Excelerate Energy (NYSE:EE) has announced a share buyback plan, authorizing the repurchase of up to **$75 million** in outstanding shares. The decision, made by the company’s Board of Directors on **December 11, 2023**, allows Excelerate to buy back approximately **2.4%** of its existing stock through open market transactions. This move often indicates that a company’s management believes its shares are undervalued.
In trading on **Friday**, Excelerate Energy shares opened at **$27.31**, reflecting a **1% increase** from the previous day. The company’s fifty-day moving average stands at **$27.12**, while the 200-day moving average is **$26.57**. Excelerate has a market capitalization of **$3.11 billion** and maintains a **debt-to-equity ratio of 0.56**. The firm also displays a quick ratio and current ratio of **2.39**, suggesting strong liquidity.
Recent Financial Performance
Excelerate Energy reported its quarterly earnings on **November 5, 2023**, posting earnings per share of **$0.45**. This figure surpassed analysts’ consensus estimate of **$0.32** by **$0.13**. The company achieved revenue of **$391.04 million** for the quarter, significantly exceeding the consensus estimate of **$270.82 million**. Compared to the same quarter last year, revenue increased by **102.2%**. Excelerate’s return on equity stood at **4.34%**, with a net margin of **3.46%**. Analysts are projecting earnings per share of **$1.16** for the current fiscal year.
Several equity research firms have evaluated Excelerate Energy, providing insights on its stock performance. **JPMorgan Chase & Co.** initiated coverage with a “neutral” rating and a price target of **$30.00**. **DNB Markets** set a price objective of **$31.00**, while **Morgan Stanley** also provided a price target of **$30.00** and rated the stock as “equal weight.” **Jefferies Financial Group** assigned a “buy” rating with a target of **$37.00**, and **Tudor Pickering** upgraded the stock from “hold” to “strong buy” on **November 17, 2023**.
Currently, one analyst rates Excelerate Energy as a strong buy, five recommend a buy, and four assign a hold rating. According to data from **MarketBeat.com**, the stock holds a consensus rating of “moderate buy” with a target price of **$32.38**.
About Excelerate Energy
Excelerate Energy, Inc. specializes in providing flexible liquefied natural gas (LNG) solutions globally. The company offers a range of services, including regasification, floating storage and regasification units (FSRUs), and infrastructure development. Additionally, it is involved in LNG and natural gas supply and distribution services, as well as terminal services and supply for power projects.
The announcement of the share buyback plan highlights Excelerate Energy’s commitment to enhancing shareholder value while demonstrating confidence in its financial health and future growth potential.
