- NYSEAMERICAN: TELL fell by 5.68% during Friday’s trading session.
- Energy giants are turning their minds to the LNG market.
- Tellurian is preparing to report its quarterly earnings in the first week of May.
NYSEAMERICAN: TELL succumbed to Friday’s broader market weakness, but still managed to post a positive gain for the week. Shares of TELL fell by 5.68% and closed the trading week at $4.98 as the stock fell back below the $5.00 price level. It was a bleak day for the broader markets as stocks tumbled following weak earnings from Amazon (NASDAQ: AMZN) and cautious words from Apple (NASDAQ:AAPL) on Thursday after the close. On Friday, the Dow Jones sank by 939 basis points, while the S&P 500 and NASDAQ tumbled by 3.63% and 4.17% respectively during the session.
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Two American energy supermajors are turning their heads towards the red-hot LNG sector. Both ExxonMobil (NYSE:XOM) and Chevron (NYSE:CVX) are looking to utilize their existing project sites such as the Permian basin for Chevron and the Eastern Mediterranean portfolio for ExxonMobil. With global demand for LNG surging due to the Russian invasion of Ukraine, the two energy giants are looking to take advantage of the market. With companies of this magnitude joining the race, it makes it increasingly difficult for smaller firms like Tellurian to be able to compete.
TELL stock news
While the company hasn’t officially announced its earnings call, it is expected to report first quarter earnings at some point in the first week of May. Investors will look for continued growth and for Tellurian to build upon last quarter’s 150% year over year rise in revenues. Shareholders will also look for an update on the company’s infrastructure projects and how the company is viewing the LNG market for the rest of the year.
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