Market News

Tellurian (NYSE:TELL) Plummets after Major Driftwood Deals Get Shelved

Natural gas provider Tellurian (NYSE:TELL) is plummeting today after the company received a notice from Shell (NYSE:SHEL) terminating the gas purchase agreement for its Driftwood project.

Separately, Tellurian has also notified Vitol of terminating their Driftwood agreement. The development comes after Tellurian pulled the plug on its bond sale earlier this week and the company’s CEO Charif Souki noted Tellurian is looking for strategic equity partners for the project.

Tellurian shares are now down ~53% over the past month.

Is TELL a Good Stock to Buy?

The Street has a Hold consensus rating on Tellurian at present with an average price target of $4. This indicates a hefty 78.17% potential upside in the stock after the recent rout.

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