Cheniere Energy (LNG) PT Raised to $83 at BofA Securities
- S&P 500, Dow end at record highs as weak jobs data eases rate worries
- U.S. Added Only 266,000 Jobs in April, Well Below Estimates
- Roku (ROKU) Surges After Crushing Profit Estimates to Prompt an Upgrade to 'Buy' at Loop Capital
- Dollar broadly weaker after U.S. jobs data disappoint
- Square (SQ) Tops Q1 EPS by 25c
Get instant alerts when news breaks on your stocks. Claim your 1-week free trial to StreetInsider Premium here.
BofA Securities analyst Julien Dumoulin-Smith raised the price target on Cheniere Energy (NYSE: LNG) to $83.00 (from $79.00) while maintaining a Buy rating ahead of an expected an expected solid 1Q21 update. BofA raised ’21 EBITDA slightly to $4.3bn, to the high end of Cheniere’s recently raised $4.1-$4.4bn guidance.
The analyst stated "We forecast 1Q21 adj. EBITDA of $1.08bn, relative to $1.03bn consensus. Solely on a spot/forward basis, we estimate that margins for the remainder of the year have improved by $0.50-$1.00/mmbtu from a quarter ago, following record-level ~$20/mmbtu JKM prices at the start of 2021. We continue to see a supportive commodity env’t driven by Asian demand with European storage inventories now below 5-yr avg levels. That said, do not expect the full benefit to translate directly into higher earnings as Cheniere has pre-sold 95%+ of production volumes for ’21. Recall guidance w/ 4Q20 results that a $1/mmbtu change in marketing margin would impact FY2021 adj. EBITDA by roughly $50mn. We note that Cheniere had ~50 Tbtu of unsold marketing volumes as of its latest update. TX storms likely only had a minor cost impact from Corpus shutdown, with vols likely re-directed to Sabine Pass. Third-party trading volumes could be a swing factor (to the upside)."
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- CIGNA (CI) PT Raised to $284 at Cantor Fitzgerald
- ING Groep NV (INGA:NA) (ING) PT Raised to EUR12.50 at Goldman Sachs
- Canadian Natural Resources (CNQ:CN) (CNQ) PT Raised to Cdn$46 at TD Securities
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS Change, Analyst PT Change
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!