Shares of Cheniere Energy (AMEX:LNG) soared Monday, as Citigroup (NYSE:C) upgraded the company from "Hold" to "Buy."
This comes on the heels of recent news that the chances of Cheniere Energy proposed liquefied natural gas export plant in Louisiana being approved were given a boost, as the company signed a deal with Japan's Sumitomo Corp. to sell the last of the initial export capacity at the project.
Under the terms of the agreement, Sumitomo would acquire 1.5 million tons annually of LNG capacity at the plant. There is one of a series of nonbinding agreements Cheniere has recently signed with probable customers.
Cheniere Energy closed Monday at $7.31, gaining $0.97, or 15.30 percent.
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