Why New Fortress Energy Inc. (NFE) Went Down On Thursday?

We recently published a list of 10 Firms Mirror Wall Street Slump on Thursday. In this article, we are going to take a look at where New Fortress Energy Inc. (NASDAQ:NFE) stands against other firms that mirrored Wall Street slump on Thursday.

Wall Street’s shares traded lower anew on Thursday, as investor sentiment continued to be dampened by President Donald Trump’s fresh tariffs on US imports.

The tech-heavy Nasdaq fell the heaviest, down 0.53 percent, followed by the Dow Jones at 0.37 percent, and the S&P 500 at 0.33 percent.

The market decline was mainly weighed down by the performance of car manufacturers after Trump announced a 25-percent tariff on all vehicles imported beginning April 2.

Ten companies mirrored the broader market decline. In this article, we listed Thursday’s 10 worst performers and detailed the reasons behind their drop.

To come up with the list, we considered only the stocks with a $2-billion market capitalization and $5 million in trading volume.

A cutaway view of a modern energy infrastructure and its power generation facilities.

New Fortress Energy Inc. (NASDAQ:NFE)

New Fortress Energy traded 16.17 percent lower on Thursday to finish at $9.28 apiece following news that it was selling its Jamaican business for $1.055 billion.

In a statement, Excelerate Energy said that it entered into an agreement with NFE for the acquisition of the latter’s two LNG terminals and a 150-MW combined heat and power plant, all for $1.055 billion.

Under the terms of the agreement, Excelerate will acquire all assets and operations of the Montego Bay LNG Terminal, the Old Harbour LNG Terminal, and the Clarendon combined heat and power co-generation plants.

According to the company, the transaction is expected to be completed in the second quarter of the year, subject to regulatory approvals and the satisfaction of other customary closing conditions.

Overall, NFE ranks 3rd on our list of firms that mirrored Wall Street slump on Thursday. While we acknowledge the potential of NFE as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is as promising as NFE but trades at less than 5 times its earnings, check out our report about the cheapest AI stock.

READ NEXT: 20 Best AI Stocks To Buy Now and 30 Best Stocks to Buy Now According to Billionaires.

Disclosure: None. This article is originally published at Insider Monkey.