Venture Global initiated with an Equal Weight at Wells Fargo

Wells Fargo initiated coverage of Venture Global (VG) with an Equal Weight rating and $18 price target Venture has “significant upside (and downside)” leverage to global liquified natural gas spreads, offset by execution risk tied to the build out of liquefaction capacity and expansions, the analyst tells investors in a research note. The firm believes the company’s benefits from modular construction and cash-flow harvesting during commissioning are offset by exposure to potential market price volatility.