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

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

Analysts Set New Price Targets

Several brokerages have commented on EE. Northland Securities raised their price objective on Excelerate Energy from $23.00 to $25.00 and gave the company an “outperform” rating in a report on Monday, August 12th. Barclays raised their price objective on Excelerate Energy from $22.00 to $26.00 and gave the company an “overweight” rating in a report on Monday, October 21st. Stephens raised their price objective on Excelerate Energy from $21.00 to $28.00 and gave the company an “overweight” rating in a report on Friday, October 11th. Finally, Wells Fargo & Company lowered 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 report on Friday, August 30th. One research analyst has rated the stock with a sell rating, two have issued a hold rating and five have assigned a buy rating to the stock. According to data from MarketBeat.com, Excelerate Energy currently has a consensus rating of “Moderate Buy” and a consensus target price of $23.57.

Excelerate Energy Price Performance

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

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

Excelerate Energy Increases Dividend

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

Hedge Funds Weigh In On Excelerate Energy

A number of institutional investors have recently added to or reduced their stakes in EE. Victory Capital Management Inc. purchased a new stake in Excelerate Energy in the third quarter valued at $214,000. Van ECK Associates Corp raised its position in Excelerate Energy by 111.7% in the third quarter. Van ECK Associates Corp now owns 16,197 shares of the company’s stock valued at $380,000 after purchasing an additional 8,547 shares during the period. US Bancorp DE purchased a new stake in Excelerate Energy in the third quarter valued at $130,000. Kings Path Partners LLC purchased a new stake in Excelerate Energy in the third quarter valued at $715,000. Finally, SG Americas Securities LLC purchased a new stake in Excelerate Energy in the third quarter valued at $161,000. Hedge funds and other institutional investors own 21.79% of the company’s stock.

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.