Citigroup Global Markets(C) has Cheniere rated "speculative buy," and gives it a $10 price target. It said in the March 3 research note that "the stock is an extremely risky and speculative investment. Cheniere generates no earnings and will not generate any earnings in our model for the next five to six years" but if it achieves liquefaction production and customers follow through with orders, it will be able to deal with its "substantial amount of debt."

Cheniere Energy(LNG) owns natural gas terminals along the Gulf Coast and is redeveloping some of them into LNG terminals that could be used to liquefy natural gas for export instead of import.

The company operates in three segments: LNG-receiving terminals, a natural gas pipeline business, and an LNG and natural gas marketing business.

The strength of the U.S. market makes exports economically viable, as the development of natural gas from oil shale deposits in the U.S. in recent years has led to a supply glut and limited the need for imported LNG.

In a recent news release, the company said the export project could be in operation by 2015.

Cheniere has signed non-binding agreements with a string of potential customers in Europe, Asia and the Americas in recent weeks, according to Reuters.

For 2010, Cheniere reported a net loss of $76.2 million, or $1.37 per share, compared to a net loss of $161.5 million, or $3.13, in 2009.

Shares of Cheniere are up 68% this year and 130% over the past 12 months, giving it a market value of $594 million.

Institutional investors own 65% of its shares. GSO Capital Partners is the largest investor with a 14% stake.

Thomson Reuters found one "strong buy" rating. The company has limited analyst coverage.