New Fortress Energy Stock Sees 150% Rise In Retail Chatter Last Week Amid Asset Sale, Favorable Regulatory Environment
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Synopsis
The company agreed to sell its Jamaican assets and operations to Excelerate Energy for $1.06 billion.
New Fortress Energy (NFE.O) stock drew retail chatter last week after it received preliminary regulatory support for its Rio Grande Liquefied Natural Gas (LNG) project and agreed to sell its Jamaica assets.
The Federal Energy Regulatory Commission issued a preliminary environmental decision that was in favor of New Fortress's project in south Texas.
The company also agreed to sell off its Jamaican assets and operations to Excelerate Energy for $1.06 billion.
New Fortress said that proceeds from the transaction, which marks a key step in its strategy to optimize its asset portfolio and enhance financial flexibility, will be used to reduce its corporate debt and for general corporate purposes.
The deal includes the sale of NFE’s LNG import terminal in Montego Bay, offshore floating storage, and a regasification terminal in Old Harbour. It also comprises Clarendon's 150-megawatt (MW) Combined Heat and Power Plant and the associated infrastructure.
The company also signed a one-year extension of its 80 trillion British thermal unit island-wide gas supply contract with the Puerto Rico Electric Power Authority.
The company expects to bring FLNG unit 2 online in the first half of 2027.
Retail sentiment on Stocktwits jumped to ‘bullish’ (74/100) territory from ‘extremely bullish’(76/100) a day ago, while retail chatter remained ‘extremely high.’
Retail message volume rose 150% over the past week.
One retail trader was optimistic about the company’s stock due to a drawdown in European gas storage.
New Fortress Energy shares have fallen 42.4% year-to-date (YTD).
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