Venture Global (VG) Falls to Nearly 52-Week Low. Here’s What Dragged the Sentiment

VG -1.38% TKGSF 0.00%

We recently published 10 Stocks Already Hurting in December. Venture Global Inc. (NYSE:VG) is one of the top performers on Monday.

Venture Global fell hard on Monday to nearly hit its 52-week low, as investors resorted to profit-taking following two straight days of gains.

The stock capped the day off shedding 7.91 percent at $6.87 apiece—just 13 cents shy of its lowest 52-week price of $6.72, also mimicking the drop on Wall Street’s main indices following a recent holiday boost.

Likewise, investors appeared to have already priced in Venture Global Inc.’s (NYSE:VG) announcement last week that it secured a new sales purchase agreement (SPA) with Tokyo Gas Co. Ltd. for the supply of 1 million tons per annum of liquefied natural gas for 20 years. The agreement is slated to begin in 2030.

Venture Global Inc.’s (NYSE:VG) recent deal brought its total SPA in just the last six months to 7.75 million tons per annum, following its earlier inked deals with Mitsui & Co., Ltd., See LNG Trade SA, Naturgy, Petronas, and Securing Energy for Europe (SEFE) GmbH.

“With nearly 8 MTPA (million tons per annum) of new long-term commitments signed this year, Venture Global is pleased to build on our commercial momentum through this new partnership with Tokyo Gas,” said Venture Global Inc. (NYSE:VG) CEO Mike Sabel.

“Tokyo Gas is a pioneer in the LNG industry and leading provider of natural gas to Japan, and we look forward to working with them as we grow our position as a top LNG supplier to Japan. This agreement will contribute significantly to the US-Japan balance of trade over the duration of the SPA, providing Japan with affordable, reliable American LNG,” he noted.

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Disclosure: None. This article is originally published at Insider Monkey.