Why Venture Global (VG) Stock Went Down On Thursday?

We recently published a list of 10 Firms Hit Hard in Thursday’s Trading. In this article, we are going to take a look at where Venture Global, Inc. (NYSE:VG) stands against other firms that hit hard in Thursday’s trading.

Shares of 10 companies were hit hard on Thursday, bucking a mostly optimistic broader market, as investor sentiment was dragged down by disappointing earnings performances and loss of key partnerships.

The Dow Jones was the sole decliner during the day, losing 0.28 percent in its valuation. In contrast, the S&P 500 and Nasdaq Composite both ended firmer, rallying by 0.36 percent and 0.51 percent, respectively.

This article details the reasons behind the 10 companies’ lackluster performance.

To come up with Thursday’s worst performers, we considered only the stocks with at least $2 billion in market capitalization and $5 million in daily trading volume.

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Venture Global, Inc. (NYSE:VG)

Venture Global, Inc. (NYSE:VG) dropped its share prices for a third day on Thursday, by 11.18 percent to finish at $17.48 apiece, following news that TotalEnergies rejected opportunities to become a long-term customer of Venture Global, citing a lack of trust.

TotalEnergies CEO Patrick Pouyanne told Reuters on Wednesday that he was approached by Venture Global to see if the company would be interested in a long-term supply contract for liquefied natural gas from the Calcasieu Pass terminal in Louisiana, but rejected “because of what they are doing.”

Venture Global (NYSE:VG) is facing legal challenges from huge clients namely BP and Shell for the delays in supply contracts as it commissions its projects.

Meanwhile, Venture Global (NYSE:VG) said it was surprised by Pouyanne’s comments, but said that they continue to honor its contracts and execute the construction of its facilities safely and at a record pace.

Overall, VG ranks 5th on our list of firms that hit hard in Thursday’s trading. While we acknowledge the potential of VG as an investment, our conviction lies in the belief that AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than VG but that trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

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