Venture Global: 80% of Float Sold Short as Debt Mounts
Venture Global stock sits at $12.64 — below every open-market insider sale price recorded in the past 90 days — while 80.5% of its float is sold short against a company that has beaten earnings estima
Venture Global: 80% of Float Sold Short as Debt Mounts
NEW YORK, September 30 —
Venture Global, Inc. (VG) has beaten analyst estimates three straight quarters while generating $6.83B in trailing operating cash flow, yet seven officers have sold $109.03M in shares with zero purchases over 90 days, and the stock at $12.64 has since fallen below every open-market insider sale price in that window. The 80.5% short interest agrees with management's revealed preference.
- Seven officers sold $109.03M over 90 days, zero purchases; stock has since fallen below the lowest insider sale price.
- Three Material Definitive Agreement 8-Ks filed since June 11 against $42.84B in total debt and $3.15B in cash.
The Debt the Earnings Line Doesn't Show
Venture Global builds, develops, and operates LNG liquefaction facilities in the United States, shipping liquefied natural gas by tanker to customers in Germany, France, the Netherlands, and the United Kingdom. Its three core projects, Calcasieu, Plaquemines, and CP2, make $42.84B in total debt structurally expected. The $3.15B in cash against that load is tight. Three 8-Ks disclosing Material Definitive Agreements and new debt obligations on June 11, June 26, and September 2 arrived in under four months. Revenue of $16.95B TTM with a 46.9% gross margin anchors the bull case; a DCF model run against the debt stack shows how narrow the equity cushion gets.
Seven Sellers, Zero Buyers
The breadth of the exit is the sharpest signal. General Counsel Keith Larson filed a single September 9 transaction for 1,885,804 shares at $15.21, totaling $28.69M. CFO Jonathan Thayer ran six open-market sales of exactly 111,111 shares between July 20 and September 18, at prices ranging from $13.86 to $14.40, totaling $9.44M. The COO, Chief Accounting Officer, and SVP of Development also sold. Seven officers, zero purchases. Larson's July 15 and 16 sales at $12.93 and $12.91 per share are the lowest prices any insider accepted; at $12.64, the stock has since undercut both.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| VG | $31.6B | 12.7x | -14.8% |
| NEXT | $1.7B | 42.3x | -3.9% |
| LNG | $55.6B | 12.8x | +15.2% |
| EQT | $30.4B | 12.9x | -13.0% |
| EGHT | $325M | 6.0x | +2.4% |
| USAR | $5.3B | 469.3x | -23.5% |
Why Cash Matters More Than Beats
At 12.7x forward earnings on trailing EPS of $1.32, VG trades well below the $16.67 consensus analyst target. But the 80.5% short interest is a structural disagreement the earnings line has not resolved, and seven executives with full visibility into the debt schedule chose to sell. The number to watch next quarter is cash: if it falls from $3.15B while obligations keep filing, the $6.83B in operating cash flow loses its anchor as the primary bull argument. Run the free Venture Global, Inc. deep-dive to track the next data point.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Venture Global stock sits at $12.64 — below every open-market insider sale price recorded in the past 90 days — while 80.5% of its float is sold short against a company that has beaten earnings estimates three consecutive quarters. Three new Material Definitive Agreements filed since June have added to $42.84B in total debt, and management has collectively exited $109M in shares with zero purchases.