Year’s Biggest US IPO Is Also Biggest Flop as Earnings Fizzle

Venture Global Inc.’s crown as worst US public markets debutant this year is undented after the liquefied natural gas exporter reported second-quarter earnings.

Shares on Tuesday eked out a 0.9% gain after the company beat on revenue and said one of a set of arbitration cases would be decided “imminently.” The rise barely offset the stock’s recent losses, Venture Global still trades at less than half of its January initial public offering price of $25 a share.

“We saw the IPO price as priced for perfection in execution,” said Adam Baker, a Morningstar Investment Service analyst ...