Tellurian Inc. (TELL) Stock had a good Thursday. TELL shares gained 1.74% in the after-market session and closed at $2.34 per share. Earlier TELL’s stock gained 1.77% to close Thursday’s session at $2.30.
TELL shares have risen by 55.41% over the last 12 months, and they have moved up by 26.37% in the past week. Over the past three months, the stock has lost 19.01%, while over the past six months, it has surged 156.98%.
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Let’s discuss its recent developments below.
Tellurian struggling financially
On April 20, 2021, the chairman and co-founder of Tellurian IncCharifSouki blamed short-sellers after a quick plunge in the company’s stock price.
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The company is trying to develop a $17 billion liquefied natural gas project in Louisiana, is struggling financially after its share price has plunged recently.
The covid-19 pandemic caused a huge plunge in energy demand which was already struggling before the start of the Covid-19 pandemic, especially in the U.S it caused huge destruction to the U.S. LNG boom. The U.S was expecting to build six gas exporting terminals in past years and Tellurian is among nearly a dozen projects that hold permits but lack contracts to support construction.
Since mid-FebruaryTellurian stock price has tumbled almost 60%.
Full Loan Payment
On March 15, 2021, Tellurian Inc. said that it has reduced its debt balance to approximately $21 million, by making a voluntary prepayment of the 2019 loan of approximately $38 million, using cash on hand.
The President and CEO of the TELL Octávio Simões said that the company is planning to pay off the remaining $21 million in coming months from upstream generated cash flows and cash on hand.
Earlier on Feb 19, 2021, Tellurian made a voluntary prepayment of $43 million on its 2018 Term Loan.
Recent Financial Results: On February 24, 2021, TELL reported its fiscal year 2020 results.
- TELL reported a net loss of approximately $210.7 million, or $0.79 per share (basic and diluted), for the year ended December 31, 2020.
- As of December 31, 2020, Tellurian had approximately $78.3 million in cash and cash equivalents and approximately $72.8 million in short-term borrowings and generated approximately $30.4 million in revenues from natural gas sales.
Conclusion
Analysts are hopeful that the world economy will start recovering after the vaccination campaign will catch the speed which will also provide a new life to the struggling energy sector. We can see that the Tellurian future is not gloomy and it will be performing well in the future.
About the company:
Tellurian Inc. is a natural gas company headquartered in Houston, Texas. It was founded in 2016 by CharifSouki and Martin Houston and is led by President and CEO Octavio Simoes. Tellurian is developing a portfolio of natural gas production and has nearly 100 drillable locations with an estimated one trillion cubic feet of net resource.
