Billionaire investor Carl Icahn on Thursday disclosed ownership of 19.4 million shares, or a new 8.2% activist stake, in liquid natural gas company Cheniere Energy, Inc. (LNG), sending its stock 6.5% higher in after-hours trading. Icahn said in a 13D regulatory filing that the company’s shares were undervalued and that he may seek representation on the board of directors, “if appropriate.” According to Bloomberg, Houston, Texas-based firm has lost money for at least 21 consecutive years.
Icahn also noted that he plans to talk with Cheniere’s management about the company’s operations, capex, financing and executive compensation.
Shares of LNG have gained $4.69 to $69.50 in pre-market trading on Friday, giving it a market cap of roughly $15.30 billion. The stock traded as high as $85.00 in Sept. 18, 2014.
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