Cheniere Energy's Stock Surges After Carl Icahn Boosts Stake, Again

Cheniere Energy Inc.'s stock surged 2.2% in morning trade Tuesday, bouncing off a 19-month closing low on Monday, after billionaire investor Carl Icahn disclosed that he's boosted his stake in the natural gas company for the third time in less than a month. Late Monday, Icahn filed to say he now owns about 27 million shares, or 11.43% of Cheniere's outstanding stock, up from a stake of 22.7 million shares, or 9.59%, disclosed just two weeks earlier. On Aug. 31, he disclosed a 19.4-million-share, or 8.18%, stake in Cheniere. As of June 30, Icahn said he only owned 1.08 million shares. The stock is still down 29% over the past three months, compared with an 8.5% decline in the S&P 500 and a 6.7% drop in continuous natural gas futures .