In a remarkable display of market confidence, Excelerate Energy Inc. (EE) stock has reached an all-time high, touching a price level of $31.9. According to InvestingPro data, the company maintains a strong financial health score and impressive liquidity with a current ratio of 4.12. This milestone underscores a period of significant growth for the company, with the stock price more than doubling over the past year, as reflected by an impressive 101.08% change. Trading at a P/E ratio of 29.34, InvestingPro analysis suggests the stock remains undervalued, with 12 additional ProTips and a comprehensive Pro Research Report available for deeper insight. Investors have rallied behind Excelerate Energy, propelling the stock to new heights and setting a robust precedent for its future performance in the energy sector.
In other recent news, Excelerate Energy has shown a robust financial performance in the third quarter of 2024, with an adjusted EBITDA of $92 million, marking a 4% increase from the previous quarter. The company also raised its quarterly dividend to $0.06 per share, reflecting confidence in its cash generation abilities and strong financial position. Analyst firm Stephens reaffirmed an Overweight rating on Excelerate Energy and raised the price target to $36.00, a decision reflecting confidence in the company's growth trajectory within the global LNG market.
Excelerate Energy has a unique position as the only company with an uncommitted newbuild floating storage regasification unit (FSRU) currently under construction, placing it at the forefront of the LNG infrastructure sector. The company also has 12 prioritized projects expected to contribute significantly to its growth, with anticipated start dates from 2025 to 2029.
The company's strong financial standing is further highlighted by an undrawn revolver and $608 million in cash reserves, which Stephens describes as a "fortress balance sheet." These resources are seen as a solid foundation for Excelerate Energy's ambitious expansion plans.
In other recent developments, Excelerate Energy has secured a 15-year LNG deal with Petrobangla and a 20-year agreement with Venture Global and is exploring LNG infrastructure opportunities in Vietnam and Alaska. The company has also raised its 2024 adjusted EBITDA guidance to be between $335 million and $345 million, and has a two-year $50 million share repurchase program, of which $28 million has already been utilized.
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