Brokerages lower PT on LNG firm Venture Global

RBC Capital Markets and Mizuho Securities lower their price target on LNG producer Venture Global VG.N following co's Q4 results

RBC cuts PT to $17 from $20; Mizuho lowers PT by $7 to $18, which represents a premium of 101% to last close

Both brokerages maintain "outperform" rating

Shares of the company up 2.4% at $9.01 in thin premarket trade

Stock slumped 36% last week on Thursday following results, but RBC Capital Markets believes the pullback provides a good entry point

VG plans to contract the remaining nameplate capacity at its CP2 LNG export plant which should lower earnings volatility over time - RBC

Mizuho says the sell-off was overly punitive; however updates around the company's "controllables", such as excess production at some plants, were positive

"We are not convinced last week's update permanently impairs VG's earnings power or ability to deliver on our catalyst path" - Mizuho

Seven out of 12 brokerages rate VG "buy" or higher and five rate it "hold"; their median PT is $17 - LSEG

As of last close, VG has dropped 62.7% since its IPO on January 24