Venture Global: Higher For Longer LNG Spot Prices (Rating Upgrade)

Venture Global (VG) upgraded to Buy with a $19 price target, driven by Qatar LNG outage tightening global supply. VG's uncontracted volumes may be sold at higher LNG spot prices ($15BTU), which could boost EBITDA to $9bn in 2026 and $14bn in 2027. Elevated LNG prices may eliminate the need for dilutive capital raises, enabling faster deleveraging and potential dividends beyond preferred shares.