NEW YORK (TheStreet) -- Shares of Cheniere Energy Inc. (LNG) are up 1.05% to $72.45 after the LNG-related businesses firm dropped its plan to issue 30 million shares to pay employees after investors opposed it, according to court records, the Wall Street Journal reports.
The company, which looks to export U.S. natural gas beginning in 2015, said in Delaware court filings that it would withdraw two proposals on employee and executive pay packages it had submitted for shareholder approval, the Journal added.
The plan would have set aside shares worth about $2.15B, and awarded them based on increases in LNG's stock market value.
TheStreet Ratings team rates CHENIERE ENERGY INC as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHENIERE ENERGY INC (LNG) a HOLD. The primary factors that have impacted our rating are mixed some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and increase in net income. However, as a counter to these strengths, we also find weaknesses including disappointing return on equity, weak operating cash flow and generally higher debt management risk."