Excelerate Energy initiated with an Outperform at Northland

Northland initiated coverage of Excelerate Energy with an Outperform rating and $23 price target. LNG, or liquid natural gas, is set to play an “extremely important role in energy security and the energy transition over the foreseeable future,” says the firm, which sees Excelerate “playing an equally import role” in providing flexible LNG import infrastructure solutions. The company’s $4B-plus in contracted revenues, $600M cash balance, history of opening LNG import markets, and “impressive partnerships” give the firm confidence in its ability to capitalize on this opportunity, the analyst added.