Dallas, Texas 09/04/2013 (Financialstrend) – It was observed that the stock of Cheniere Energy, Inc. (NYSEMKT:LNG) had remained bullish among 40 hedge funds by the end of the second quarter, which proved to be a decline of 13% over the previous quarter. However, there had been few hedge fund managers who had also increased their holding position in this energy stock. Point State Capital of Sean Cullinan was observed to be holding the largest position of hedge fund investments in this stock with shares worth $381.2 million comprising around 6.6% of the total fund portfolio. The second position was held by Pennant Capital Management of Alan Fournier with shares worth $152.1 million, comprising around 2.8% of the total portfolio.
Earlier in the previous week, the analysts at Barclays Capital had given an overweight rating to the stock of Cheniere Energy Inc. and had increased their price target from $17 per share to $25 per share. With primary focus on businesses related to Liquid Natural Gas, the company presently owns the Sabine Pass LNG Terminal in Louisiana. Around 50% of the receiving capacity of LNG at this terminal is presently being contracted to two multinational energy companies. The company further owns the Creole Trail Pipeline which is used for the interconnecting facilities between the Sabine Pass Terminal and the natural gas markets in North America.
Cheniere Energy, Inc. (NYSEMKT:LNG) presented gain in share prices on Tuesday to close at $28.54 per share which was an increase of 1.96% over previous close. The intraday prices of the stock moved in the range of $28.17 to $28.63 per share and the 52 week prices are at low of $13.85 and high of $31.52 per share. The stock on Tuesday reported trading volume of 2.23 million shares and the average level is at 2.11 million shares per day. Presently the company has 239.00 million shares traded in the market with institutional ownership at 78%.