- NYSEAMERICAN:TELL fell by 1.37% during Wednesday’s trading session.
- Tellurian begins construction of its Driftwood LNG project.
- Tellurian stock receives a downgrade from Zacks Investment Research.
NYSEAMERICAN:TELL extended its recent decline on Wednesday as the Liquefied Natural Gas company fell for the fourth straight session. Shares of TELL dropped by 1.37% and closed the trading day at $5.76. Tellurian remains trading at levels above both its 50-day and 200-day moving averages, as the LNG industry continues to make global headlines as more countries impose economic sanctions against Russia. The major indices diverged on Wednesday, mostly due to the utter collapse of Netflix (NASDAQ:NFLX) following a disappointing earnings report. The Dow Jones posted a 249 basis point gain, while the S&P 500 and the NASDAQ posted losses of 0.06% and 1.22% respectively during the session.
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Tellurian has officially started construction on its Driftwood LNG project that is located in Lake Charles, Louisiana. The LNG terminal will be created in partnership with Bechtel Energy. The project is currently in Phase one and will see a second plant added to the property in Phase two. By the time the project is completed in 2026, it is anticipated that Tellurian will be able to export up to 11 million tonnes per annum. Tellurian is positioning itself to be a player in the LNG industry as the US becomes the top LNG exporter in the world.
TELL stock news
On Wednesday, Tellurian did receive an analyst downgrade from Zacks Investment Research. The investment research firm downgraded TELL from a hold rating to a sell rating. Earlier this month Credit Suisse upgraded TELL to a buy rating and raised its price target to $8.00. In total, five analysts who cover TELL have issued a buy rating, two have a hold rating, and one has a sell rating for the stock.
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