NYSE:EE) fell 6.8% on Thursday . The company traded as low as $24.49 and last traded at $24.60. 104,807 shares traded hands during mid-day trading, a decline of 50% from the average session volume of 211,590 shares. The stock had previously closed at $26.40.

Wall Street Analysts Forecast Growth

A number of brokerages have recently weighed in on EE. Wells Fargo & Company cut Excelerate Energy from an “equal weight” rating to an “underweight” rating and dropped their price objective for the company from $20.00 to $19.00 in a research note on Friday, August 30th. Barclays boosted their target price on Excelerate Energy from $22.00 to $26.00 and gave the stock an “overweight” rating in a research note on Monday, October 21st. Northland Securities boosted their target price on Excelerate Energy from $23.00 to $25.00 and gave the stock an “outperform” rating in a research note on Monday, August 12th. Finally, Stephens boosted their target price on Excelerate Energy from $21.00 to $28.00 and gave the stock an “overweight” rating in a research note on Friday, October 11th. One equities research analyst has rated the stock with a sell rating, two have given a hold rating and five have issued a buy rating to the company. Based on data from MarketBeat.com, Excelerate Energy currently has an average rating of “Moderate Buy” and an average price target of $23.57.

Excelerate Energy Trading Down 7.5 %

The company has a 50-day moving average price of $21.71 and a 200-day moving average price of $19.54. The firm has a market capitalization of $2.62 billion, a price-to-earnings ratio of 23.49 and a beta of 1.28. The company has a debt-to-equity ratio of 0.35, a quick ratio of 3.43 and a current ratio of 3.43.

Excelerate Energy (NYSE:EE) last posted its earnings results on Wednesday, August 7th. The company reported $0.26 earnings per share for the quarter, missing the consensus estimate of $0.32 by ($0.06). Excelerate Energy had a net margin of 3.40% and a return on equity of 1.68%. The firm had revenue of $183.33 million during the quarter, compared to analysts’ expectations of $259.14 million. During the same period in the previous year, the firm posted $0.23 earnings per share. As a group, research analysts forecast that Excelerate Energy, Inc. will post 1.14 EPS for the current fiscal year.

Excelerate Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, December 5th. Shareholders of record on Wednesday, November 20th will be paid a dividend of $0.06 per share. The ex-dividend date of this dividend is Wednesday, November 20th. This is an increase from Excelerate Energy’s previous quarterly dividend of $0.03. This represents a $0.24 annualized dividend and a yield of 0.98%. Excelerate Energy’s dividend payout ratio is currently 23.08%.

Institutional Trading of Excelerate Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. Victory Capital Management Inc. acquired a new stake in Excelerate Energy during the 3rd quarter worth approximately $214,000. Van ECK Associates Corp lifted its position in Excelerate Energy by 111.7% during the 3rd quarter. Van ECK Associates Corp now owns 16,197 shares of the company’s stock worth $380,000 after acquiring an additional 8,547 shares during the period. US Bancorp DE acquired a new stake in Excelerate Energy during the 3rd quarter worth approximately $130,000. Kings Path Partners LLC acquired a new stake in Excelerate Energy during the 3rd quarter worth approximately $715,000. Finally, SG Americas Securities LLC acquired a new stake in Excelerate Energy during the 3rd quarter worth approximately $161,000. 21.79% of the stock is owned by institutional investors and hedge funds.

Excelerate Energy Company Profile

Excelerate Energy, Inc provides flexible liquefied natural gas (LNG) solutions worldwide. The company offers regasification services, including floating storage and regasification units (FSRUs), infrastructure development, and LNG and natural gas supply, procurement, and distribution services; LNG terminal services; and natural gas supply to-power projects.