NEW YORK (TheStreet) -- Shares of Cheniere Energy (LNG) were gaining 3.1% to $72.68 on heavy trading volume Tuesday after the oil and natural gas company cleared the last regulatory obstacle to expand its Sabine Pass liquefied natural gas export terminal.
The Federal Energy Regulatory Commission dismissed concerns from environmentalist group the Sierra Club raised after the agency granted Cheniere Energy approval for the expansion on April 6, according to the Houston Chronicle. The Sierra Group argued that the project would lead to an increase in natural gas production which would result in increased air pollution and higher gas prices.
In its order the FERC said it has no jurisdiction over the company's upstream natural gas production, and that it can't assume the project would lead to increased production.
About 4.3 million shares of Cheniere Energy were traded by 2:50 p.m. Tuesday, above the company's average trading volume of about 2.2 million shares a day.
TheStreet Ratings team rates CHENIERE ENERGY INC as a Sell with a ratings score of D+. TheStreet Ratings Team has this to say about their recommendation:
"We rate CHENIERE ENERGY INC (LNG) a SELL. This is driven by several weaknesses, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income and feeble growth in its earnings per share."